The income statement report is not visible in the report section, but when searching for the income statement, the Profit and Loss report comes up.
By design, UK and Australia edition use Profit and Loss instead of Income Statement. For a US edition account and for a OneWorld account with a US root Subsidiary, the Language is set to English (U.S.) by default. If the Language is set to English (International), Income Statement would be converted to Profit and Loss.