When is a company not required to report comprehensive income?
A) when it has a net operating loss
B) when it has no other comprehensive income items
C) when it has no liability items
D) when it has no prior period adjustments

Question

Quizplus · Accepted Answer

A company is not required to report comprehensive income if it has no other comprehensive income items. Other comprehensive income includes certain gains and losses that are not included in net income, such as unrealized gains and losses on available-for-sale securities. If there are no items of this nature, there is no comprehensive income to report beyond net income.

When Is a Company Not Required to Report Comprehensive Income