Other Comprehensive Income

Presentation of financial statement standard classifies assets, liabilities, equity, expenses and incomes into three financial statements- SPLOCI, SOCIE, SOFP and Cashflows statement. The OCI is used to find out the profit or loss attributable to share holders equity. All of these statements are updated regularly. During the process of data entry, all the Fundamental characteristics and Enhancing characteristic will give guideline to preparing financial statements. Prudence is eliminated from the above in the year 2010. But Prudence is embedded already in REVENUE RECOGNITION standard, PROVISIONS standard. It is used for measurement and recognition criteria. To answer, yes, but not sure to what extent it is used. Then, conceptual framework also has the narrow and broad approach in preparing the OCI. For more info: https://www.ifrs.org/-/media/feature/meetings/2016/march/iasb/conceptual-framework/ap10m-feedback-summary-user-outreach.pdf/https://www.actuaries.orgonceptsMeasurement.pdf