I.	Terminology
	A.	Balance Sheet
	B.	Statement of Financial Position
	C.	Statement of Financial Condition
II.	Presentation
	A.	For a point in time, not for a period of time
	B.	Format
		a.	Classified v. Unclassified
			1.	Under IFRSs,  an entity must generally present its balance sheet classified between current and non-current. An unclassified balance sheet based on the order of liquidity is acceptable only when it provides reliable and more relevant information
			2.	U.S. GAAP does not contain a requirement to present a classified balance sheet.  There is no restriction on when an unclassified balance sheet based on the order of liquidity can be presented
		b.	Account Form v. Report Form
III.	Content
	A.	Assets
		a.	Current Assets
			1.	Cash
			2.	Temporary Investments
			3.	Receivables
			4.	Inventories
			5.	Prepaid Expenses
		b.	Investments and Funds
		c.	Property, Plant & Equipment
		d.	Intangible Assets
		e.	Deferred Charges
		f.	Other Assets
	B.	Liabilities IASB and FASB Preliminary Definition of a Liability Definition of a Liability A liability of an entity is a present economic obligation for which the entity is the obligor. Present means that on the date of the financial statements both the economic obligation exists and the entity is the obligor. An economic obligation is an unconditional promise or other requirement to provide or forgo economic resources, including through risk protection. An entity is the obligor if the entity is required to bear the economic obligation and its requirement to bear the economic obligation is enforceable by legal or equivalent means.
		a.	Current Liabilities
		b.	Long-term debt
	C.	Owners Equity
		a.	Contributed Capital
			1.	Legal capital
			2.	Additional paid-in capital
				i.	From owners
				ii.	From other than owners
		b.	Retained Earnings
			1.	Appropriated
			2.	Unappropriated
		c.	Certain other equity and contra-equity accounts
			1.	Treasury Stock
			2.	Accumulated Other Comprehensive Income