Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Obtain the relevan authoritative literature on reporting other comprehensive income in shareholders' equity using the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: 1. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for reporting that component of shareholders' equity? 2. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for presenting accumulated other comprehensive income on the statement of shareholders' equity? Requirement 1 2 Topic 220 220 Subtopic 10 10 Section 45 45 Paragraph 14
Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Obtain the relevan authoritative literature on reporting other comprehensive income in shareholders' equity using the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: 1. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for reporting that component of shareholders' equity? 2. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for presenting accumulated other comprehensive income on the statement of shareholders' equity? Requirement 1 2 Topic 220 220 Subtopic 10 10 Section 45 45 Paragraph 14
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M2
Transcribed Image Text: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. 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) and select Basic View for free access.
Required:
1. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for reporting that component of
shareholders' equity?
2. What is the specific nine-digit Codification citation (XXX-XX-XX-XX) that describes the guidelines for presenting accumulated other
comprehensive income on the statement of shareholders' equity?
Requirement
1
2
Topic
220
220
Subtopic
10
10
Section
45
45
Paragraph
14
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