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What is a comprehensive income? Identify and discuss the items in the income statement that relate...

What is a comprehensive income? Identify and discuss the items in the income statement that relate to comprehensive income after net income is calculated.

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As per IFRS the comprehensive income is the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity.

US GAAP describes comprehensive income as “the change in equity ie net assets of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Comprehensive income is the sum of regular income and other comprehensive income.

Other Comprehensive income includes

Gains and losses from derivative instruments

Unrealized gains and losses from debt securities

Pension or other retirement plan gains and losses

Foreign currency transactions

Available-for-sale securities unrealized gains and losses

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