ASC 220, Comprehensive Income, establishes standards for the presentation and disclosure of comprehensive income and accumulated other comprehensive income. ASC 220 establishes presentation and disclosure requirements only. It does not address issues of recognition or measurement.
In accordance with ASC 220-10-15-3, ASC 220 applies to all reporting entities except for not-for-profit organizations that follow ASC 958-205, Not-for-Profit Entities. Certain investment companies, defined benefit plans, and other employee benefit plans that are exempt from the requirement to provide a statement of cash flows under ASC 230-10-15-4 are not exempt from the requirements of ASC 220 to provide a statement of comprehensive income. However, these entities typically do not have items of OCI. A reporting entity that does not have items of OCI in any period presented does not need to present comprehensive income.
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