THE OPINION OF THE AMERICAN LEGISLATORS ON THE BALANCE SHEET
THE OPINION OF THE AMERICAN LEGISLATORS ON THE BALANCE SHEET

Summary/Abstract: The financial reports seldom represent for the American society the only source of information available directly from the entity. The name for the financial statements has not been standardized yet. The American legislators determine the general rules by the mean of the norms issued for the presentation of the accounts, but without imposing specific names or formats for the documents. The terms used must be explicit, for example the Balance Sheet is also known as Statements of the Financial Position/Condition. Specific for the American companies is the fact they are not compelled to elaborate a standard balance sheet; it has generally the form of a table or a list and the order of the columns and posts is reverse than the one we know.

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