- Methods of presenting a balance sheet, as set out in the Companies Act (1985). There are two formats: one vertical (format 1) and one horizontal (format 2). Both formats give the same basic disclosures, but format 1 also requires the calculation and disclosure of the net current assets and liabilities. The items are classified under letters, Roman numerals, and Arabic numbers. Items preceded by letters and Roman numerals must be shown on the face of the balance sheet, while those preceded by Arabic numbers may be shown in the notes to the accounts. Unless the directors believe there are valid arguments for a change, a company must adhere to the format it has chosen. Details of any changes and the reasons for making them must be disclosed in the notes to the accounts.
Accounting dictionary. 2014.
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balance sheet — A statement of the total assets and liabilities of an organization at a particular date, usually the last day of the accounting period. The first part of the statement lists the fixed and current assets and the liabilities, whereas the second… … Accounting dictionary
consolidated balance sheet — The balance sheet of a group providing the financial information contained in the individual financial statements of the parent company of the group and its subsidiary undertakings, combined subject to any necessary consolidation adjustments. It… … Accounting dictionary
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format — The method of presenting financial statements chosen by an organization. Incorporated bodies must use the formats prescribed by the Companies Act for their balance sheet and profit and loss account. The profit and loss format is also regulated by … Accounting dictionary
horizontal form — The presentation of a financial statement in which the debits are given on one side of the statement and the credits on the other. In the case of a balance sheet, the fixed assets and current assets would be shown on the left hand side of the… … Accounting dictionary
vertical form — The presentation of a financial statement in which the debits and credits are shown one above the other. Compare: horizontal form See: balance sheet formats, profit and loss account formats … Accounting dictionary
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