The statement of financial position
. What the statement of financial position shows and what it does not show
The statement of financial position is a snapshot of an entity's position at one point in the year.

. What the statement of financial position shows and what it does not show
The picture of an entity's financial position given by the statement of financial position will change on a daily basis.

. What the statement of financial position shows and what it does not show
The statement of financial position shows the true value of an entity.

. What the statement of financial position shows and what it does not show
The statement of financial position shows all assets and liabilities at current values.

. What the statement of financial position shows and what it does not show
The statement of financial position can be viewed as a collection of assets whose potential to produce economic benefits has not yet been used up and a collection of liabilities that have not yet been paid.

. What the statement of financial position shows and what it does not show
All assets and liabilities on the statement of financial position are stated at historic cost.

. What the statement of financial position shows and what it does not show
Current values can be used on the statement of financial position instead of historic costs.

. What the statement of financial position shows and what it does not show
The statement of financial position shows all the assets and all the liabilities of an entity.

. What the statement of financial position shows and what it does not show
The statement of financial position provides all the answers necessary to evaluate the true financial position of an entity.

. What the statement of financial position shows and what it does not show
The statement of financial position just shows the financially measurable resources and financially measurable obligations of an entity.