{"id":37623,"date":"2024-02-11T07:05:19","date_gmt":"2024-02-11T07:05:19","guid":{"rendered":"https:\/\/www.process.st\/templates\/statement-of-financial-position-template\/"},"modified":"2024-03-05T17:08:30","modified_gmt":"2024-03-05T17:08:30","slug":"statement-of-financial-position-template","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/statement-of-financial-position-template\/","title":{"rendered":"Statement of Financial Position Template"},"content":{"rendered":"\n<section id=\"identify-the-reporting-period-for-the-statement\"> \n <h2>Identify the reporting period for the statement<\/h2>\n <div class=\"text-content\">\n   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? \n <\/div> \n <div class=\"text-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Reporting period <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"compile-information-about-current-assets\"> \n <h2>Compile information about current assets<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Type of current asset <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Cash and cash equivalents \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Accounts receivable \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Inventory \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Prepaid expenses \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Other current assets \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Value of current asset <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"compile-information-about-noncurrent-assets\"> \n <h2>Compile information about non-current assets<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Type of non-current asset <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Property, plant, and equipment \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Intangible assets \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Investments \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Long-term receivables \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Other non-current assets \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Value of non-current asset <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"calculate-total-assets\"> \n <h2>Calculate Total Assets<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Total assets value <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"compile-information-about-current-liabilities\"> \n <h2>Compile information about current liabilities<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Type of current liability <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Accounts payable \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Short-term loans \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Accrued expenses \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Current portion of long-term debt \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Other current liabilities \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Value of current liability <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"compile-information-about-noncurrent-liabilities\"> \n <h2>Compile information about non-current liabilities<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"select-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Type of non-current liability <\/label> <select disabled class=\"form-control\"> <option value=\"An option will be selected here\">An option will be selected here<\/option> <\/select> \n  <\/div> \n  <ul class=\"items\"> \n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       1 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Long-term loans \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       2 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Bonds payable \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       3 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Deferred tax liabilities \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       4 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Pension liabilities \n    <\/div> <\/li>\n   <li class=\"item\"> \n    <div class=\"step-number-container\"> \n     <div class=\"step-number\">\n       5 \n     <\/div> \n    <\/div> \n    <div class=\"step-checkbox-container\"> \n     <div class=\"step-checkbox\"><\/div> \n    <\/div> \n    <div class=\"item-name-static\">\n      Other non-current liabilities \n    <\/div> <\/li> \n  <\/ul> \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Value of non-current liability <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"calculate-total-liabilities\"> \n <h2>Calculate Total Liabilities<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Total liabilities value <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"calculate-equity\"> \n <h2>Calculate Equity<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"number-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Equity value <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"create-a-draft-statement-of-financial-position\"> \n <h2>Create a draft Statement of Financial Position<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n<\/section> \n<section id=\"approval-financial-controller-review\"> \n <h2>Approval: Financial Controller Review<\/h2>\n <div class=\"approval-content\"> \n  <div class=\"header\"> \n   <div class=\"list-title\">\n    Will be submitted for approval:\n   <\/div> \n  <\/div> \n  <div class=\"approval-rule-subject-tasks-list\"> \n   <ul class=\"list\"> \n    <li> \n     <div class=\"approval-rule-subject-tasks-list-item\"> \n      <div class=\"item\"> \n       <div class=\"container\"> <span class=\"title\">Create a draft Statement of Financial Position<\/span> \n        <div class=\"body\">\n         Will be submitted\n        <\/div> \n       <\/div> \n      <\/div> \n     <\/div> <\/li> \n   <\/ul> \n  <\/div> \n <\/div> \n<\/section> \n<section id=\"make-amendments-following-review\"> \n <h2>Make amendments following review<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n<\/section> \n<section id=\"finalize-statement-of-financial-position\"> \n <h2>Finalize Statement of Financial Position<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n<\/section> \n<section id=\"distribute-statement-to-relevant-stakeholders\"> \n <h2>Distribute statement to relevant stakeholders<\/h2>\n <div class=\"text-content\">\n   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. \n <\/div> \n <div class=\"email-field-content form-field-content\"> \n  <div class=\"form-group\"> <label> Email address <\/label> \n   <input type=\"text\" placeholder=\"Something will be typed here...\" disabled class=\"form-control\"> \n  <\/div> \n <\/div> \n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"cover_icon_emoji":"\ud83d\udcbc","cover_icon_url":"","tasks_count":"13","template_description":"Improve financial transparency with our comprehensive workflow guiding the creation and distribution of your Statement of Financial Position.","template_id":"gfLVvK8pqYt_HkmpUhpMYA","task_0":"Identify the reporting period for the statement","task_slug_0":"identify-the-reporting-period-for-the-statement","task_1":"Compile information about current assets","task_slug_1":"compile-information-about-current-assets","task_2":"Compile information about non-current assets","task_slug_2":"compile-information-about-noncurrent-assets","task_3":"Calculate Total Assets","task_slug_3":"calculate-total-assets","task_4":"Compile 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