Under Accounting Standards Update 2011-05, firms can present comprehensive income (CI), defined as the sum of net income (NI) and other comprehensive income (OCI), in a single continuous statement or two separate, consecutive statements. We identify whether firms use the one- or two-statement approach for the years 2012–2015 and assess the value relevance of CI, NI, and OCI under the alternative approaches. We find that NI is less value relevant under the one-statement approach relative to the two-statement approach, while the value relevance OCI is marginally enhanced. We also find that the decrease (increase) in value relevance of NI (OCI) under the one-statement approach is driven by a decrease (an increase) in the value relevance of operating income (unrealized gains/losses on securitized assets). Additional analyses demonstrate that the reduced value relevance of NI under the one-statement approach persists only in subsamples that report positive OCI. Our findings suggest that, consistent with arguments put forth in comment letters in support of the one-statement approach, increasing the prominence of OCI may result in investors incorporating this information to a greater extent in their valuation decisions. However, consistent with comment letters in opposition to the one-statement approach, we also present evidence that suggests presenting OCI in the same statement as NI may also draw attention away from the portion of NI that reflects the core operations of the firm.

根据《 2011-05年会计准则更新》，公司可以在单个连续报表或两个单独的连续报表中提供综合收益（CI），定义为净收益（NI）和其他综合收益（OCI）的总和。我们确定2012-2015年企业是采用单陈述式还是二陈述式方法，并评估替代方法下CI，NI和OCI的价值相关性。我们发现，相对于两语句法，NI在单语句法下的价值相关性较小，而与OCI的值相关性则得到了一定程度的提高。我们还发现，在单语句方法下，NI（OCI）的价值相关性下降（增加）是由营业收入（证券化资产的未实现收益/损失）的价值相关性下降（增加）驱动的。进一步的分析表明，在单语句方法下，NI的降低的价值相关性仅在报告阳性OCI的子样本中仍然存在。我们的发现表明，与支持单一陈述法，提高OCI的知名度可能会导致投资者在更大程度上将这些信息纳入他们的估值决策中。但是，与反对单一声明方法的评论信一致，我们还提供了证据，表明与NI在同一声明中提出OCI可能也会引起人们对NI反映公司核心业务的部分的关注。