This course covers ASC Topic 220, Comprehensive Income (formerly FAS 130), which was issued to address the presentation of certain items (other comprehensive income items) that bypass the income statement and were recorded directly to equity. Without a means to present these other comprehensive income items, financial statement users who focused on net income as the prime measurement of results of operations would not be taking into account these other comprehensive income items in measuring the entity's financial performance. Upon completion of this course, the student should be able to:

• Identify what is included in other comprehensive income
• Define comprehensive income
• Distinguish the differences that exist currently between U.S. GAAP and IFRS in regard to how other comprehensive income is presented
• Recognize the allowed presentation formats for other comprehensive income in the financial statements and notes
• Identify the ASC 220 requirements regarding reclassification adjustments
• Recognize how a non-controlling interest in another entity is presented in comprehensive income