FARE Q&S p. 140#3: another question
I know OCI is accumulated on B/S as AOCI. Is NI also accumulated on B/S as R/E?
Moreover, I think, we absolutely report other comprehensive income if an entity has items of other comprehensive income in any period presented.
According to FARE (16th edition) Advanced p. 59 Income Statement Format, other comprehensive income is a part of I/S not a disclosure item.
Please also refer to FASB Accounting Standards Update No. 2011-05 (June 2011):
Reporting Comprehensive Income
220-10-45-1 An entity to report comprehensive income either in a single continuous financial statement or in two separate but consecutive financial statements.
220-10-45-1A An entity reporting comprehensive income in a single continuous financial statement shall present its components in two sections, net income and other comprehensive income. If applicable, an entity shall present the following in that financial statement:
a. A total amount for net income together with the components that make up net income.
b.A total amount for other comprehensive income together with the components that make up other comprehensive income. As indicated in
paragraph 220-10-15-3, an entity that has no items of other comprehensive income in any period presented is not required to report comprehensive income.
c. Total comprehensive income. [Content amended as shown and
moved from paragraph 220-10-45-6]
220-10-45-1B An entity reporting comprehensive income in two separate but consecutive statements shall present the following:
a. Components of and the total for net income in the statement of net income
b. Components of and the total for other comprehensive income as well as a total for comprehensive income in the statement of other comprehensive income, which shall be presented immediately after the statement of net income. A reporting entity may begin the second statement with net income.