Accounting
Income statement
The statement showing revenue, expenses, and profit or loss for a period.
It explains how the year's profit or loss arose and forms part of the annual accounts.
An example
The profit or loss for the year is the starting point for calculating corporate income tax.
The typical mistake
Reading it before posting accruals, deferrals, and depreciation. Until then, the result remains provisional.
How it appears in AndCompta
Generate it mid-year as well as at closing and compare it with the preceding period. It shows how the business is performing without waiting until 31 December.
Where we explain it in depth
Related terms
This definition is general information, not tax or accounting advice. For your specific case, consult a professional and always check the official source.