Research On Comprehensive Income Report Based On International Comparison

The business activities of enterprise become more complex and diverse with therapid changes in the economic environment, the accounting treatment of thetransaction matters are constantly changing,the content of financial statements is alsoconstantly being developed and improved. In addition, the trend of economicglobalization requires companies to provide a unified financial reports for informationusers to make decisions, which makes international convergence of accountingstandards is imperative. To achieve this convergence objective.The InternationalAccounting Standards Board (IASB) and the US Accounting Standards Board (FASB)joint research on financial reporting in2004. As the world’s most influential criterionmaking agencies, the two have been integrated to improve and revise earnings report.China’s Ministry of Finance released the latest standards—"Accounting Standards forBusiness Enterprises No.30—Presentation of Financial Statement" to furtherstandardize the presentation of comprehensive income in2014.This article draws the relevant conclusions by explaining the related theories andcomparing the latest guidelines at home and aboard. We Comb the basic theory ofcomprehensive to show the inevitability of transformation from traditional income tocomprehensive income. We compares the definition,recognition, measurement ofcomprehensive income to study the process of reform of the financial reportingframework at home and abroad.The comparison also lays the theoretical foundationfor behind research.In order to have a better understanding of comprehensive income,the article also discriminates the two pairs concept related to comprehensive income.Section IV compares the similarities and differences in the other comprehensiveincome on our presentation of content, organize the process of comprehensive incomereporting form for change, we can see that with the improvement of economic and thedevelopment of guidelines, the content and the presentation in the form forcomprehensive income sustain converging. The fifth part selects three companies thatbelong to Oil Industry for case study to analysis the advantages and disadvantages of comprehensive income domestic and foreign.This analysis can provide practicalguidance for our operations and indicate the direction of relevant criteria. In the viewof latest guidelines, comprehensive income related content has roughly reached theinternational convergence, the revised reporting format is more standardized, thecontent is more specific. However, due to differences in economic development andthe different process in criteria, China still needs modify the accounting elements,improve the relevant guidelines, train accounting staff and improve the economicenvironment in order to make comprehensive income reported get more attention anddevelop better, then it can play its due role.The innovation of this paper is the extensive comparison of comprehensiveincome, including the recognition, measurement, and report of it, this can give moreguidelines to us. In addition, the paper selects three companies for case studies, thestudy is built in the latest accounting standards domestic and international. We canvisually see the the similarities and differences among the three, then find theinadequacies of our criterion, the study also provide guidance for practical operationin our country.