Financial statements & accounting records · Core

Income statement

Also called: profit and loss statement, P&L

ELI5

A report showing revenue, expenses and profit or loss over a period.

Used in conversation

“The team needs one controlled copy of income statement, with an owner and date.”

Pitch context

You will see “Income statement” in financial models, budgets, board packs and investor materials when the discussion reaches financial statements & accounting records.

Why it matters: It helps a reader interpret financial statements & accounting records without confusing the measure, decision, role or evidence being discussed.

Sources & evidence · 4

Direct term-level sources and supporting source families.

IFRS Foundation — IFRS GlossaryDirect source · primary · checked 2026-08-16
Financial Accounting Standards Board — FASB Accounting Standards CodificationDirect source · primary · checked 2026-08-16
U.S. Small Business Administration — Break-even pointSupporting source family · primary · checked 2026-08-16
U.S. Securities and Exchange Commission — Non-GAAP Financial Measures — Compliance and Disclosure InterpretationsSupporting source family · primary · checked 2026-08-16