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This study provides some market based evidence on the usefulness of comprehensive income disclosures in a Statement of Changes in Equity (SCE). Using a sample of listed New Zealand firms, we find no evidence that separate disclosure of the comprehensive income items provides any value relevant information above and beyond the aggregate comprehensive income figure. Likewise, in the post-SCE period, we find no evidence of an increase in the incremental value relevance of the comprehensive income items over net income. While our results are sensitive to outliers, they suggest that standards requiring disclosure of a SCE may not be necessary. Copyright Blackwell Publishers Ltd 2000.

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In this paper, we investigate the value relevance of comprehensive income and its components for a sample of 92 New Zealand companies over the period 2003-2010. We find a stronger association of aggregate comprehensive income with stock price and market returns relative to net income. The change in the asset revaluation reserve and the change in fair value of available-for-sale securities drive this association. However, foreign currency translation and cash flow hedges are also associated with prices and returns.

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