Balance Sheet

A balance sheet provides detailed information about a company’s assets, liabilities, and shareholders’ equity at a specific point in time. The balance sheet is also called the “statement of financial position” or “statement of condition.”

It is critical to understand that, unlike other kinds of financial statements, a balance sheet does not reveal how a business is performing over time. It simply shows a company’s financial condition as of a given date (usually the end of a month, quarter, or fiscal year), and for this reason a balance sheet is often referred to as a “snapshot” of the company’s fina