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Annual report 2012CONTENTS Directors Report4Chairmans Report5Chief Executives Report6Audit Report8Summary Statement of Comprehensive Income9Summary Statement of Comprehensive Income (continued×10Summary

How to fill out statement of comprehensive income

1. To fill out a statement of comprehensive income, begin by gathering all relevant financial information for the reporting period. This includes details on revenues, expenses, gains, and losses.
2. List all revenues earned during the reporting period. Revenues can come from various sources such as sales, services rendered, or interest income. Ensure that each revenue is recorded accurately.
3. Next, list all expenses incurred during the reporting period. This can encompass costs such as wages, rent, utilities, and inventory expenses. Make sure to categorize expenses appropriately and provide detailed descriptions if necessary.
4. Calculate the net income or loss. This is determined by subtracting total expenses from total revenues. If the result is positive, it represents net income, while a negative result indicates a net loss.
5. Identify any gains or losses that are not a result of regular business operations. These can include gains or losses from the sale of assets, foreign currency exchange, or investments. Record them separately from regular revenues and expenses.
6. Add or subtract the gains or losses from step 5 to the net income or loss calculated in step 4. This will provide the comprehensive income for the reporting period.
7. Finally, present the statement of comprehensive income in a clear and organized format. This typically includes providing a section for revenues, expenses, gains, losses, and the final calculation of comprehensive income.

Who needs statement of comprehensive income?

1. Businesses of all sizes and types require a statement of comprehensive income. It is an essential financial document used for reporting and analyzing the financial performance of a company.
2. Investors and shareholders often rely on the statement of comprehensive income to evaluate a company's profitability and financial health. It helps them make informed decisions about investment opportunities and the allocation of resources.
3. Government agencies and regulatory bodies may also request a statement of comprehensive income to ensure compliance with accounting standards and regulations. This helps them monitor the financial activities of businesses and maintain transparency in the marketplace.
4. Financial institutions such as banks or lenders may require the statement of comprehensive income as part of the loan application process. It helps them assess the borrower's ability to generate consistent income and manage their financial obligations.
5. Management teams within a company also utilize the statement of comprehensive income to evaluate the success of their business strategies, identify areas for improvement, and make informed financial decisions.

Overall, the statement of comprehensive income serves as a valuable tool for various stakeholders to understand the financial performance and stability of a business.

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What is statement of comprehensive income?

The statement of comprehensive income is a financial statement that shows a company's financial performance over a specific period of time.

Who is required to file statement of comprehensive income?

Publicly traded companies and some private companies are required to file a statement of comprehensive income.

How to fill out statement of comprehensive income?

To fill out a statement of comprehensive income, one must gather financial information such as revenue, expenses, gains, and losses, and report them according to accounting standards.

What is the purpose of statement of comprehensive income?

The purpose of a statement of comprehensive income is to provide stakeholders with an overview of a company's financial performance and to help make informed decisions.

What information must be reported on statement of comprehensive income?

Information such as revenue, expenses, gains, and losses must be reported on a statement of comprehensive income.