Income Statement Reporting

An income statement, also known as a profit and loss statement, is a financial report that shows a company’s revenues and expenses over a specific period, typically a quarter or a year. It details how much money the company earned from sales (revenues) and how much it spent on operating costs and other expenses. The bottom line reflects the profit or loss: if revenues exceed expenses, the company is profitable; if not, it incurs a loss. This statement helps stakeholders assess the company’s financial performance and make informed decisions.