Comprehensive income must be reported on a separate statement called the Statement of Comprehensive Income or on the statement of income,immediately below next income.

Question

Quizplus · Accepted Answer

Comprehensive income includes other comprehensive income items such as gains and losses on available-for-sale securities, foreign currency translation adjustments, and adjustments for pension benefits, which are not included in the traditional net income statement. Therefore, it is required to be reported separately on the Statement of Comprehensive Income.

Comprehensive Income Must Be Reported on a Separate Statement Called