Accumulated other Comprehensive Income Accounting Journal Entry Examples, Concepts, Illustrations, Sample Help Online
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What is a Accumulated other Comprehensive Income?
Accumulated other comprehensive income is a general ledger account that is classified within the equity section of the balance sheet. It is used to accumulate unrealized gains and unrealized losses. A transaction is unrealized when it has not yet been settled. The unrealized gains and losses that may be aggregated into the accumulated other comprehensive income account include
Unrealized holding gains or losses on investments that are classified as available for sale
Foreign currency translation gains or losses
Pension plan gains or losses
Pension prior service costs or credits
Once a gain or loss is realized, it is summarized into net income. Thus, the realization of a gain or loss effectively shifts the related amount from the accumulated other comprehensive income account to the retained earnings account.
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Accumulated other Comprehensive Income Accounting Journal Entry Examples Explanation
Let’s understand the concept with the help of an example.
An example of the presentation of accumulated other comprehensive income within the equity section of the balance sheet is
Common stock, $0.01 par value, 100,000 shares authorized, 52,000 shares issued $500,000
Additional paid-in capital 200,000
Retained earnings 1,100,000
Accumulated other comprehensive income:
Net unrealized loss on available-for-sale securities (50,000)
Unrealized loss from foreign currency translation (15,000)
Total shareholders’ equity $1,735,000
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