diff --git a/MANUAL.md b/MANUAL.md
index a3ed0e0e8..00d628367 100644
--- a/MANUAL.md
+++ b/MANUAL.md
@@ -734,6 +734,18 @@ Examples:
 
     $ hledger activity -p weekly dining
 
+#### incomestatement
+
+This is intended to display a standard-looking
+[income statement](http://en.wikipedia.org/wiki/Income_statement). Currently
+it is similar to doing `hledger balance '^(income|expenses?|profits?|loss(es)?)(:|$)'`.
+
+#### balancesheet
+
+This is intended to display a standard-looking
+[balance sheet](http://en.wikipedia.org/wiki/Balance_sheet). Currently
+it is similar to doing `hledger balance '^(assets?|liabilit(y|ies)|equity)(:|$)'`.
+
 #### stats
 
 The stats command displays summary information for the whole journal, or
diff --git a/hledger/Hledger/Cli.hs b/hledger/Hledger/Cli.hs
index 77b5a5378..1c835802e 100644
--- a/hledger/Hledger/Cli.hs
+++ b/hledger/Hledger/Cli.hs
@@ -6,7 +6,9 @@ hledger command-line program.
 module Hledger.Cli (
                      module Hledger.Cli.Add,
                      module Hledger.Cli.Balance,
+                     module Hledger.Cli.Balancesheet,
                      module Hledger.Cli.Histogram,
+                     module Hledger.Cli.Incomestatement,
                      module Hledger.Cli.Print,
                      module Hledger.Cli.Register,
                      module Hledger.Cli.Stats,
@@ -25,7 +27,9 @@ import Test.HUnit
 import Hledger
 import Hledger.Cli.Add
 import Hledger.Cli.Balance
+import Hledger.Cli.Balancesheet
 import Hledger.Cli.Histogram
+import Hledger.Cli.Incomestatement
 import Hledger.Cli.Print
 import Hledger.Cli.Register
 import Hledger.Cli.Stats
@@ -42,7 +46,9 @@ tests_Hledger_Cli = TestList
    ,tests_Hledger_Read
    -- ,tests_Hledger_Cli_Add
    -- ,tests_Hledger_Cli_Balance
+   ,tests_Hledger_Cli_Balancesheet
    -- ,tests_Hledger_Cli_Histogram
+   ,tests_Hledger_Cli_Incomestatement
    ,tests_Hledger_Cli_Options
    -- ,tests_Hledger_Cli_Print
    ,tests_Hledger_Cli_Register
diff --git a/hledger/Hledger/Cli/Balancesheet.hs b/hledger/Hledger/Cli/Balancesheet.hs
new file mode 100644
index 000000000..0df7d19d6
--- /dev/null
+++ b/hledger/Hledger/Cli/Balancesheet.hs
@@ -0,0 +1,32 @@
+{-|
+
+The @balancesheet@ command prints a fairly standard balance sheet.
+
+-}
+
+module Hledger.Cli.Balancesheet (
+  balancesheet
+ ,tests_Hledger_Cli_Balancesheet
+) where
+
+import Data.List
+import Test.HUnit
+
+import Hledger
+import Prelude hiding (putStr)
+import Hledger.Utils.UTF8IOCompat (putStr)
+import Hledger.Cli.Options
+import Hledger.Cli.Balance
+
+
+-- | Print a standard balancesheet.
+balancesheet :: CliOpts -> Journal -> IO ()
+balancesheet CliOpts{reportopts_=ropts} j = do
+  let lines = case formatFromOpts ropts of
+            Left err -> [err]
+            Right _ -> accountsReportAsText ropts $ accountsReport2 ropts (journalBalanceSheetAccountMatcher j) j
+  putStr $ unlines lines
+
+tests_Hledger_Cli_Balancesheet = TestList
+ [
+ ]
diff --git a/hledger/Hledger/Cli/Incomestatement.hs b/hledger/Hledger/Cli/Incomestatement.hs
new file mode 100644
index 000000000..a23f40fe3
--- /dev/null
+++ b/hledger/Hledger/Cli/Incomestatement.hs
@@ -0,0 +1,32 @@
+{-|
+
+The @incomestatement@ command prints a fairly standard income statement (profit & loss) report.
+
+-}
+
+module Hledger.Cli.Incomestatement (
+  incomestatement
+ ,tests_Hledger_Cli_Incomestatement
+) where
+
+import Data.List
+import Test.HUnit
+
