difference between profit and loss account and income statement

The terms 'Profit and Loss Account' (P&L) and 'Income Statement' are often used interchangeably, but they refer to the same financial document. Both summarize a company's revenues, costs, and expenses over a specific period to determine its profit or loss. While 'P&L' is a more traditional term used in some regions, the 'Income Statement' is the official term in accounting, providing insights into a company’s financial performance.