Statement of Comprehensive Income

Question 1

How is the Statement of Comprehensive Income presented in the external financial statements? (two options)

Answer 1

1) Single Statement of Comprehensive Income- Continuation of the profit and loss statement.
2) Two Statements- It’s own financial statement following the profit and loss statement

Question 2

What are the components of OCI?

Answer 2

1) Unrealized gains and loss on debt securities classified as available-for-sale (AFS)
2) Unrecognized pension and post retirement benefit cost and gains.
3) Foreign Currency translation adjustments
4) Certain deferred gains and losses from derivatives

Question 3

How is AOCI presented?

Answer 3

AOCI is presented on the statement of shareholders equity

Question 4

What disclosures are required for the statement of comprehensive income?

Answer 4

1) Details on the current years changes for each component

2) Accumulated amounts for each component and the changes for 2 years