What official reporting statement shows a company's financial situation, notably assets, at a point in time?
Financial accounting financial statement showing a firm's assets, liabilities and equity (capital) at a set point in time, usually the end of the fiscal year reported on the accompanying income statement. The total assets always equal the total combined liabilities and equity in dollar amount. This statement best demonstrates the basic accounting equation - "Assets = Liabilities + Equity". The statement can be used to help show the status of a company. Accounting standards often set out a general format that companies are expected to follow when presenting their balance sheets. International Financial Reporting Standards normally require that companies report current assets
Consolidated financial statement Consolidated financial statement Consolidated financial statements - are the "Financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented as those of a single economic entity", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". While preparing a consolidated financial statement, there are two basic procedures that need to be followed: first, you cancel out all the items that are accounted as an asset in one company and a liability in another, and then