General purpose of statement of comprehensive income
Briefly explain the general purpose of statement of comprehensive income. As well, explain briefly the terms expenses and income as stated by the Conceptual Framework for the Financial Reporting (IASB, 2010).
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The purpose of statement of comprehensive income is to give information to users on financial performance of business over accounting period. Financial performance is totally concerned with the profitability of entity. Users require information on entity’s financial performance to assess possible alters in its economic resources and its capability to make cash from its resources. Additionally, users require information to measures how effectively any additional resources may be employed. There are the two elements of the financial performance (IASB, 2010, Para 4.25):
• Income is rises in economic benefits throughout the accounting period in the form of enhancements or inflows of assets or lessens of liabilities which result in rises in equity, other than those with reference to contributions from equity participants.
• Expenses are reduces in economic benefits throughout the accounting period in the form of depletions or outflows of assets or incurrence of liabilities which result in lessens in equity, other than those relating to distributions to the equity participants.
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