Statement of financial position is balance sheet?

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I know what a balance sheet is but how is the balance different from the statement of financial position? Are these two the same things? When was renamed?

2 Answers

score 0 · Answer 1 · 2012-12-02T21:41:57+00:00

Yes, statement of financial position is the same thing as the balance sheet. IAS 1 was revised and changed the name of the balance sheet to statement of financial position and the cash flow statement to statement of cash flow.

score 0 · Answer 2 · 2013-05-07T22:23:51+00:00

Yes, IFRS refers to the balance sheet as the statement of financial position while GAAP uses the term balance sheet. They are exactly the same thing in terms of purpose but there are of course (still) some differences even in the layout and the terms used to present the line items.