Top CPAs in NYC answer various accounting concepts and standards:
Characteristics, sources, and components of comprehensive income:
Over the life of a business enterprise, it's comprehensive income equals the net of its cash receipts and cash outlays, excluding cash invested by owners and distributed to owners. That characteristic holds whether the amount of cash in comprehensive income or measured in nominal dollars constant dollars. Although the amounts in constant dollars may differ from those in nominal dollars, basic relationship is not changed because pronominal and constant dollars express the same thing using different measuring units.
Comprehensive income explained by CPAs in New York City:
Matters such as recognition criteria in choice of attributes to be measured also not affect the amounts of comprehensive income in that cash receipts over the life of an enterprise but do affect the time in which parts of the total are identified. Accrual accounting may encompass various timing possibilities - for example, when goods or services are provided, when cash is received, or when price change. Comprehensive income is the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Also, it should be worth noting that from a CPA's perspective, the financial capital concept is the traditional view and is generally the capital maintenance concept in present primary financial statements. Comprehensive income as defined on our blog is a return on financial capital.