The IASB's conceptual framework emphasizes the importance of information about the performance of an entity. While IAS 1 encourages the presentation of comprehensive income in a single statement, with net income being an intermediate caption, it remains acceptable to instead report in a two-statement format, with a separate statement of profit or loss and a separate statement of comprehensive income. This chapter focuses on key income measurement issues and on matters of comprehensive income, statement presentation and disclosure. It also explains and illustrates the presentation of the statement of profit or loss and other comprehensive income and the statement of changes in equity. The chapter incorporates information from the Conceptual Framework for Financial Reporting 2010, IAS 1, and other standards.