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Comprehensive Income Disclosures: Evidence From Italy

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  • Olga Ferraro,

Abstract

International Accounting Standard No. 1 was released in 2007. The standard required publicly traded companies to separately report comprehensive income in the financial statements. International Accounting Standard No. 1 prescribed two alternative formats for the presentation without mandating any one specific format. It also provides other options such as the criterion for classification of expenses and the presentation of Other Comprehensive Income items at net or gross of tax. The present study examined the presentation of comprehensive income by a sample of companies listed on the Italian Stock Exchange. The goal is to define the degree of homogeneity of the income statements and to explore current correlation between the direction and size of the Other Comprehensive Income and to identify the prescribed method to present Comprehensive Income. The results show substantial uniformity across Italian companies, with regard to how company accountants present Other Comprehensive Income in their financial statement. Also, the results lead us to believe that the choice of two separate statements may be linked to the greater relative size of the Net income.

Suggested Citation

  • Olga Ferraro,, 2012. "Comprehensive Income Disclosures: Evidence From Italy," Accounting & Taxation, The Institute for Business and Finance Research, vol. 4(2), pages 65-76.
    • Handle: RePEc:ibf:acttax:v:4:y:2012:i:2:p:65-76
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    File URL: http://www.theibfr2.com/RePEc/ibf/acttax/at-v4n2-2012/AT-V4N2-2012-7.pdf
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    References listed on IDEAS

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    1. Ganesh M. Pandit & Allen Rubenfield & Jeffrey J. Phillips, 2006. "Current NASDAQ Corporation Methods of Reporting Comprehensive Income," American Journal of Business, Emerald Group Publishing, vol. 21(1), pages 13-19.
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    Cited by:

    1. Federica Doni & Silvia Rossetti & Roberto Verona, 2017. "Performance Reporting Choices after the Adoption of IAS 1 Revised: Comparative Evidence from Europe and the USA," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 558-574.
    2. Riccardo Macchioni & Alessandra Allini & Martina Prisco, 2022. "The role of the Big Four audit firms and the legal system in non-GAAP comparability," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2022(1), pages 79-116.

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    1. Federica Doni & Silvia Rossetti & Roberto Verona, 2017. "Performance Reporting Choices after the Adoption of IAS 1 Revised: Comparative Evidence from Europe and the USA," International Journal of Economics and Financial Issues, Econjournals, vol. 7(4), pages 558-574.

    More about this item

    Keywords

    IAS 1; reporting format; comprehensive income; consolidated financial statement;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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