M7 - Statement of Comprehensive Income Flashcards
1
Q
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?
A
True
2
Q
What is included in other comprehensive income for the IFRS, A reevaluation surplus or Revaluation loss?
A
Re-valuation surplus
3
Q
What are the four main components of other comprehensive income?
A
- Pension changes in funded status due to gains/losses, prior service costs, and net transition assets or obligations.
- 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.
- Foreign currency items, including translation adjustments.
- The effective portion of cash flow hedges.