It is essentially a biconditional, also known as an if and only if.
An "if and only if" statement goes both ways. That is, $p\iff q$ means "if $p$ is true then $q$ is true" **and** "if $q$ is true then $p$ is true."
The statement "$p$ is sufficient for $q$" means "if $p$ is true, then $q$ is true."
The statement "$p$ is necessary for $q$" means that if we don't have $p$, then we don't have $q$. Therefore, if we have $q$, we certainly have $p$. In other words, "$q$ implies $p$."
When we put the two together, a necessary and sufficient condition is the same as an if and only if.