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Balance sheet

Definition: A written statement showing the amount of money that a company has and listing what has been received and paid.

* All nine elements should be in.

1. Purposeful and necessary; legal requirement.

2. Details extracted from company's ledgers, summaries, etc. are correct; no falsifications.

3. Information, notes or data provided are complete, as required; transparent.

4. Statement is written or presented in an appropriate format. That is, tabulation will be in an acceptable easy-to-read manner; orderly.

5. Issued with the relevant accompanying notes, profit and loss account, emphasis, opinions, etc.; true.

6. Will be approved by company's board after preparation and before its release or presentation; authorized.

7. Signed by the right professional(s) and official(s) - chartered accountants/auditors, company secretary, director(s), etc.; formalized.

8. Registered and/or promptly filed with the regulatory authorities; sealed.

9. Serves purpose(s). That is, written statement will be used, useful or usable; relevant.

AS AT ....


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