The Time Has Come to Report Comprehensive Income.

Key Points

• This paper aims to advocate for financial statements to better reflect comprehensive income through the asset-liability view.
• Discussion of FASB's definition of comprehensive income
• Analysis of the asset-liability approach in standard-setting
• Comparison of operating performance with all-inclusive income reporting
• Highlights the necessity of aligning financial statements with the asset-liability perspective
• Calls attention to shortcomings in current income reporting methods
• Advocates for integration of comprehensive income within standard practices