The Statement of Comprehensive Income, commonly known as the Profit and Loss Statement, tells us whether an organization generates a profit or a loss for a period of time. Furthermore, it allows for an indication of important trends. The Statement of Comprehensive Income has two primary elements.
First – The Income Statement. All revenues and expenses that stem from the normal course of business operations are recorded here. The bottom line of the Income Statement is the Net Income for the period.
And second – Statement of Other Comprehensive Income. It reports all income and expense items that are not recorded in the Income statement but affect Owners’ Equity.
This template illustrates a standard structure of a Statement of Comprehensive Income. The Income Statement is presented in two alternative ways: multi-step and single-step formats. You can use it to construct the Income Statement of a company.
Other related topics you might be interested to explore are Financial Models and Financial Statements.
This is an open-access Excel template in XLSX format that will be useful for anyone who wants to work as an Accountant, Financial Analyst, or Finance Manager.
You can now download the Excel template for free.
The Statement of Comprehensive Income is included in the Financial Reporting module of the CFA Level 1 Curriculum.