FAR Statement of Comprehensive Income Flashcards
1
Q
What are the components of other comprehensive income?
A
The 05 elements of OCI include: (PUFIE)
1- Changes in funded status of Pension plan
2- Unrealised gains and losses on available for sale debt security
3- Foreign currency items
4- Instruments specific credit risk
5- Effective portion of cash flow hedges
2
Q
What is comprehensive income
A
It is the change in equity (net asset) of a business enterprise during a period from transactions and other events and circumstances from nonowner sources.
It includes all changes in equity during a period except resulting from investment by owners and distribution to owners. (SFAC 6 para 70)
3
Q
What are the components of comprehensive income
A
Net Income + OCI = Comrehensive income
