Comprehensive income can be disclosed in various formats. Which of the following is an acceptable format for disclosing comprehensive income?

Comprehensive income can be disclosed in various formats. Which of the following is an acceptable format for disclosing comprehensive income?

 

This answer is correct. Comprehensive income can be disclosed in one of the following two ways:

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1. On a combined income statement where other comprehensive income is added to net income to arrive at comprehensive income for the period;
or
2. On a two income statement format in which a separate statement follows the typical income statement. The separate statement starts with net income and adds other comprehensive income to arrive at comprehensive income for the period.