Original Articles

One comprehensive income statement: Do we need it?

Published in: South African Journal of Accounting Research
Volume 13 , issue 1 , 1999 , pages: 43–59

DOI: 10.1080/10291954.1999.11435084

Author(s): B Beale Open Polytechnic of New Zealand, New Zealand , H Davey Waikato Management School, New Zealand , G Samkin Waikato Management School, New Zealand

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Abstract

There are two ways in which comprehensive income can be disclosed. This can be either in the form of a separate financial statement as required by South Africa’s AC 101 and the International Accounting Standards Committee’s IASI in addition to the traditional statements, or in an expanded income statement. By requiring the preparation of a separate statement of changes in equity, the Accounting Practices Committee (and the LASC) have accorded the new statement equal status to the traditional income statement.

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