Changes brought about by new accounting standards have expanded the income statement reporting of comprehensive income.

Question

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New accounting standards require companies to report comprehensive income in the income statement, which includes items such as foreign currency translation adjustments, changes in fair value of investments, and pension plan adjustments, in addition to net income. This has expanded the income statement reporting to include a more comprehensive picture of a company's financial performance.

Changes Brought About by New Accounting Standards Have Expanded the Income