What is the primary purpose of the statement of comprehensive income?

The primary purpose of the statement of comprehensive income is to summarize revenue and expenses over a specific period, ultimately revealing how these factors contribute to the overall profit or loss of an organization. This statement allows stakeholders to understand the financial performance of the company over time by providing key metrics such as net income, and it can include other comprehensive income items that might not be reflected in net income. This can help inform investment decisions and provide insights into operational effectiveness.

While the other options focus on different aspects of the financial statements, they do not align with the specific function of the statement of comprehensive income. Reporting total liabilities is part of the balance sheet, detailing what the company owes. A detailed account of equity changes is typically included in the statement of changes in equity, which tracks movements in ownership interest. Reflecting changes in asset valuation is associated with the balance sheet and specific reporting standards, focusing more on the assessment of the company's overall worth rather than its operating performance over time.