Balance Sheet

Balance Sheet is one of the major financial statements, the others being the income statement, statement of changes in equity and statement of cash flows.

Balance Sheet

Balance Sheet is one of the major financial statements, the others being the income statement, statement of changes in equity and statement of cash flows. Unlike the other financial statements, balance sheet is accurate only at one specific moment in time, usually at the close of an accounting period.


Balance Sheet Description

The balance sheet comprises assets (e.g. cash, inventory, etc.), liabilities (e.g. debt, accounts payable, etc.) and equity (e.g. share capital, retained earnings, reserves, etc.).  The balance sheet is also referred to as the statement of financial position (new IFRS name of the statement).

More Information

Related Terms