Firms should comply with a list of principles and guidelines called normally accepted accounting principles (GAAP) once they put together these statements. $begingroup$ Assuming that you're Doing work for any financial institution, you'll find three distinctive P&Ls depending on the function/ use: At the conclusion of the day, the EV/Avg(PNL) https://www.youtube.com/watch?v=qMmsQ4kKgY4