difference between income statement and profit and loss statement

The income statement and profit and loss statement are essentially the same, as both outline a company’s revenues, expenses, and profits over a specific period. However, the term 'income statement' is more commonly used in the U.S., while 'profit and loss (P&L) statement' is frequently used in other countries. Both documents serve the same purpose: to show a company’s financial performance, but the terminology might vary depending on the region or industry.