What is Position Statement?
The position statement is likewise called as balance sheet, which reflects the financial position of the firm toward the end of the financial year.
Position statement learns and comprehends the aggregate resources, liabilities and capital of the firm. One can comprehend the quality and shortcoming of the worry with the assistance of the position statement.
Statement of changes in proprietor’s equity
It is additionally called as an explanation of held income. This announcement gives data about the progressions or position of proprietor’s equity in the organization. How the held income are utilized in the business concern. These days, the arrangement of this announcement is not well known and no one is going to set up the separate statement of changes in proprietor’s equity.
Statement of changes in financial position
Salary statement and position statement indicates just about the position of the finance, consequently it can’t gauge the real position of the financial statement. Statement of changes in financial position comprehends the progressions in financial position starting with one period then onto the next period.
Explanation of changes in financial position includes two critical regions, for example, asset stream statement which includes the adjustments in working capital position and income statement which includes the adjustments in real money position.