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Why few companies used "Income Statement" terminology for "Profit & Loss Acct" in their financial statements ?

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Question added by Sarfraz Ahmed , Finance Manager , IBEHS LLC
Date Posted: 2015/02/25
Md. Moshiur Rahman Sumon
by Md. Moshiur Rahman Sumon , Assistant General Manager( Corporate Finance & Head of Internal Audit) , Progressive Life Insurance Company Limited

This is the common Accounting Terminology which does use traditionally in many industry but as per IAS-  1 it never be suggested to use Income statement or Profit & Loss prefer to  Statement of Financial Performance. Lacking of professional knowledge and guy who is the responsible to prepare Financial Report his merits does recall to use  Income statement or Profit & Loss Account

Thanks 

Hafiz Amjad Mehmood
by Hafiz Amjad Mehmood , Project Accounting Manager , Huta Group

Both refer to Statement of Financial Performance

Saifullah Shirazi
by Saifullah Shirazi , Senior Accountant , Suraj Cotton Mills Limited

As per IAS1, it is neither Income Statement nor Profit & Loss, it is " Statement of Financial Performance"

 

While "Income Statement" is US terminology and "Profit & Loss" is UK terminology

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