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Form and Content of Financial Statements

            THE FORM AND CONTENT OF FINANCIAL STATEMENTS.
             The contents of financial statements include the following statements:.
             a. Balance Sheet (I).
             b. Income Statement (II).
             c. Statement of Cash Flows (III).
             d. Footnotes to Financial Statements (IV).
             I. BALANCE SHEET.
             1. ASSETS.
             Assets are future economic benefits controlled by the entity as a result of past transactions or other past events.
             An asset should be classified as a current asset, when it:.
             (a) is expected to be realized in, or is intended for sale or consumption in, the enterprise's normal operating cycle;.
             (b) is held primarily for the purpose of trading;.
             (c) is expected to be realized within twelve months after the balance sheet date; or.
             (d) is cash or a cash equivalent (as defined in SFAS 17 " Cash Flow Statements") unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date.
             All other assets should be classified as non-current assets.
             2. LIABILITIES.
             Liabilities are the future sacrifices of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions or other past events.
             A liability should be classified as a current liability when it:.
             (a) is expected to be settled in the enterprise's normal operating cycle;.
             (b) is held primarily for the purpose of trading;.
             (c) is due to be settled within twelve months after the balance sheet date; or.
             (d) the enterprise does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date.
             All other liabilities should be classified as non-current liabilities.
             3. EQUITY.
             Equity is the residual interest in the assets of the entity after deduction of its liabilities.
             The owners' equity of a corporation is called stockholders equity and should be categorized as capital (capital stock), capital surplus and retained earnings (or accumulated deficit) and other.


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