[Determined CPA]

I’m confused as to what Comp Inc really is. I know that the formula is NI + OCI = CI.

So my question is, unless a company has the components of OCI (Pension adjs, AFS unrealized gains/losses, Foreign currency items or cash flow hedges), then the stmt of comp income isn’t needed?

I know this is a basic question but I’ve never seen a stmt of comp inc in the real world and wondering when it’s used…

Any help would be appreciated!

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[M.O.D.]

Yes, if there is no OCI, and no accumulated OCI, NI = CI

Though you will be lucky to receive such an easy question on FAR 🙂

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[Determined CPA]

Don't scare me! lol

A - 75
B - 78 God is good.
F - 77 Answered prayers.
R - 84! Done!!

Paperwork sent - waiting for license!!
Still on a cloud and in shock. Through God, all things will happen.

[musicamor]

Comprehensive income exists regardless if components of other comprehensive income are present.

Texas CPA - licensed in 2012!!!

[Author]

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