Question

Under U.S. GAAP or IFRS, what are the two ways comprehensive income may be presented?

Answer 1

Under U.S. GAAP or IFRS, there are two ways comprehensive income may be presented: single statement approach and two statement approach.

Step-by-step explanation:

Under U.S. GAAP or IFRS, there are two ways comprehensive income may be presented:

1. Single Statement Approach: In this approach, all components of comprehensive income are presented in a single statement, referred to as the statement of comprehensive income.
2. Two Statement Approach: In this approach, comprehensive income is presented in two separate statements - the income statement and the statement of comprehensive income.