Revenue and expense items and components of other comprehensive income can be reported in a single statement of comprehensive income using:
A) U.S. GAAP.
B) IFRS.
C) Both U.S. GAAP and IFRS.
D) Neither U.S. GAAP nor IFRS.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS allow for the reporting of revenue, expenses, and components of other comprehensive income in a single statement of comprehensive income. This statement includes all changes in equity during a period, including those resulting from non-owner sources such as revenue, expenses, gains, and losses. Both U.S. GAAP and IFRS require the inclusion of certain items in this statement, such as net income, other comprehensive income, and total comprehensive income.

Revenue and Expense Items and Components of Other Comprehensive Income