Statement of Financial Position
/ˈsteɪtmənt əv fəˈnænʃəl pəˈzɪʃən/
Definitions
- (n.) A financial report summarizing an entity's assets, liabilities, and equity at a specific date, used to assess financial health.
The auditor reviewed the company's statement of financial position to verify its assets and liabilities.
Forms
- statement of financial position
- statements of financial position
Related terms
See also
Commentary
Often synonymous with balance sheet, this term is preferred in international accounting standards; clarity on reporting date is crucial in drafting.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.