Is the Statement of Comprehensive Income necessary when we have the Statement of Cash Flows (and allowing external decision makers to predict future cash flows may be the primary function of financial statements)? In answering this question you should also consider the 2001 Accounting Review journal article (set as one of your readings this semester and available on UTSonline 'Course Documents') "Accruals and the Prediction of Future Cash Flows" Barth, Cram & Nelson.