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The balance sheet, also called the statement of financial position, is the third general purpose financial statement prepared during the accounting cycle. It reports a company’s assets, liabilities, and equity at a single moment in time.
This module focuses on the presentation of the statement of financial position applying Section 4 Statement of Financial Position of the IFRS for SMEs Standard. It introduces the subject and reproduces the official text along with explanatory notes and examples designed to enhance understanding of the requirements.
Within this video I'll be taking you through what the statement of financial position is, what it's used for, how it's prepared and what it shows.Thank you f...
- 9 min
- Will Boardman
Nov 21, 2023 · The Statement of Financial Position is structured to balance: the total assets must equal the sum of liabilities and equity. This fundamental equation underpins the statement and provides a clear, concise view of a company’s financial status. Analyzing the Statement of Financial Position.
Dec 31, 2021 · Explanation and Pointers. A Balance Sheet shows the financial position or condition of the company; thus, it is also called "Statement of Financial Position". A typical balance sheet starts with a heading which consists of three lines.
The statement of financial position also called a balance sheet is a statement that is prepared to show the financial position of the company at specific date, through which this statement shows all the owned assets and the liabilities at a certain moment, so that the assets accounts appear in one side and the accounts for the liabilities and ow...
2 Statement of financial position. The vertical format of the statement of financial position is shown below: Note: This format relates to a sole trader only. The company format is looked at later within chapter 15.
