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| (P&L or PL or PNL). | | (SPE). |
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| | A legal entity established to facilitate restricted transactions or purposes for a particular sponsor or sponsors, often characterised by severely limited independence of decision making and a relatively small capital base. |
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| Historically, a primary financial statement – showing the revenues earned in a period matched with the expenditures incurred in the same period to arrive at a figure of net profit or loss.
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| Under the 'double entry' accounting convention, income items in the Profit and loss account are Credits (CR) and expenses are Debits (DR).
| | An SPE used for a securitisation is known as a securitisation special purpose entity (SSPE). |
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| A net profit is a Credit in the Profit and loss account.
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| A net loss is a Debit in the Profit and loss account.
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| Under International Accounting Standards the profit and loss account is superseded by the Statement of profit or loss and other comprehensive income.
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| Historically, another name for the Profit and Loss reserve in the balance sheet.
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| Net profits or losses <u>for the period</u> in the Profit and loss account feed through in turn to the Shareholders' funds (<u>cumulative</u> retained profits or losses) in the 'bottom half' - reserves section - of the Balance sheet (as <u>at the end of the period</u>).
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| == See also == | | == See also == |
| * [[Accruals concept]] | | * [[Conduit]] |
| * [[Attributable profit]] | | * [[Entity]] |
| * [[Balance sheet]] | | * [[Securitisation]] |
| * [[Cashflow statement]] | | * [[SPAC]] |
| * [[Credit balance]] | | * [[Special purpose vehicle]] |
| * [[Debit balance]] | | * [[Sponsor]] |
| * [[Financial statements]] | | * [[SSPE]] |
| * [[Income statement]]
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| * [[International Accounting Standards]]
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| * [[Loss]]
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| * [[Profit]]
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| * [[Profit and Loss reserve]]
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| * [[Statement of profit or loss and other comprehensive income]]
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| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Compliance_and_audit]] |
Latest revision as of 15:17, 19 August 2021
(SPE).
A legal entity established to facilitate restricted transactions or purposes for a particular sponsor or sponsors, often characterised by severely limited independence of decision making and a relatively small capital base.
An SPE used for a securitisation is known as a securitisation special purpose entity (SSPE).
See also
