Benefits attributed to the comprehensive income approach include:
A) the statements of comprehensive income is determined conceptually
B) no items that satisfy the definition and recognition for income or expense bypass the statement of comprehensive income
C) the statement of comprehensive income is more reliable than its predecessor
D) all of the above

Question

Quizplus · Accepted Answer

All of the options listed are benefits attributed to the comprehensive income approach. The statement of comprehensive income considers all items that satisfy the definition and recognition for income or expense, and therefore, no items bypass it. The conceptual determination of the statement of comprehensive income also increases its reliability.

Benefits Attributed to the Comprehensive Income Approach Include