difference between p&l and income statement

The Profit and Loss (P&L) statement and the income statement are often used interchangeably to describe a financial report that summarizes a company’s revenue, expenses, and profit over a specific period. While both terms refer to the same document, 'P&L' is a more informal term. The income statement is the official term used in accounting to assess a company’s financial performance, showing how revenues are transformed into net income or loss.