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Statement of Financial Position Template

Improve financial transparency with our comprehensive workflow guiding the creation and distribution of your Statement of Financial Position.

Identify the reporting period for the statement

Compile information about current assets

Compile information about non-current assets

Calculate Total Assets

Compile information about current liabilities

Compile information about non-current liabilities

Calculate Total Liabilities

Calculate Equity

Create a draft Statement of Financial Position

Approval: Financial Controller Review

Make amendments following review

Finalize Statement of Financial Position

Distribute statement to relevant stakeholders

Identify the reporting period for the statement

In this task, you will identify the specific reporting period for the Statement of Financial Position. This information is important as it sets the timeframe within which the financial position will be assessed. What is the reporting period for the statement?

Reporting period

Compile information about current assets

This task involves gathering information about the current assets of the organization. Current assets are assets that are expected to be converted into cash within one year or the operating cycle of the business, whichever is longer. Provide details about the current assets of the organization.

Type of current asset

1

Cash and cash equivalents
2

Accounts receivable
3

Inventory
4

Prepaid expenses
5

Other current assets

Value of current asset

Compile information about non-current assets

This task involves gathering information about the non-current assets of the organization. Non-current assets are assets that are expected to provide economic benefit for more than one year. Provide details about the non-current assets of the organization.

Type of non-current asset

1

Property, plant, and equipment
2

Intangible assets
3

Investments
4

Long-term receivables
5

Other non-current assets

Value of non-current asset

Calculate Total Assets

In this task, you will calculate the total assets of the organization. Total assets include both current and non-current assets. By summing up the values of all assets, you will obtain the total assets. Calculate and enter the total value of assets.

Total assets value

Compile information about current liabilities

This task involves gathering information about the current liabilities of the organization. Current liabilities are obligations that are expected to be settled within one year or the operating cycle of the business, whichever is longer. Provide details about the current liabilities of the organization.

Type of current liability

1

Accounts payable
2

Short-term loans
3

Accrued expenses
4

Current portion of long-term debt
5

Other current liabilities

Value of current liability

Compile information about non-current liabilities

This task involves gathering information about the non-current liabilities of the organization. Non-current liabilities are obligations that are expected to be settled after one year. Provide details about the non-current liabilities of the organization.

Type of non-current liability

1

Long-term loans
2

Bonds payable
3

Deferred tax liabilities
4

Pension liabilities
5

Other non-current liabilities

Value of non-current liability

Calculate Total Liabilities

In this task, you will calculate the total liabilities of the organization. Total liabilities include both current and non-current liabilities. By summing up the values of all liabilities, you will obtain the total liabilities. Calculate and enter the total value of liabilities.

Total liabilities value

Calculate Equity

Equity represents the residual interest in the organization's assets after deducting liabilities. In this task, you will calculate the equity of the organization. Subtract the total liabilities from the total assets to obtain the equity. Calculate and enter the value of equity.

Equity value

Create a draft Statement of Financial Position

In this task, you will create a draft version of the Statement of Financial Position using the information gathered about assets, liabilities, and equity. Compile the relevant information and generate the draft statement.

Approval: Financial Controller Review

Create a draft Statement of Financial Position
Will be submitted

Make amendments following review

This task involves reviewing the draft Statement of Financial Position and making necessary amendments based on feedback and review. Take into account any changes or improvements suggested and update the statement accordingly.

Finalize Statement of Financial Position

In this task, you will finalize the Statement of Financial Position after incorporating all the necessary amendments. Ensure that the statement accurately represents the organization's financial position and is ready for distribution.

Distribute statement to relevant stakeholders

The final task involves distributing the Statement of Financial Position to the relevant stakeholders. Identify the recipients and make sure to send them a copy of the finalized statement.

Email address

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