# ASC 220-10-10: Income Statement—Reporting Comprehensive Income — Overall — 10 Objectives

Source: FASB Accounting Standards Codification, Basic View

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## ASC 220-10-10: 10 Objectives

[Read section](https://asc.understandingaccounting.org/asc/220/10/#10-objectives)

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##### [220-10-10-1](https://asc.understandingaccounting.org/asc/220/10/#220-10-10-1)

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The purpose of reporting [comprehensive income](https://asc.understandingaccounting.org/glossary/c/#comprehensive-income "The change in equity (net assets) of a business entity 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. Comprehensive income comprises both of the following:All components of net incomeAll components of other comprehensive income.") is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners.

##### [220-10-10-2](https://asc.understandingaccounting.org/asc/220/10/#220-10-10-2)

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If used with related disclosures and other information in the financial statements, the information provided by reporting comprehensive income should assist investors, creditors, and others in assessing an entity's activities and an entity's future cash flows.

##### [220-10-10-3](https://asc.understandingaccounting.org/asc/220/10/#220-10-10-3)

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Although total comprehensive income is a useful measure, information about the components that make up comprehensive income also is needed. A single focus on total comprehensive income is likely to result in a limited understanding of an entity's activities. Information about the components of comprehensive income often may be more important than the total amount of comprehensive income.