Your client took accounting a number of years ago and was unaware of comprehensive income reporting. He is not convinced that any accounting standards exist for comprehensive income.
Instructions
Access the IFRS authoritative literature at the IASB website (eifrs.iasb.org/). When you have accessed the documents, you can use the search tool in your Internet browser to respond to the following questions. (Provide paragraph citations.)
(a) What IFRS addresses reporting in the statement of comprehensive income?
When was it issued?
(b) Provide the definition of total comprehensive income.
(c) Explain the rationale for presenting additional line items, headings, and subtotals in the statement of comprehensive income.
(d) What items of income or expense may be presented either in the statement of comprehensive income or in the notes?