Business, Management and Accounting
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New accounting standard revolutionizes how companies report financial performance.

<scp>ASC</scp> 220 Comprehensive Income
Joanne M. Flood

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ASC 220 Comprehensive Income provides guidelines on how companies report their financial performance. It introduces the concept of comprehensive income, which is a broader measure of performance than just net income. Comprehensive income includes all changes in equity except those from owner investments or distributions. Companies can choose how to present this information, but it must follow the net income statement.