September 2017
Beginner to intermediate
301 pages
7h 14m
English
Content preview from Financial Accounting
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3Financial statements according to Commercial Code
3.1Balance sheet
First the legal structure of the balance sheet is explained; then the different balance sheet items are explained in detail focusing on recognition, measurement and presentation.
3.1.1Structure
For proprietorships and partnerships, the Commercial Code prescribes only a very basic structure (§ 247):
Tab. 3.1: Basic structure of a balance sheet (§ 247).
| Debit | Balance sheet | Credit | |
| Non-current assets | Equity | ||
| Current assets | Liabilities | ||
| Deferred expenses | Deferred income | ||
Further detailing to fulfil the GAAP, in particular the principle of clarity and transparency, is up to the judgement of the reporting unit. Once a structure has been decided upon, it should be kept constant (principle ...
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