The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: Determine the specific citation for accounting for the following: A change in exchange rates between the functional currency and the currency in which a transaction is denominated increases or decreases the expected amount of functional currency cash flows upon settlement of the transaction. That increase or decrease in expected functional currency cash flows is a foreign currency transaction gain or loss that generally shall be included in determining net income for the period in which the exchange rate changes.

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required: Determine the specific citation for accounting for the following:allows such a derivative contract of a foreign currency exposure of an unrecognized firm commitment to be designated as a hedge.

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required: Determine the specific citation for accounting for the following:This Subtopic requires an entity to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements.