The Income Statement is a measure of financial performance resulting from the aggregation of revenues, expenses, gains and losses that are not items of other comprehensive income.

Comprehensive income is the change in a company's equity during a period of time resulting from transactions and other events and circumstances from non-owner resources. It is therefore the sum of net income and other comprehensive income.

Required:

- Considering the two statements above, what do you believe are the advantages and disadvantages of the income statement and why?