A statement summarising revenue, expenses and the resulting profit or loss over a period, typically the financial year. Also called the profit and loss account.
Where the balance sheet is a snapshot at one date, the income statement covers the span between two such dates, and explains how equity changed over it.
Swiss law allows two presentations: by nature, grouping expenses by type such as salaries and rent, or by function, grouping them by activity such as production and administration. Most Swiss SMEs use the presentation by nature.
