F-1CI

Question 1

What is a comprehensive income?`

Answer 1

Change in equity of a business and other events except Investment and Distribution by owners.

Question 2

What include Other Comprehensive Income? PUFE R

Answer 2

• Pension adjustments
• Unrealized Gains and Losses
• Foreign Currency Items
• Effective portion cash flow hedges
• Revaluation Surplus (IFRS)

Question 3

What is the calculation of Comprehensive Income?

Answer 3

Step1- Net Income

Step2- Other comprehensive income

Question 4

what is other comprehensive income?

Answer 4

All revenues, expenses, gain, losses that are included in comprehensive income but excluded from Net Income.

Question 5

What is Pension Adjustments?OCI

Answer 5

• cualquier cambio en los fundos de pensión, incluyendo costos por servicio y transiciones de activos y deudas netas serán reconocidos en el periodo corriente en OCI.
• Cuando se amorticen, entonces van al INCOME STATEMENT

Question 6

What is Unrealized Gain and Losses? OCI

and what include?

Answer 6

-are reported until the securities are sold
-Include:
Unrealized holding gains and losses on available for sale;
any held to maturity transfer to available for sale securities and
any subsequent increase or decrease in the fair value of AVS previously written down as impaired.

Question 7

What is Foreign Currency Items? OCI

Answer 7

• foreign currency adjustments
• gain or losses on foreign transaction in net investments and remain on OCI until the sale or liquidation of the investment in the foreign entity.

Question 8

What mean Effective Portion of Cash Flow Hedges? OCI

Answer 8

• Is derivatives

- are reported until the cash flows associated are realized.

Question 9

What mean revaluation surplus? OCI

Answer 9

• is only under IFRS

- es un ajuste en activo fijo o intangible para aumentarlo.

Question 10

What means reclassification adjustments?

Answer 10

-move other comprehensive income items from accumulated OCI to the income statement.

Question 11

What is accumulated other comprehensive income?

Answer 11

• component of equity
• includes total of other comprehensive income for the period and previous periods.
• at the end of each period OCI is close to this account

Question 12

Requirement of Statement of Comprehensive Income?

Answer 12

• do not apply for non-for profit

- should not be reported on a per share basis.

Question 13

Two types of statements of Comprehensive income?

Answer 13

-Single Statement Approach
-Two Statement Approach
the two statement approach is net of tax

Question 14

What are the other reporting issues of OCI?

Answer 14

components of OCI are reported :

• Net of tax
• Before related tax effect with one line of the total amount of taxes or benefit.

Question 15

What are the other reporting issues of Income tax expense or befit?

Answer 15

Te count should be disclose either on the face of the statement or notes.

Question 16

What are the other reporting issues of interim period?

Answer 16

the OCI shall be reported on quarterly statements.

Question 17

Disclosure issues of the two formats of Statement of OCI?

Answer 17

-tax effect of each component of OCI (Current)
-Changes in the accumulated balances of each component ( Face of F/S or Notes)
-total accumulated of OCI in the BS as part as Equity
-the reclassification adjustments, include
=Changes in AOCI by components( separately disclose reclassification and current period)
=significant items outs of AOCI (face of F/S or Notes)

Question 18

How we call the items out of OCI?

Answer 18

Net current-period other comprehensive income.

Question 19

how can comprehensive income can reported?

Answer 19

Comprehensive income can be reported in a separate statement of comprehensive income or in a statement of income and comprehensive income. Or:
As a component of the “statement of changes of owners’ equity” (U.S. GAAP only).

Question 20

When we report gain/losses as part of other comprehensive income of a cash flow hedge?

Answer 20

Gains/losses on the effective portion of a cash flow hedge are deferred and reported as a component of other comprehensive income until the hedged transaction impacts earnings.

Question 21

when we report Prior service costs ?

Answer 21

in the year of the adjustment should be recorded to PBO and other comprehensive income (or loss), which then becomes part of accumulated other comprehensive income (or loss). The unrecognized prior service cost in accumulated other comprehensive income (or loss) is amortized to pension expense over the plan participant’s remaining years of service.