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Category > Accounting Posted 12 Oct 2017 My Price 5.00

ACC 308 Intermediate Acct II Week 4-1 Discussion Case 12-7

As required by GAAP [FASB ASC 320, previously SFAS No. 115], Microsoft Corporation reports its investments available-for-sale at the fair value of the investment securities. The net unrealized holding gain is not reported in the income statement. Instead, it's reported as part of Other comprehensive income and added to Accumulated other comprehensive income in shareholders' equity.

Comprehensive income is a broader view of the change in shareholders' equity than traditional net income, encompassing all changes in equity from non-owner transactions. Microsoft chose to report its Other comprehensive income as a separate statement in a disclosure note in its annual report: MSFT Annual Report 2011

What does Microsoft mean by the term “Reclassification adjustment for gains (losses) included in net income”? Can you think of an instance where reclassification adjustment could be used unethically?

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SmartExpert
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Status NEW Posted 12 Oct 2017 06:10 AM My Price 5.00

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