In an effort to simplify its Accounting Standards Codification, FASB has combined its guidance for income statements and comprehensive income into one topic.
Previously, FASB's guidance on these subjects has been located in Topic 225, Income Statement, and Topic 220, Comprehensive Income. Under the changes, all guidance on both subjects will be contained in Topic 220.
FASB did not make any substantive changes to the actual guidance on these subjects. The combined topic will be renamed Topic 220, Income Statement — Reporting Comprehensive Income.
The board decided that locating this related material in one topic would simplify the codification for users and would make it easier for FASB to continue its ongoing maintenance of the codification.