Talk:Income statement/Archives/2012

P&L

I changed the wording of the lead. I more commonly hear this concept referred to as a Profit and Loss Statement (P&L); the comment of "outside the US" is not accurate. pinotgris 23:01, 14 May 2007 (UTC)

Viacom, Inc. income statement

Is Viacom a worthy example of showing an income statement? The lack of CoGS in my opinion leads to confusion due to lack of consistency with examples. I agree.

Should this be changed to an income statement of a company that incurs CoGS, i.e. Honda?

I don't think the Viacom example is very good, and is overly complex. Especially if you look at an IFRS compliant Income Statement, where all the detail is in the notes. I will look for a better example to replace the Viacom P&L. It will also massively reduce the size of the article, which is probably a good thing. AnthonyUK (talk) 17:25, 12 April 2008 (UTC)

overall it is very good example, —Preceding unsigned comment added by Dhan Singh Bisht (talk • contribs) 07:28, 23 November 2009 (UTC)

Personal income statement?

Is the table under the section heading "Usefulness and limitations of income statement" supposed to reflect a personal income statement? I guess so -- the expenses include items such as laundry and linen. If that is the case, it should be made clear. In any case, there should be a more representative income statement that includes taxes, etc. Finnancier (talk) 15:02, 12 February 2008 (UTC)

I don't think so, I guess some companies would have laundry expenses. I agree that some of the headings are odd though. Feel free to change them if you think you can make the article better. AnthonyUK (talk) 21:27, 12 February 2008 (UTC)

I strongly believe to the very best of my understanding that telephone expenses would be a far more appropiate example.--Telephone My name is Karen 07:52, 18 December 2009 (UTC)

Question re. Profit and Loss Account

• Can someone enlighten me as to whether under UK law it should be called an Income Statement or a Profit and Loss Account?
• The intro calls it a Profit and Loss Statement. Shouldn't the words '(Profit and Loss Account in the UK)' be added? There may of course be other countries where the word 'Account' is used instead of 'Statement'.

As I am not an accountant I will leave others more knowledgable to make any changes. Gec118 (talk) 20:18, 22 October 2008 (UTC)

An answer to your question was requested over a year ago, but as I am accountant, I should be able to answer this question should you or anyone else require a response. While it may be true that some countries indeed may refer to the Income Statement inclusive of the word 'Account' instead of the word 'Statement', the generally "world accepted" if you will, term is Income 'Statement'. As for whether or not the UK law calls this financial statement a Profit and Loss Account, I would say that you are correct with your assumption. Finally, as a knowledgable participant of the finance Wikiproject, I will aim to make any changes that I consider appropiate at any given time. I hope that my service here can be of helpful assistance.--Telephone My name is Karen 07:46, 18 December 2009 (UTC)

It should be called whatever it is called in the International Financial Reporting Standards. These are widely accepted as the standards for accounting. --Footix2 (talk) 21:27, 22 February 2010 (UTC)

Sample Templates

Do not know whether the To-Do list has been done or not, but apart from the "globalization part of the article", can we include a simpler article on sample templates? Investopedia has a good article on this (which is linked), however it'd help the folks if sample templates can also be provided in this wiki. — Preceding unsigned comment added by Kidakaka (talk • contribs) 11:48, 13 December 2011 (UTC)