Final answer:
Comprehensive income can be reported either in one continuous financial statement combining the income statement and comprehensive income, or in two separate but consecutive financial statements. The statement of changes in equity is not a format for comprehensive income, and a separate statement of net income does not represent it fully.
Step-by-step explanation:
The acceptable formats for reporting comprehensive income are:
In one continuous financial statement, which combines the income statement and comprehensive income.
In two separate but consecutive financial statements, where the first is the income statement, followed by a statement of comprehensive income which starts with net income.
Option II, 'in a statement of changes in equity,' is not a format for the comprehensive income statement itself but can include the information. Option III, 'in a separate statement of net income,' is incorrect because while the statement of net income is part of comprehensive income, it does not represent the comprehensive income in its entirety.