M7 - Statement of Comprehensive Income

Question 1

Comprehensive income is the change in equity of a business during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity except those resulting from investments by owners and distributions to owners. True or false?

Answer 1

True

Question 2

What is included in other comprehensive income for the IFRS, A reevaluation surplus or Revaluation loss?

Answer 2

Re-valuation surplus

Question 3

What are the four main components of other comprehensive income?

Answer 3

1. Pension changes in funded status due to gains/losses, prior service costs, and net transition assets or obligations.
2. Unrealized gains and losses: unrealized holding gains/losses on available for sale debt securities and unrealized holding gains and losses on debt securities transferred from the held to maturity to available for sale classification.
3. Foreign currency items, including translation adjustments.
4. The effective portion of cash flow hedges.