Why Did FASB Decide It Was Necessary to Require the Reporting

question 23

Essay

Why did FASB decide it was necessary to require the reporting of both net income and comprehensive income?

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Definitions:

Allele

A variation of a gene, resulting from mutation, that occurs in the same location on a chromosome, among two or more possibilities.

Blood Protein

Various proteins found in blood, serving functions such as transport, immunity, and regulation of bodily processes.

Oxygen

A chemical element with symbol O and atomic number 8, essential for most life forms on Earth as a component of water and as a necessary element for cellular respiration.

Biological Classification

The scientific process of grouping and categorizing organisms into a hierarchical system known as taxonomy, based on their physical and genetic similarities and evolutionary relationships.