Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASBAccounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equityusing the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity?2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensiveincome on the statement of shareholders’ equity?
Companies are required to transfer “other comprehensive income” each period to shareholders’ equity. The FASB
Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.
Required:
1. Obtain the relevant authoritative literature on reporting other comprehensive income in shareholders’ equity
using the FASB Accounting Standards Codification at the FASB website (www.fasb.org). What is the specific citation that describes the guidelines for reporting that component of shareholders’ equity?
2. What is the specific citation that describes the guidelines for presenting accumulated other comprehensive
income on the statement of shareholders’ equity?
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