An Analysis of other comprehensive income under Ind AS in financial statements

The statement of profit and loss presented, in addition requires other comprehensive income. The adoption of Ind AS 1- Presentation of Financial statements includes comprehensive income in profit and loss account and allows only one single approach of enabling presentation against IAS-1 which has option of two parts. An entity must show in its OCI separately, the items which would be reclassified to profit and loss account and those items which would never be reclassified to profit and loss account. The tax effect related to these items are calculated. Therefore, other comprehensive income includes incomes and expense which includes reclassification adjustments which are not recognized in profit and loss account. The study tries to draw the insights other comprehensive income and secondly, to understand the items of other comprehensive income in the financial statements with reference to ITC ltd which helps to make better decisions by the investors.