Under IFRS, the Statement of Comprehensive Income Can Be Prepared

question 113

Multiple Choice

Under IFRS, the statement of comprehensive income can be prepared under

• A) the one-statement approach only.
• B) the two-statement approach only.
• C) either the one-statement approach or the two-statement approach.
• D) either the two-statement approach or the stockholders' equity statement approach.

---

Definitions:

Checks and Balances

A system in government where different branches are empowered to prevent actions by other branches and are induced to share power, maintaining a balance.

Civil Liberties

Individual rights protected by law from unjust governmental or other interference.

Three-Fifths Compromise

A compromise reached during the 1787 United States Constitutional Convention that counted three out of every five slaves as a person for the purposes of taxation and representation in Congress.

Slave Trade

The historical trade in humans for the purpose of forced labor, including the Transatlantic slave trade where Africans were transported to the Americas.