Review accounting question

[BHoffman]

What is the proper heading for LLC reviewed financial statements? I always thought it was "Statement of Revenues and Expenses" instead of "Income Statement". My peer reviewer says it should be Income Statement. The good news is that I still get an unmodified report , but wonder what your opinion/experience is with this.

Thanks.

[outwest]

I believe the basis of accounting..

determines the report headings not the type of entity.

GAAP would be "Income statement"
Income tax basis would be "Revenues and Expenses - income tax basis"

Congratulations on the peer review.

[BHoffman]

Thanks! I still have to respond to the "comment letter", but that's OK. The peer review isn't something I look forward to, but I do learn new things and the reviewer is helpful and nice. I had to ask her about goodwill disclosures last year and she kindly answered my question.

[ChEAr$]

Some people

STILL call them P & L's! (grin)

Although when you think about it, you wonder how can a statement be both a profit AND a
loss statement?
Maybe it should be a "POL" statement.