What is a statement of comprehensive income (income statement)?
The statement of comprehensive income illustrates the financial performance and results of operations of a particular company or entity for a period of time. It is one of the five basic components of a complete set of financial statements, the other four being the statement of financial position, statement of cash flows, statement of changes in equity, and notes to financial statements. The statement of comprehensive income shows the comprehensive income for the period. Comprehensive income for the period includes profit or loss for that period plus other comprehensive income recognized in that period. Comprehensive income as defined by the Financial Accounting Standards Board (FASB), is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Based on International Accounting Standard (IAS) 1 as amended, issued by the International Accounting Standard Board (IASB), the comprehensive income c
