Introduction to the Statement of Comprehensive Income
- A statement of comprehensive income records the income and costs of a business incurred over a period of time (usually one year)
- It is also known as a profit-and-loss account or income statement
- It is one of the key financial statements provided in the annual report
- It is also known as a profit-and-loss account or income statement
Structure of the Statement of Comprehensive Income
- Toys & Trikes Ltd's statement of comprehensive income shows revenue, costs and profit for both 2022 and 2023
- This enables its financial managers to make a year-on-year comparison of performance
- This enables its financial managers to make a year-on-year comparison of performance
Diagram: Statement of Comprehensive Income for Toys & Trikes Ltd
The statement of comprehensive income details revenue, costs and expenses over a trading year