the statement of financial position
This statement summarises the assets, liabilities and equity balances of
the business at the end of the reporting period.
Classification or grouping of assets, liabilities and equity in a consistent
manner helps users of financial statements to understand that information
and it more easily identify information which is of particular relevance to
them. Consistent presentation of information also helps users to make
comparison and undertake analysis of financial information.
A specimen statement of financial position, including hypothetical
monetary amounts is illustrated below.
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