Unilever Group, a Dutch-based

Unilever Group, a Dutch-based consumer-goods company that publishes IFRS-based financial statement, reported a net profit on its 2008 income statement of 5.3 billion euros. That same year the company reported “total recognized income and expense” of only 1.1 billion euros, and on its 2008 it reported accumulated recognized income and expense of 1.8 billion euros.

Johnson & Johnson, a U.S. consumer-goods company that publishes U.S. GAAP-based financial statements, reported net profit on its 2008 income statement of $12.2 billion. It reported 2008 comprehensive income of $14.1 billion, and accumulated comprehensive income in the shareholders’ equity section of the 2008 of $70.3 billion.


(a) Explain the difference between net profit and comprehensive income, which is referred to as total recognized income and expense under IFRS.

(b) Explain the difference between comprehensive income for a given year and accumulated comprehensive income, which appears on the as of the end of that year.

(c) On which financial statement could you find a reconciliation of the beginning and ending balances of comprehensive income (or total recognized income and expense) for a given period of time?


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