profit and loss report

[Buddha Buck]

On Fri, Feb 8, 2013 at 1:07 PM, Mike or Penny Novack
<stepbystepfarm at mtdata.com> wrote:
>> It was renamed sometime early in the 2.x series -- I don't recall when
>> exactly, but it was from a major set of reports rewriting that happened
>> around that time to make it more "accounting compliant".
>
> Explanation?

It appears that "Statement of Income" is the now-standard name for the
statement.  As near as I can tell, both the GAAP standards and the
IFRS standards refer to it as "Income Statement" or "Statement of
Income" or "Statement of Comprehensive Income".  I did a text search
of the FASAB July 2011 comprehensive document and found many
references to "income statement" and none to "profit and loss" in over
2000 pages.