Under IFRS Other Comprehensive Income Must Be Displayed (Reported) in

question 28

Multiple Choice

Under IFRS other comprehensive income must be displayed (reported) in

• A) the equity section of the statement of financial position.
• B) a second income statement.
• C) the comprehensive income statement or the income statement and comprehensive income statement.
• D) the retained earnings the statement.

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Definitions:

Equity Method

An accounting technique used to record investments in associate companies, reflecting the investor's share of the earnings.

Common Stock

Represents ownership shares in a corporation, giving holders voting rights and a share in the company's profits through dividends.

Net Income

The conclusive earnings of a firm after removing all financial outlays and tax obligations from its aggregate revenue.

Equity Method

An accounting technique used by firms to assess the profits earned by their investments in other companies, incorporating the income on the investor's income statement.