Balance Sheet, Income Statement, and Comprehensive Income

Question 1

What is included in comprehensive income statement?

Answer 1

Statement of comprehensive income includes all changes in equity during a period except those resulting from owner investments and distributions to owners like Dividends paid to stockholders.

Question 2

List of common items classified as OCI

Answer 2

1. Foreign currency translation adjustments.
2. Unrealized gains / losses on available for sale (AFS) financial assets.
3. Gains and losses from cash flow hedges (derivative instruments).
4. Pension adjustments.
5. Changes in fair value of financial liabilities designated ta fair value.