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statement of comprehensive income

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

The statement of comprehensive income covers the same period of time as the income statement, and consists of two major sections:

  • Net income (taken from the income statement)
  • Other comprehensive income (adjustments involving foreign currency translation, hedging, and postretirement benefits)

The sum of these two amounts is known as comprehensive income.

The amount of other comprehensive income is added/subtracted from the balance in the stockholders’ equity account Accumulated Other Comprehensive Income.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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