☆Financial Statements include:
- a statement of financial position at the end of the period
- a statement of comprehensive income for the period
- a statement of changes in equity for the period
- statement of cash flows for the period
- notes, comprising a summary of accounting policies and other explanatory notes
The statement of financial position:
Statement of Financial Position: showing the financial position of a business at a point of time.
The Vertical format of the SFP: (Statement of Financial Position as at 31 December 2007)
●The top half of the balance sheet shows the assets of the business.
●The bottom half of the balance sheet shows the capital and liabilities of the business.
A Statement of financial position at the end of the period (Balance Sheet):
W Xang
Balance Sheet as at December 31 20X6
The horizontal format of the SFP: (Statement of Financial Position as at 31 December 2007)
●The left half of the balance sheet shows the assets of the business.
●The right half of the balance sheet shows the capital and liabilities of the business.
W Xang
Statement of Financial Position as at 31 December 20x6
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