What are Other Names for the Income Statement?

The income statement is a fundamental financial statement that provides an overview of a business’s revenues, expenses, gains, and losses over a specific period of time.

It is also referred to by several other names:

Profit and Loss Statement (P&L)

The term “Profit and Loss Statement”, or P&L for short, is perhaps the most widely used alternative name for the income statement.

This name highlights the fundamental purpose of the statement, which is to determine the profitability of a company by calculating its net profit or loss.

Statement of Earnings

The “Statement of Earnings” is another name commonly used to describe the income statement.

This name underlines the primary objective of the statement, which is to report a company’s earnings over a specific period. The term “earnings” typically refers to the net income or profit generated by the company.

Statement of Operations

The “Statement of Operations” is a name often used for the income statement, especially in the context of financial reporting for non-profit organisations and government entities.

This name reflects the broader scope of the statement, as it encompasses both revenue-generating activities and operating expenses.

Statement of Income

The “Statement of Income” is another way to express the name of the income statement. This name is commonly used in academic and accounting contexts.

Earnings Statement

The “Earnings Statement” is a concise name for the income statement, and is often used in financial reporting for individual investors and analysts.

Consolidated Statement of Income

The term “Consolidated Statement of Income” is specifically used when preparing the income statement for a group of companies under common control.

In this case, the income statements of each subsidiary are consolidated to present an overall picture of the group’s financial performance.

Statement of Comprehensive Income

The “Statement of Comprehensive Income” is a broader name for the income statement, encompassing not only the net profit or loss but also other comprehensive income items, such as gains or losses from foreign currency translation or changes in the fair value of investments.

This statement provides a more comprehensive view of a company’s financial performance.

Statement of Financial Performance

The “Statement of Financial Performance” is a comprehensive name that encompasses both the income statement and other performance related financial statements, such as the statement of comprehensive income and the statement of changes in equity.

This name is often used in international accounting standards.

Operating Income Statement

The “Operating Income Statement” is a name that specifically focuses on the operating income or profit derived from a company’s core business activities. It excludes non-operating revenues and expenses, such as interest income or interest expense. This name is commonly used to evaluate the profitability and efficiency of a company’s operations.