Statement of Comprehensive Income Flashcards

1
Q

What is comprehensive income

A

It represents nonowner transactions

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2
Q

What is Total Comprehensive Income

A

It’s Net Income + Other Comprehensive Income

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3
Q

What Net Income includes

A

It includes:

  1. Income from continuing operations
  2. Income from Discontinued Operations
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4
Q

What OCI include

A

It includes:

  1. (P) Pension Adjustments
  2. (U) Unrealized gain on AFS
  3. (F) Foreign Currency Translation
  4. (E) Effective portion of Cash Flow Hedge
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5
Q

According to FASB Conceptual Framework what causes earnings to differ from Comprehensive Income

A

OCI Elements

  1. Pension Adjustments
  2. Unrealized gains/losses on AFS
  3. Foreign Currency Translation
  4. Effective Portion of Cash Flow Hedge
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