What is meant by comprehensive income

Assignment Help Accounting Basics

Reference no: EM131967477

Question 1: Under current US GAAP (ASU 2011-05): (10 POINTS)

a) What is meant by Comprehensive Income?

b) How should Comprehensive Income be presented in the financial statements?

Questions 2: How is fair value defined in SFAS No. 157.

Reference no: EM131967477

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