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FASB ASC Guide > FASB ASC 220

The Financial Accounting Standards Board (FASB) released the 200 section of the Accounting Standards Codification for the purpose of discussing the braod topic of Presentation. Accounting Standards Codification 220 (ASC 220) was released to address the more specific topic of comprehensive income. Presentation of Comprehensive Income in the financial statements is important because it ensures that the goal of the FASB, to show the change in equity, net assets, of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Update: FASB ASU 2011-05 modified this standard.

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*Technical versions of the standards, authoritative literature can be found in the Financial Accoutning Standards Board website.