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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Define comprehensive income. What was the intent of the FASB in developing this conceptual definition?

To determine

Describe a comprehensive income and state the intent of the FASB in developing this conceptual definition.

Explanation

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting standards; and administrates GAAP.

Comprehensive Income:

The change that occurs in equity of a company from other events, transactions, and circumstances related to non-owner sources during a particular period is referred as Comprehensive income. The Comprehensive income includes all changes in equity, except those results from investments by owners and distributions to owners...

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