Other comprehensive income must be reported under international financial reporting standards (IFRS).

Question

Quizplus · Accepted Answer

Under IFRS, other comprehensive income must be reported and disclosed separately from net income in the financial statements. This includes items such as unrealized gains or losses on investments, gains or losses on foreign currency translation, and gains or losses on cash flow hedges. It is reported in a separate statement of comprehensive income or combined with the statement of changes in equity.

Other Comprehensive Income Must Be Reported Under International Financial Reporting