Statement of Comprehensive Income Flashcards
1
Q
What is comprehensive income
A
It represents nonowner transactions
2
Q
What is Total Comprehensive Income
A
It’s Net Income + Other Comprehensive Income
3
Q
What Net Income includes
A
It includes:
- Income from continuing operations
- Income from Discontinued Operations
4
Q
What OCI include
A
It includes:
- (P) Pension Adjustments
- (U) Unrealized gain on AFS
- (F) Foreign Currency Translation
- (E) Effective portion of Cash Flow Hedge
5
Q
According to FASB Conceptual Framework what causes earnings to differ from Comprehensive Income
A
OCI Elements
- Pension Adjustments
- Unrealized gains/losses on AFS
- Foreign Currency Translation
- Effective Portion of Cash Flow Hedge