CIMA BA3 Syllabus A. ACCOUNTING PRINCIPLES, CONCEPTS AND REGULATIONS - The main financial statements - Notes ^{19 / 22}

Statement of Financial Position

The statement of financial position is a list of all the assets owned and the liabilities owed by a business as at a particular date.  

It is a snapshot of the financial position of the business at a particular moment.

Statement of profit or loss

A statement of profit or loss is a record of revenue generated and expenditure incurred over a given period. 

The statement shows whether the business has had more revenue than expenditure (a profit) or vice-versa (a loss)

The board of directors is responsible for the preparation of company annual financial statements.