Income Statement
/ˈɪnkʌm ˈsteɪtmənt/
Definitions
- (n.) A financial report summarizing revenues, expenses, and profits or losses over a specific period, often used as evidence in legal and regulatory contexts to assess financial performance and compliance.
The court reviewed the company's income statement to verify its financial claims during the litigation.
Forms
- income statement
- income statements
Related terms
See also
Commentary
In legal drafting and compliance, accurate presentation of an income statement is crucial for evidence and regulatory disclosure; terminology should reflect its role as a formal financial document rather than colloquial usage.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.