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STATEMENT OF FINANCIAL INFORMATION For the Fiscal Year Ended March 31, 2023okanagan.bc.caOKANAGANCOLLEGE STATEMENTOFFINANCIALINFORMATION FortheyearendedMarch31,2023 PublishedinaccordancewiththerequirementsoftheFinancialInformationActTABLEOFCONTENTS
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How to fill out statement1statementoffinancialposition
How to fill out statement1statementoffinancialposition
01
Gather all relevant financial information such as assets, liabilities, and equity.
02
List all assets in the appropriate categories such as current assets, fixed assets, etc.
03
Calculate the total of all assets.
04
List all liabilities in the appropriate categories such as current liabilities, long-term liabilities, etc.
05
Calculate the total of all liabilities.
06
Calculate the total equity by subtracting total liabilities from total assets.
07
Present the information in a clear and organized manner on the statement of financial position.
Who needs statement1statementoffinancialposition?
01
Statement of financial position is needed by various stakeholders such as investors, creditors, shareholders, and management to understand the financial position of a company at a specific point in time.
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What is statement1statementoffinancialposition?
Statement of Financial Position, often referred to as a balance sheet, is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
Who is required to file statement1statementoffinancialposition?
Generally, corporations, partnerships, and certain sole proprietorships are required to file a Statement of Financial Position as part of their financial reporting obligations.
How to fill out statement1statementoffinancialposition?
To fill out a Statement of Financial Position, list all assets, both current and non-current, followed by all liabilities, and then calculate the shareholders' equity as assets minus liabilities.
What is the purpose of statement1statementoffinancialposition?
The purpose of the Statement of Financial Position is to provide a snapshot of a company's financial health at a specific date, allowing stakeholders to assess its liquidity, financial stability, and ability to meet obligations.
What information must be reported on statement1statementoffinancialposition?
Information that must be reported includes the total assets (current and non-current), total liabilities (current and non-current), and total shareholders' equity.
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