In its annual report for the financial year (FY) 2018/19, Reliance Industries Limited reported an unprecedented ?596.74 billion as other comprehensive income (OCI). The OCI affected the statement of profit and loss (P&L), the balance sheet, and the statement of changes in equity. India converged its accounting standards with the International Financial Reporting Standards, effective FY 2017 onward. The converged accounting standards required an entity to present the statement of P&L and OCI in two sections, with the sum of the two reported as the total comprehensive income. The requirement to present a separate statement of changes in equity was also introduced in India. Though the concept of OCI was new to India, it had been used globally since 1997. The classification of income and expenses to either P&L or OCI as well as the subsequent reclassification of OCI to P&L have remained subjects of debate. The exercise discusses the nature, reporting, and reclassification of OCI, as well as its impact on key financial ratios.
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