Income statement

lossprofit and lossP&Lprofit and loss accountstatement of comprehensive incomeprofit and loss statementProfit and loss accountstop lineearnings statementsfinancial statement income
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.wikipedia
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Financial statement

financial statementsfinancial reportingfinancial report
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.

Revenue

turnoverrevenuesgross revenue
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for).
In accounting, in the balance statement it is a subsection of the Equity section and revenue increases equity, it is often referred to as the "top line" due to its position on the income statement at the very top.

Cash flow statement

statement of cash flowsCash Flow Statements
An income statement represents a period of time (as does the cash flow statement).
The statement of financial position is a snapshot of a firm's financial resources and obligations at a single point in time, and the income statement summarizes a firm's financial transactions over an interval of time.

Net income

net profitbottom linenet
It indicates how the revenues (also known as the “top line”) are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for).
Net income is informally called the bottom line because it is typically found on the last line of a company's income statement (a related term is top line, meaning revenue, which forms the first line of the account statement).

Depreciation

depreciateddepreciateaccumulated depreciation
Businesses depreciate long-term assets for both accounting and tax purposes.The decrease in value of the asset affects the balance sheet of a business or entity, and the method of depreciating the asset, accounting-wise, affects the net income, and thus the income statement that they report.

Operating expense

operating expensesOperational expenditureOPEX
The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses.
On an income statement, "operating expenses" is the sum of a business's operating expenses for a period of time, such as a month or year.

Expense

expensesexpenditurebusiness expense
An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
In double-entry bookkeeping, expenses are recorded as a debit to an expense account (an income statement account) and a credit to either an asset account or a liability account, which are balance sheet accounts.

SG&A

Selling, General and Administrative ExpensesmanagementSales, General, and Administrative expenses
SG&A (alternately SGA, SAG, G&A or SGNA) is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement (statement of profit or loss).

Accounts receivable

receivablereceivablesaccounts receivables
The change in the bad debt provision from year to year is posted to the bad debt expense account in the income statement.

Balance sheet

statement of financial positionbalance sheetsbalance-sheet
This contrasts with the balance sheet, which represents a single moment in time.

Gross income

gross profitgrossgrossed
The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses.

Earnings per share

EPSDiluted EPSDiluted earnings per share
Because of its importance, earnings per share (EPS) are required to be disclosed on the face of the income statement.
In the United States, the Financial Accounting Standards Board (FASB) requires EPS information for the four major categories of the income statement: continuing operations, discontinued operations, extraordinary items, and net income.

Accumulated other comprehensive income

other comprehensive incomeOCI
Comprehensive income for a period includes profit or loss (net income) for that period and other comprehensive income recognised in that period.
This statement required all income statement items to be reported either as a regular item in the income statement or a special item as other comprehensive income.

Intangible asset

intangible assetsintangibleintangibles
An impairment loss is determined by subtracting the asset's fair value from the asset's book/carrying value.

Comprehensive income

Total comprehensive incomesum of all revenues collected
Comprehensive income for a period includes profit or loss (net income) for that period and other comprehensive income recognised in that period.
Comprehensive income is the sum of net income and other items that must bypass the income statement because they have not been realized, including items like an unrealized holding gain or loss from available for sale securities and foreign currency translation gains or losses.

Minority interest

Non-Controlling Interestminorityminority shareholder
Also, minority interest is reported on the consolidated income statement as a share of profit belonging to minority shareholders.

International Financial Reporting Standards requirements

requirementsRequirements of IFRS
The cost of depreciation is recognised as an expense in the income statement, unless it is included in the carrying amount of another asset (IAS16.48); for example depreciation of PPE used for development activities may be included in the cost of an intangible asset (IAS16.49).

PnL Explained

profit and loss attribution
PnL Explained also called P&L Explain, P&L Attribution or Profit and Loss Explained is an income statement with commentary which Product control products and which traders, especially derivatives (swaps and options) use, that attributes or explains the daily fluctuation in the value of a portfolio of trades to the root causes of the changes.

Statement of changes in equity

statement of changes in net assets/equityStatement of Changes in Taxpayers’ Equity
Components of comprehensive income may not be presented in the statement of changes in equity.
It may appear in the balance sheet, in a combined income statement and changes in retained earnings statement, or as a separate schedule.

Average cost method

Weighted Average CostMoving-Average Costaccounting on average cost basis
For example, valuation of inventories using LIFO instead of weighted average method.

International Financial Reporting Standards

IFRSInternational Financial Reporting StandardInternational Accounting Standard
The following income statement is a very brief example prepared in accordance with IFRS.

Model audit

The model will routinely contain sheets for input data, formulas (the 'workings') which drive the model, and outputs, which are usually in the form of financial statements (balance sheet, income statement, cash flow statement, etc.).

Trading statement

The trading statement is an expanded version of sales portion of the Income statement.

Management

managerBusiness Managementmanagers
The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported.