# ASC 220-942-S99: Income Statement—Reporting Comprehensive Income — Financial Services—Depository and Lending — SEC 99 SEC Materials Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/220/942/#sec-99-sec-materials) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:05:58.504Z to 2026-09-09T23:05:58.504Z Record version: sha256:2a9f346b2bb0cfcaa16e1b0068df15815719975a14e2bee349e744b8114037dc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-942-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/220/942/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [220-942-S99-1](https://asc.understandingaccounting.org/asc/220/942/#220-942-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:05:58.504Z to 2026-09-09T23:05:58.504Z Record version: sha256:0dfa199b2997a2286e9336906da70bf52cc2c6a2a099de26d565753f785d5788 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 9-04, Statements of Comprehensive Income (17 CFR 210.9-04). - The purpose of this section is to indicate the various items which, if applicable, should appear on the face of the statement of comprehensive income or in the notes thereto. - 1\. Interest and fees on loans. Include commitment and origination fees, late charges and current amortization of premium and accretion of discount on loans which are related to or are an adjustment of the loan interest rate. - 2\. Interest and dividends on investment securities. Disclosure separately - (1) taxable interest income, - (2) nontaxable interest income, and - (3) dividends. - 3\. Trading account interest. - 4\. Other interest income. - 5\. Total interest income (total of lines 1 through 4). - 6\. Interest on deposits. - 7\. Interest on short-term borrowings. - 8\. Interest on long-term debt. - 9\. Total interest expense (total of lines 6 through 8). - 10\. Net interest income (line 5 minus line 9). - 11\. Provision for loan losses. - 12\. Net interest income after provision for loan losses. - 13\. Other income. Disclose separately any of the following amounts, or any other item of other income, which exceed one percent of the aggregate of total interest income and other income. The remaining amounts may be shown as one amount, except for investment securities gains or losses which shall be shown separately regardless of size. - (a) Commissions and fees and fiduciary activities. - (b) Commissions, broker's fees and markups on securities underwriting and other securities activities. - (c) Insurance commissions, fees and premiums. - (d) Fees for other customer services. - (e) Profit or loss on transactions in securities in dealer trading account. - (f) Equity in earnings of unconsolidated subsidiaries and 50 percent or less owned persons. - (g) Gains or losses on disposition of equity in securities of subsidiaries or 50 percent or less owned persons. - (h) Investment securities gains or losses. Related income taxes shall be disclosed. - 14\. Other expenses. Disclose separately any of the following amounts, or any other item of other expense, which exceed one percent of the aggregate of total interest income and other income. The remaining amounts may be shown as one amount. - (a) Salaries and employee benefits. - (b) Net occupancy expense of premises. - (c) \[Reserved\] - (d) Net cost of operation of other real estate (including provisions for real estate losses, rental income and gains and losses on sales of real estate). - 15\. Income or loss before income tax expense. - 16\. Income tax expense. The information required by § 210.4-08(h) should be disclosed. - 17-19. \[Reserved\] - 20\. Net income or loss. - 21\. Net income attributable to the noncontrolling interest. - 22\. Net income attributable to the controlling interest. - 23\. Other comprehensive income. State separately the components of and the total for other comprehensive income. Present the components either net of related tax effects or before related tax effects with one amount shown for the aggregate income tax expense or benefit. State the amount of income tax expense or benefit allocated to each component, including reclassification adjustments, in the statement of comprehensive income or in a note. - 24\. Comprehensive income. - 25\. Comprehensive income attributable to the noncontrolling interest. - 26\. Comprehensive income attributable to the controlling interest. - 27\. Earnings per share data. - \[48 FR 11107, Mar. 16, 1983, as amended at 50 FR 25215, June 18, 1985; 74 FR 18616, Apr. 23, 2009; 83 FR 50205, Oct. 4, 2018\] #### SEC Staff Guidance ##### [220-942-S99-2](https://asc.understandingaccounting.org/asc/220/942/#220-942-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:05:58.504Z to 2026-09-09T23:05:58.504Z Record version: sha256:fbe137eda0c141eab97388b446fc0a16048e8d49ff5f0fb6317eccf3b2ee81c2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following the text of SAB Topic 11.G, Tax Equivalent Adjustments in Financial Statements of Bank Holding Companies. - Facts: Bank subsidiaries of bank holding companies frequently hold substantial amounts of state and municipal bonds, interest income from which is exempt from Federal income taxes. Because of the tax exemption the stated yield on these securities is lower than the yield on securities with similar risk and maturity characteristics whose interest is subject to Federal tax. In order to make the interest income and resultant yields on tax exempt obligations comparable to those on taxable investments and loans, a "tax equivalent adjustment" is often added to interest income when presented in analytical tables or charts. When the data presented also includes income taxes, a corresponding amount is added to income tax expense so that there is no effect on net income. Adjustment may also be made for the tax equivalent effect of exemption from state and local taxes. - Question 1: Is the concept of the tax equivalent adjustment appropriate for inclusion in financial statements and related notes? - Interpretive Response: No. The tax equivalent adjustment represents a credit to interest income which is not actually earned and realized and a corresponding charge to taxes (or other expense) which will never be paid. Consequently, it should not be reflected on the income statement or in notes to financial statements included in reports to shareholders or in a report or registration statement filed with the Commission. - Question 2: May amounts representing tax equivalent adjustments be included in the body of a statement of income provided they are designated as not being included in the totals and balances on the statement? - Interpretive Response: No. The tabular format of a statement develops information in an orderly manner which becomes confusing when additional numbers not an integral part of the statement are inserted into it.