+import Hledger
+import Prelude hiding (putStr)
+import Hledger.Utils.UTF8IOCompat (putStr)
+import Hledger.Cli.Options
+import Hledger.Cli.Balance
+
+
+-- | Print a standard income statement.
+incomestatement :: CliOpts -> Journal -> IO ()
+incomestatement CliOpts{reportopts_=ropts} j = do
+  let lines = case formatFromOpts ropts of
+            Left err -> [err]
+            Right _ -> accountsReportAsText ropts $ accountsReport2 ropts (journalProfitAndLossAccountMatcher j) j
+  putStr $ unlines lines
+
+tests_Hledger_Cli_Incomestatement = TestList
+ [
+ ]
diff --git a/hledger/Hledger/Cli/Main.hs b/hledger/Hledger/Cli/Main.hs
index e50bd160e..cc4cfe6d6 100644
--- a/hledger/Hledger/Cli/Main.hs
+++ b/hledger/Hledger/Cli/Main.hs
@@ -49,7 +49,9 @@ import Text.Printf
 import Hledger (ensureJournalFileExists)
 import Hledger.Cli.Add
 import Hledger.Cli.Balance
+import Hledger.Cli.Balancesheet
 import Hledger.Cli.Histogram
+import Hledger.Cli.Incomestatement
 import Hledger.Cli.Print
 import Hledger.Cli.Register
 import Hledger.Cli.Stats
@@ -78,6 +80,8 @@ main = do
        | any (cmd `isPrefixOf`) ["entries","print"]      = showModeHelpOr entriesmode  $ withJournalDo opts print'
        | any (cmd `isPrefixOf`) ["postings","register"]  = showModeHelpOr postingsmode $ withJournalDo opts register
        | any (cmd `isPrefixOf`) ["activity","histogram"] = showModeHelpOr activitymode $ withJournalDo opts histogram
+       | cmd `isPrefixOf` "incomestatement"              = showModeHelpOr activitymode $ withJournalDo opts incomestatement
+       | any (cmd `isPrefixOf`) ["balancesheet","bs"]    = showModeHelpOr activitymode $ withJournalDo opts balancesheet
        | cmd `isPrefixOf` "stats"                        = showModeHelpOr statsmode    $ withJournalDo opts stats
        | not (null matchedaddon)                           = do
                                                              when (debug_ opts) $ printf "running %s\n" shellcmd
diff --git a/hledger/Hledger/Cli/Options.hs b/hledger/Hledger/Cli/Options.hs
index c385c3de0..9492c0632 100644
--- a/hledger/Hledger/Cli/Options.hs
+++ b/hledger/Hledger/Cli/Options.hs
@@ -72,6 +72,8 @@ mainmode addons = defmode {
        ,postingsmode
        -- ,transactionsmode
        ,activitymode
+       ,incomestatementmode
+       ,balancesheetmode
        ,statsmode
        ])
      ]
@@ -235,6 +237,26 @@ activitymode = (commandmode ["activity","histogram"]) {
     }
  }
 
+incomestatementmode = (commandmode ["incomestatement"]) {
+  modeHelp = "show a standard income statement"
+ ,modeArgs = ([], Just commandargsflag)
+ ,modeGroupFlags = Group {
+     groupUnnamed = []
+    ,groupHidden = []
+    ,groupNamed = [(generalflagstitle, generalflags1)]
+    }
+ }
+
+balancesheetmode = (commandmode ["balancesheet","bs"]) {
+  modeHelp = "show a standard balance sheet"
+ ,modeArgs = ([], Just commandargsflag)
+ ,modeGroupFlags = Group {
+     groupUnnamed = []
+    ,groupHidden = []
+    ,groupNamed = [(generalflagstitle, generalflags1)]
+    }
+ }
+
 statsmode = (commandmode ["stats"]) {
   modeHelp = "show quick statistics for a journal (or part of it)"
  ,modeArgs = ([], Just commandargsflag)
diff --git a/tests/balance-precision.test b/tests/balance-precision.test
index 848961d59..a42947559 100644
--- a/tests/balance-precision.test
+++ b/tests/balance-precision.test
@@ -1,5 +1,5 @@
 #
-bin/hledger -f- bal
+bin/hledger -f- balance
 <<<
 1/1
   a   1.00