Partial Statement Of Comprehensive Income Example

A statement of comprehensive income is the overall income statement that consolidates standard income statement which gives details about the repetitive operations of the company and other comprehensive income which gives details about the non operational transactions such as the sale of assets patents etc.

Partial statement of comprehensive income example. Other comprehensive income comprises revenues expenses gains and losses that according to the gaap and ifrs standards are excluded from net income on the income statement. See examples whats included. Comprehensive income net income other comprehensive income. Partial income statement year ended december 31 xxxx profit from continuing operations 225 000 discontinued operations.

Although the income statement is a go to document for assessing the financial health of a company it falls short in a few aspects. Bob s scale of operations is still restricted to his local community but eventually he does plan to scale his business globally so that he is able to earn a significant part of his revenue from exports. But don t depend solely on it. A partial income statement reports information for only part of a normal accounting period this tends to be a special purpose document that is only used once.

Revenues expenses gains and losses that are reported as other comprehensive income have not been realized yet. Format and example of comprehensive income statement throughout this series we have been focused on bob s donut shoppe inc. Whenever ci is listed on the balance sheet the statement of comprehensive income must be included in the general purpose financial statements to give external users details about how ci is computed. Normally we prepare an income statement for a single month or for a year.

A standard ci statement is usually attached to the bottom of the income statement and includes a separate heading. Loss from disc brake operations net of income tax 90 000 90 000 25 67 500 loss on disposal of disc brake division net of income tax 52 500 loss from discontinued operations 120 000 profit 105 000 note that the income tax on discontinued. Partial statement of comprehensive income for the year ended december 31 2014 income from continuing operations 12 600 000 discontinued operations loss from operation of discontinued restaurant division net of tax 315 000 loss from disposal of restaurant division net of tax 89 000 404 000 net income 12 196 000 other comprehensive income items that may be reclassified subsequently to net. Statement of comprehensive income.

A partial income statement is generally prepared by the company when there are certain or uncertain changes that affect the company s financial performance and is reported for only a part of the accounting period. Limitations of a statement of comprehensive income. The income statement encompasses both the current revenues resulting from sales and the accounts receivables which the firm is yet to be paid.