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Comprehensive Income

What are the three ways that other comprehensive income may be reported? Please elaborate on what comprehensive income is and is not.

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Hello Student,

First thing you may want to do here is define what other comprehensive income is or is not; after which you can comment on how it may be reported. Note however that the way how other comprehensive income may be reported depends on the standards which are used or adopted by a firm or within a country. For example, you may find that the way how other comprehensive income is reported under Generally Accepted Accounting Principles (GAAP) may be different from the way how it may be reported under the International Financial Reporting Standards (IFRS) - and this you will have to bear in mind when answering this question.

To help you to understand what other comprehensive income is or is not, note the following excerpt:

"Comprehensive income ...

Solution Summary

This solution provides you with information related to what comprehensive income is and it also tells ways in which comprehensive income may be reported. The solution is adequately referenced.

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