10 Questions
What type of income and expenses are included in Other Comprehensive Income?
Items that are not included in Profit and Loss as required by a standard or interpretation
What type of OCI items are reclassified to Retained Earnings?
Unrealized gain or loss on equity investments measured at fair value
What should be disclosed in the statement of comprehensive income as allocations of profit or loss for the period?
Profit or loss for the period attributable to Minority interest and Owners of the parent
How can an entity present items of income and expense recognized in a period?
In two statements: a statement displaying components of profit or loss and a second statement beginning with profit or loss
What is not a component of OCI that will be reclassified subsequently to profit or loss?
Change in Revaluation Surplus
What is the purpose of the nature of expense method?
To aggregate expenses according to their nature
What is an example of a component of OCI that will be reclassified subsequently to Retained Earnings?
Remeasurement gains and losses for defined benefit plans
What should an entity disclose when classifying expenses by function?
Additional information on the nature of expenses
What items should not be presented by an entity, either on the face of the income statement or in the notes?
Extraordinary items
What should a statement of changes in equity show, among other things?
All of the above
Test your knowledge on comprehensive income, including reclassification adjustments, profit and loss, and components of OCI that will be reclassified to profit or loss. Learn about unrealized gains or losses on debt investments and more.
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