Balance Sheet
"Who approves the balance sheet?"
Quick Answer
A core financial statement summarizing a company's assets, liabilities, and shareholders' equity at a specific point in time, reflecting its financial health.
Scope and Legal Distinctions
The balance sheet reports assets, liabilities and equity at a stated date. It is not a cash-flow forecast or proof that assets can be realised at their recorded value.
What to Check in Practice
Review accounting notes, related-party balances, contingent liabilities and subsequent events alongside the statements when assessing solvency or an acquisition price.
Sources & Authorities
Statutory framework and official guidance for this definition.
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