Other comprehensive income (OCI):
A) Only includes a portion of income.
B) Never includes any types of expenses.
C) Is always included in the profit/loss statement.
D) Two of the above.
E) None of the above.

Question

Quizplus · Accepted Answer

Other comprehensive income (OCI) includes items of income and expenses that are not recognized in profit or loss as required or permitted by other IFRSs. It includes items like unrealized gains or losses on revaluation of available-for-sale financial assets, gains or losses from translating the financial statements of a foreign operation, etc. Therefore, it does not only include a portion of income, it can include types of expenses, and it is not always included in the profit/loss statement but rather in a separate component of equity.

Other Comprehensive Income (OCI)