The Presentation of Both Net Income and Other Comprehensive Income

question 79

True/False

The presentation of both net income and other comprehensive income is required under both IFRS and ASPE.

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Definitions:

Indirect Method

The indirect method is an approach to calculating cash flows from operating activities by starting with net income and adjusting for non-cash transactions.

Operating Activities

Transactions and other events related to the primary business activities of an entity, such as sales and service provision.

Net Income

The total earnings of a company after all expenses and taxes have been subtracted from revenue.

Comparative Balance Sheets

Financial statements that present the financial position of a business at different points in time, side by side, to facilitate comparison.