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Comprehensive income is defined by the Financial Accounting Standards Board, or FASB, as “the change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources.
Accumulated other comprehensive income is a subsection in equity where "other comprehensive income" is accumulated (summed or "aggregated"). The balance of AOCI is presented in the Equity section of the Balance Sheet as is the Retained Earnings balance, which aggregates past and current Earnings, and past and current Dividends.
In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period. [1] [better source needed]
Components of comprehensive income may not be presented in the statement of changes in equity. Comprehensive income for a period includes profit or loss (net income) for that period and other comprehensive income recognised in that period. All items of income and expense recognised in a period must be included in profit or loss unless a ...
a statement of comprehensive income. This may be presented as a single statement or with a separate statement of profit and loss and a statement of other comprehensive income; a statement of changes in equity; a statement of cash flows; notes, including a summary of the significant accounting policies.
Poison Profits. A HuffPost / WNYC investigation into lead contamination in New York City
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total comprehensive income; owners' investments; dividends; owners' withdrawals of capital; treasury share transactions; They can omit the statement of changes in equity if the entity has no owner investments or withdrawals other than dividends, and elects to present a combined statement of comprehensive income and retained earnings.