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TeachMeFinance.com - explain profit and loss statement profit & loss statement -- A detailed earnings statement for the previous full year (if you are currently in business). Existing businesses are required to show a Profit and Loss Statement for the current period to the date of the Balance Sheet. another definition... profit and loss statement -- a summary listing a firm's total revenues and expenses within a specified period of time. Synonymous with income and expense statement. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.