An example here may be income from an original Rembrandt that one possesses and, occasionally, loans for parties, or income from one's continuing retail business, or income that is still coming in from last month's rental payment even though the original inhabitants have discontinued their lease. This part of the income statement remains unchanged. The only element that SFAS 130 appends is the category of other comprehensive income.
3. Definition of classifications within other comprehensive income
Included in other comprehensive income are times such as unrealized gains and losses on particular debt and equity securities investments, minimum pension liability adjustments, and foreign currency translation adjustments. Examples here include the sale or liquidation of an investment in a foreign entity; or a non-materialized loss on a bank loan.
Other comprehensive items must be adjusted for both amounts currently recorded in the net category and for the same amounts previously recorded in the other comprehensive income statement of an earlier period.
4. Explanation of reclassisfication adjustments.
In order to avoid more than one calculation of a comprehensive income item that had appeared in that same, or an earlier period, adjustments, known as 'reclassisfication adjustments' are made. An example here is gains on investment...
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