Is a specific format required for reporting comprehensive income? Explain.

A$.$ Other comprehensive income is either reported in a separate statement or included with net income in a statement of comprehensive income. Companies are also required to report the accumulated balance of other comprehensive income separately from retained earnings and additional paid$-$in capital in the stockholders' equity section of the balance sheet in an account called accumulated other comprehensive income.

B$.$ Companies may choose to report other comprehensive income in a separate income statement. However, there are no formal requirements.

C$.$ Other comprehensive income is reported in the balance sheet. The amount of other comprehensive income is classified with Accounts Receivable in the assets section of the balance sheet.

D$.$ Other comprehensive income is reported in a statement of cash flows. Companies may choose to include the amount of other comprehensive income with the amount of net income.