balance sheet

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Related to Statement of Financial Position: balance sheet, income statement

Balance Sheet

A comprehensive financial statement that is a summarized assessment of a company's accounts specifying its assets and liabilities. A report, usually prepared by independent auditors or accountants, which includes a full and complete statement of all receipts and disbursements of a particular business. A review that shows a general balance or summation of all accounts without showing the particular items that make up the several accounts.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

balance sheet

n. the statement of the assets and the liabilities (amounts owed) of a business at a particular time usually prepared each month, quarter of a year, annually, or upon sale of the business. It is intended to show the over-all condition of the business. A balance sheet should not be confused with a profit and loss statement, which is an indicator of the current activity and health of the business.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

balance sheet

a statutory account required by the Companies Acts. The function of a balance sheet (sometimes called a position statement) is to show the financial position of a business at a given date. This is done by showing the assets of the business, its debts and liabilities, and the equity of the owners. It may be subject to audit.
Collins Dictionary of Law © W.J. Stewart, 2006

BALANCE SHEET. A statement made by merchants and others to show the true state of a particular business. A balance sheet should exhibit all the balances of debits and credits, also the value of merchandize, and the result of the whole. Vide Bilan.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Quantitative information either on the face of the statement of financial position or in the notes, and additional qualitative information in the notes as necessary, that communicate the availability of an NFPs financial assets at the date of the statement of financial position to meet cash needs for general expenditures within one year of the date of the statement of financial position (see paragraph 958-210-45-7(c)).
Whenever a statement of financial position and statement of operations are presented, a statement of cash flows must also be presented.
Of course, the commingling of assets and liabilities within new categories on the Statement of Financial Position is a dramatic change from current practice.
Statement of financial position. This statement (see Exhibit A for the new statement with changes highlighted, and Exhibit B for its predecessor), which may still be titled a balance sheet, focuses on an entity as a whole in reporting its total assets, liabilities, and net assets.
Symmetrical treatment should prevail regardless of whether the focus of the subsequent adjustment is the income statement or statement of financial position.
The Unaudited Pro Forma Financial Information and explanatory notes present how Tieto's statements of income and statement of financial position may have appeared had the businesses actually been combined and had Tieto's capital structure reflected the Merger as of the dates noted above.
GAAP--pre-pared statement of financial position and an income statement; then, based on a set of specific facts affecting financial reporting by the entity, it details the conversion to IFRS-compliant financial statements.
"The Group has an active plan to sell its stake in LUFC Holdings Limited, and accordingly, the asset and liabilities acquired were classified as held-for-sale and presented in the consolidated statement of financial position," Gulf Finance House said in end-year financial statements dated Feb 21, 2013.
We have audited the accompanying statement of financial position of the Association for the Advancement of Artificial Intelligence (a California nonprofit corporation) as of December 31, 2009, and the related statements of activities, cash flows and functional expenses for the year then ended.
A first-time adopter must use the same accounting policies in its opening IFRS statement of financial position and throughout all periods presented in its first set of IFRS financial statements.
"As a result, this amount was recorded as due to the General Synod Pension Plan of the Anglican Church of Canada in the consolidated statement of financial position. During the year, payment terms were agreed to provide for this amount to be repayable by quarterly payments of $116,423 commencing February 1, 2005 to November 1, 2006."

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