Which financial statement is primarily used to measure comprehensive income?

The statement of comprehensive income is specifically designed to measure comprehensive income, which includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income comprises net income as well as other comprehensive income items, such as unrealized gains and losses on certain investments, foreign currency translation adjustments, and pension plan adjustments. This financial statement thus provides a more complete view of a company’s total performance over a given period, beyond what is captured in just the net income shown on the income statement.

The other options, while important financial statements, do not focus on measuring comprehensive income. The balance sheet summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time. The income statement presents revenues and expenses that result in net income for the period. The statement of equity tracks changes in equity accounts but does not specifically report on comprehensive income or its components.