In India, there isn't a specific company classification mandated to report comprehensive income. However, all companies following Indian Accounting Standards (Ind AS) are required to disclose other comprehensive income (OCI) within their financial statements.
Here's a breakdown:
While not a separate statement, OCI is presented alongside net income in the statement of profit or loss, providing a more comprehensive picture of a company's financial performance.pen_spark
Here's a breakdown:
- Ind AS: The accounting standards for Indian companies, issued under the supervision of the Accounting Standards Board (ASB) which falls under the Institute of Chartered Accountants of India (ICAI). These standards are aligned with International Financial Reporting Standards (IFRS).
- Other Comprehensive Income (OCI): This represents items impacting a company's net worth that aren't recognized in net income. It includes unrealized gains or losses on investments, revaluation of assets, and foreign currency translation effects.
While not a separate statement, OCI is presented alongside net income in the statement of profit or loss, providing a more comprehensive picture of a company's financial performance.pen_spark
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