Chapter 7
Corporations: The Financial Statements
323
AS-6 (
2
)
Define other comprehensive income.
AS-7 (
2
)
How should other comprehensive income (OCI) be reported under IFRS? Provide specific
examples of OCI.
AS-8 (
2
)
IFRS requires that expenses on the statement of comprehensive income be presented either
by function or by nature. Briefly describe each of the two methods.
