What is the difference between net income, or earnings, and comprehensive income?

Comprehensive income is a broader concept, and it includes some gains and losses which the FASN has explicitly should bypass earnings and go straight to equity. The examples of such gains that bypass earnings, referred to as Other comprehensive income (OCI), are some changes in market value investments, some foreign currency translation adjustments and certain gains and losses, related to minimum pension liability. Net income plus or minus other comprehensive income equals comprehensive income. * In the absence of OCI (gains or losses designated to bypass earnings), earning and comprehensive income are the same.