Income Statement As Of Or For The

The period for which an income statement is prepared can cover a month quarter or a year of operations.

Income statement as of or for the. 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. The income statement can either be prepared in report format or account format. The income statement of a business shows the owners and other important users how the business has performed in its activities for that period. An income statement prepared for the three months ended june 30 2017 covers the.

For the year ended september 30 2016 means that the income statement covers the 12 month period starting from october 1 2015 through september 30 2016. An income statement is one of the most common and critical of the financial statements you re likely to encounter. 4 2 ifrs supplement 3if a company prepares a statement of comprehensive income then disclosure is required for 1 other comprehensive income classified by nature 2 comprehensive income of associates and joint ventures and 3 total comprehensive income the statement of comprehensive. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.

This performance is judged through two key figures. The income statement of a business shows the financial performance of a business for a period usually produced quarterly semi annually or annually. Also known as profit and loss p l statements income statements summarize all income and expenses over a given period including the cumulative impact of revenue gain expense and loss transactions. An income statement example period.

Example following is an illustrative example of an income statement prepared in accordance with the format prescribed by ias 1 presentation of financial statements. Income statement also known as profit loss account is a report of income expenses and the resulting profit or loss earned during an accounting period.