Answer
Under Concept Statement 6, comprehensive income is defined as “the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.”
Work Step by Step
In basic terms, comprehensive income includes all expenses, revenues, losses, and gains that caused a variation in stockholder equity within a specific accounting period.
