Editing Balance sheet (section)

== Public business entities structure ==
Guidelines for balance sheets of public business entities are given by the [[International Accounting Standards Board]] and numerous country-specific organizations/companies. The standard used by companies in the US adheres to [[U.S. Generally Accepted Accounting Principles]] (GAAP). The [[Federal Accounting Standards Advisory Board]] (FASAB) is a United States federal advisory committee whose mission is to develop generally accepted accounting principles (GAAP) for federal financial reporting entities.

Balance sheet account names and usage depend on the organization's country and the type of organization. Government organizations do not generally follow standards established for individuals or businesses.<ref>{{cite web |url=http://www.fp.ucalgary.ca/financial/coa/balancesheet.htm|archive-url=https://web.archive.org/web/20071119100727/http://www.fp.ucalgary.ca/financial/coa/balancesheet.htm|archive-date=2007-11-19 |title=Personal balance sheet structure |access-date=2010-05-08 }}</ref><ref>{{Cite web |url=http://www.comptroller.state.al.us/pdfs/ChartofAccts/bacc.pdf |title=STATE OF ALABAMA CHART OF ACCOUNTS |access-date=2007-09-21 |archive-url=https://web.archive.org/web/20070729233348/http://www.comptroller.state.al.us/pdfs/ChartofAccts/bacc.pdf |archive-date=2007-07-29 |url-status=dead }}</ref><ref>{{Cite web |url=http://www3.dps.ny.gov/N/nycrr16.nsf/Parts/763994601AEFFF5A85256FC80060B523?OpenDocument |title=New York State (USA) public utilities balance sheet accounts |access-date=2012-07-24 |archive-date=2017-03-24 |archive-url=https://web.archive.org/web/20170324142004/http://www3.dps.ny.gov/N/nycrr16.nsf/Parts/763994601AEFFF5A85256FC80060B523?OpenDocument |url-status=dead }}</ref>

If applicable to the business, summary values for the following items should be included in the balance sheet:<ref>[http://www.iasplus.com/standard/ias01.htm "Presentation of Financial Statements"] International Accounting Standards Board. Accessed 24 June 2007.</ref>
Assets are all the things the business owns. This will include property, tools, vehicles, furniture, machinery, and so on.

===Assets===
[[Current asset]]s
# [[Accounts receivable]]
# [[Cash and cash equivalents]]
# [[Inventory|Inventories]]
# Cash at bank, Petty Cash, Cash On Hand
# [[Prepaid expenses]] for future services that will be used within a year
# Revenue Earned In Arrears (Accrued Revenue) for services done but not yet received for the year
# Loan To (Less than one financial period)

[[Non-current assets]] ([[Fixed asset]]s)
# [[Property, plant and equipment]]
# Investment property, such as [[real estate]] held for investment purposes
# [[Intangible asset]]s, such as patents, copyrights and goodwill
# Financial assets (excluding investments accounted for using the equity method, [[accounts receivable]]s, and cash and [[cash equivalents]]), such as [[notes receivable]]s
# [[Investments#Finance|Investments]] accounted for using the [[equity method]]
# Biological assets, which are living plants or animals. Bearer biological assets are plants or animals which bear agricultural produce for harvest, such as apple trees grown to produce apples and sheep raised to produce wool.<ref>{{cite book |last=Epstein |first=Barry J. |author2=Eva K. Jermakowicz |title=Interpretation and Application of International Financial Reporting Standards |publisher=[[John Wiley & Sons]] |year=2007 |pages=931 |isbn=978-0-471-79823-1}}</ref>
# Loan To (More than one financial period)

===Liabilities===
# [[Accounts payable]]
# [[Provision (accounting)|Provisions]] for warranties or court decisions (contingent liabilities that are both probable and measurable)
# Financial liabilities (excluding provisions and [[accounts payable]]s), such as [[promissory note]]s and [[corporate bond]]s
# Liabilities and assets for current [[tax]]
# [[Deferred tax]] liabilities and deferred tax assets
# Unearned revenue for services paid for by customers but not yet provided
# Interests on loan stock
# Creditors' equity

===Net current assets===
'''Net current assets''' means current [[asset]]s minus current liabilities.<ref>Accounting Tools, Inc., [https://www.accountingtools.com/articles/net-current-assets Net current assets definition], published 28 October 2023, accessed 15 November 2023</ref>

===Equity / capital===
The net [[asset]]s shown by the balance sheet equals the third part of the balance sheet, which is known as the [[shareholders' equity]]. It comprises:
# Issued capital and [[reserve (accounting)|reserves]] attributable to equity holders of the [[parent company]] (controlling interest)
# [[Minority interest|Non-controlling interest]] in equity

Formally, shareholders' equity is part of the company's liabilities: they are funds "owing" to shareholders (after payment of all other liabilities); usually, however, "liabilities" are used in the more restrictive sense of liabilities excluding shareholders' equity. The balance of assets and liabilities (including shareholders' equity) is not a coincidence.  Records of the values of each account in the balance sheet are maintained using a system of accounting known as [[double-entry bookkeeping]]. In this sense, shareholders' equity by construction must equal assets minus liabilities, and thus the shareholders' equity is considered to be a residual.
 
Regarding the items in the equity section, the following disclosures are required:
# Numbers of [[share (finance)|shares]] authorized, issued and fully-paid, and issued but not fully paid
# [[Par value]] of shares
# Reconciliation of shares outstanding at the beginning and the end of the period
# Description of rights, preferences, and restrictions of shares
# [[Treasury share]]s, including shares held by [[subsidiary|subsidiaries]] and associates
# Shares reserved for issuance under [[option (finance)|option]]s and [[contract]]s
# A description of the nature and purpose of each reserve within owners' equity