One of the most important
financial statements is the
income statement. It provides an overview of sales and expenses, including taxes and interest. At the end of the income statement is
net income or earnings, but net income on the income statement is not necessarily all inclusive. That is, it only includes income from business operations. These are the activities that occur due to the company's business model and day-to-day activities. There are times when companies, especially large companies, make or lose money from the change in value of certain assets. These changes can be found on the
cash flow statement; however, the net impact to earnings is found in comprehensive or other comprehensive income on the income statement.
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Comprehensive Income Definition | Investopedia exclusive of something or unfinished in some way. So it is not surprising that when accountants speak of detail, they reference the word comprehensive. The more comprehensive a financial statement, the more detailed.
Comprehensive Income
<span>One of the most important financial statements is the income statement. It provides an overview of sales and expenses, including taxes and interest. At the end of the income statement is net income or earnings, but net income on the income statement is not necessarily all inclusive. That is, it only includes income from business operations. These are the activities that occur due to the company's business model and day-to-day activities. There are times when companies, especially large companies, make or lose money from the change in value of certain assets. These changes can be found on the cash flow statement; however, the net impact to earnings is found in comprehensive or other comprehensive income on the income statement.
A Few Examples
For a personal finance example, say a co-worker won the lottery. The lottery winnings are considered part of his taxable or comprehensive income but not regular incom Summary
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