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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
Both refer to Statement of Financial Performance
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