Consolidate Break Statement Of Work For Free

The purpose of comprehensive income is to include a total of all operating and financial events that affect non-owners' interests in a business. In business, comprehensive income includes unrealized gains and losses on available-for-sale investments.

A consolidated statement of income is often used interchangeably with the term "income statement." Some other synonymous terms include consolidated statement of earnings, consolidated income statement, statement of operations, and profit and loss (P&L) statement.

What is the Statement of Comprehensive Income? The statement of comprehensive income is a financial statement that summarizes both standard net income and other comprehensive income (OCI). The net income is the result obtained by preparing an income statement.

Comprehensive income includes realized and unrealized income, such as unrealized gains and losses from the other comprehensive income statement, and therefore is a more detailed view of a company's net income, which is not fully captured on the income statement.

Full consolidation, proportionate consolidation, and equity consolidation are the three consolidation methods.

The steps for consolidating the income statements are as follows: (1)Add together the revenues and expenses of the parent and the subsidiary. (2)Eliminate intra-group sales and purchases. (3)Eliminate unrealised profit held in closing inventory relating to intercompany trading.

The consolidation method works by reporting the subsidiary's balances in a combined statement along with the parent company's balances, hence consolidated.