Total Comprehensive Income Vs Profit For The Year

Other comprehensive income is a catch all term for changes in equity from non owner sources including unrealized gains and losses on investments because of changing market prices on foreign exchange fluctuations and the like.
Total comprehensive income vs profit for the year. Comprehensive income is equal to net income plus other comprehensive income. In financial accounting corporate income can be broken down in a multitude of ways and firms have some latitude on how and when. One single statement statement of comprehensive income for the year ended 31 march 20x8. The statement of profit or loss includes all realised gains and losses e g.
Ias 1 presentation of financial statements defines profit or loss as the total of income less expenses excluding the components of other comprehensive income other comprehensive income oci is defined as comprising items of income and expense including reclassification. The profit and loss account or the comprehensive income statement. Net profit for the year the statement of comprehensive income would include both the realised and unrealised gains and losses e g. The comprehensive income is calculated as follows.