Differentiate between Comprehensive Income and the Income Statement, accounting homework help

1) In a short paragraph, .Go to the Financial Accounting Foundation Website to view the news release titled “FASB Issues Accounting Standards Update to Improve Presentation of Comprehensive Income,” located at http://www.fasb.org/jsp/FASB/FASBContent_C/NewsPage&cid=1176158617999), create one (1) argument to support the use of a two-step approach over the single-step approach when reporting comprehensive income. Support your response with specific examples that illustrate why the two-step approach is more beneficial than the single-step approach.

2) Differentiate between a multi-step income statement and a comprehensive income statement, and suggest which income statement is more useful to investors and creditors. Provide a rationale for your suggestion.

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