Other comprehensive income in the general-purpose financial statements of non-listed Colombian firms and its impact on net income for the accounting period

This article aims to characterize non-listed Colombian companies' presentation of the items comprising their other comprehensive income (OCI) in accordance with the International Accounting Standard 1's requirements (IAS 1: Presentation of Financial Statements) and the guidelines from the Superintendence of Companies. The impact of this presentation on the period's results is also assessed. For this purpose, a sample of Colombian companies was examined for the period 2016 to 2019, yielding a total of 1977 observations of companies reporting under Full IFRS and 4960 observations of companies reporting under IFRS for SMEs. According to the univariate analysis of the accounts that make up the OCI and the requirements Colombian companies must meet, the most frequently presented items are: the revaluation of fixed assets, exchange rate differences, and the results of employee benefit measurements. The impact of OCI on the net income for both Full IFRS and IFRS for SMEs is shown to be positive.