Archive | Balance Sheet

Format of Balance Sheet | Accounting

After reading this article you will learn about the format of balance sheet. Balance sheet reflects financial position of an entity. IAS 1 has used the term Statement of Financial Position in place of Balance Sheet. IFRSs format focuses on classified balance sheet based on current non-current classification. Balance sheet presents assets, liabilities and equity […]

Income and Expenditure Account and Balance Sheet (Guidelines)

Read this article to learn about the guidelines for preparation of Income and Expenditure Account and Balance Sheet. (1) While preparing Income & Expenditure Account, it should be noted that items related to the current accounting period are recorded therein. For this purpose income and expenditure should be recognized on the basis of accrual concept. […]

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