021 Stmt of Comprehensive Income Flashcards
What is the main purpose of disclosing comprehensive income?
To report the net change in equity in a single amount.
What is comprehensive income?
Net income plus or minus unrealized gains and losses on securities available for sale, unrealized pension cost, certain unrealized gains and losses on derivatives, and foreign currency translation adjustments.
What are the two ways of reporting comprehensive income?
As a separate statement of comprehensive income or as part of the income statement.
What is net income plus or minus other components of comprehensive income?
Comprehensive income.
What are other comprehensive income items?
Unrealized gains and losses on securities available for sale, unrecognized pension gains and losses, foreign currency translation adjustments, certain derivative gains and losses.
What type of account is accumulated other comprehensive income (AOCI)?
Owner’s equity.
What is other comprehensive income (OCI) reclassification adjustment?
When an OCI item from previous year is removed from accumulated other comprehensive income (AOCI).
What are the types of statements of other comprehensive income?
1) Single statement of net income and comprehensive income; and 2) two separate statements: a statement of net income and a statement of comprehensive income.
Does International Financial Reporting Standards (IFRS) allow revaluation of plant assets and intangibles to fair value as a other comprehensive income item?
Yes, allows this.
