Assets: Statement of Financial Position / Balance Sheet

Updated: Sep 2, 2019

Assets are shown at the beginning of the Statement of Financial Position/ Balance Sheet. Assets are resources that the entity owns (or effectively owns), to generate future economic benefit. Examples of assets are: cash, accounts receivable, inventories, properties, equipment, investments, etc..


We will dive further into detail about individual asset categories in later articles.


A sample Statement of Financial Position/ Balance Sheet highlighting the Asset elements, can be found below.


* In ASPE standards, there is no concept of Accumulated and Other Comprehensive Income, so this category will not exist.


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