Reporting comprehensive income in the United States can be accomplished by which of the following methods:
A)In the statement of shareholders' equity.
B)A combined statement of income and comprehensive income.
C)A separate statement of comprehensive income.
D)All of these are acceptable methods.

Question

Quizplus · Accepted Answer

All of these methods are acceptable according to Accounting Standards Update (ASU) 2011-05, which allows companies to report comprehensive income (the total of all gains and losses that cannot be reported on the income statement alone) in a separate statement, in the statement of shareholders' equity, or in a combined statement of income and comprehensive income. The choice of method is left to the company's discretion.

Reporting Comprehensive Income in the United States Can Be Accomplished