5.2. Presenting a Balance Sheet
Figure 5-2 presents a two-year, comparative balance sheet for the business example that I introduce in Chapter 4. The balance sheet is at the close of business, December 31, 2008 and 2009. In most cases financial statements are not completed and released until a few weeks after the balance sheet date. Therefore, by the time you would read this financial statement it's already out of date, because the business has continued to engage in transactions since December 31, 2009. (Managers of a business get internal financial statements much sooner.) When substantial changes have occurred in the interim, a business should disclose these developments in its financial report.
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