Profit and Loss Statement
From Open Risk Manual
Definition
Profit and Loss Statement. (Also P&L or PnL) Is a financial statement that summarizes the revenues and costs incurred during a specific period of time, normally a fiscal quarter or 12 months.
The P&L statement is also known as a statement of profit and loss, an income statement,or an income and expense statement. The name Income Statement is used formally under IFRS.
These records provide information that shows the ability of an organization to generate margin by increasing revenue and reducing costs.
