Statement Of Financial Position Definition Format Examples
What is a Statement of Financial Position? It is one of the most important financial statements which reports the firm’s financial position at a point in time. In other words, it summarizes a business’s financial position and acts as a snapshot of events at one point in time. It comprises three important elements (explained in detail later), namely: Assets are the resources owned and controlled by the business. Assets are further classified into Current AssetsCurrent AssetsCurrent assets refer to those short-term assets which can be efficiently utilized for business operations, sold for immediate cash or liquidated within a year....