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What is a Statement of Comprehensive Income? How is it different to the Statement of Financial...

What is a Statement of Comprehensive Income? How is it different to the Statement of Financial Performance which it replaced?

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Answer #1

Comprehensive income statement includes income and expenses recognised in a specific period.

It includes all the revenue item, finance costs, tax exp, profits, and losses.

Most firms report comprehensive income in a separate statement from income resulting from owner changes in equity but have the option of providing information in a single statement.

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Hope that helps.

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