Changes

A '''balance sheet''' is a one of the fundamental [[accounting]] [[statement]]s. It provides a "snapshot" of a financial entity's [[asset]]s, liabilities, and total [[equity]] at a fixed point in time. Less commonly, it is also referred to as a '''statement of financial position'''.<ref>[http://www.accountingcoach.com/terms/B/balance-sheet.html Balance sheet definition]</ref>

A '''balance sheet''' is one of the fundamental [[accounting]] [[statement]]s. It provides a "snapshot" of a financial entity's [[asset]]s, liabilities, and total [[equity]] at a fixed point in time. Less commonly, it is also referred to as a '''statement of financial position'''.<ref>[http://www.accountingcoach.com/terms/B/balance-sheet.html Balance sheet definition]</ref>

==Difference in Standards==

==Difference in Standards==

===Public Sector===

===Public Sector===

Unlike the heavily regulated companies in the private sector, the federal government is not required to publicize any balance sheets it creates internally. However, because some of the financial documents and other information (like current debt, operating expenses in the form of the perennial budget, etc) are a matter of public record, similar information can be gleaned from the federal records.<ref name="discovery">[http://www.discovery.org/a/2521 Where is the balance sheet?]</ref>

Unlike the heavily regulated companies in the private sector, the federal government is not required to publicize any balance sheets it creates internally. However, because some of the financial documents and other information (like current debt, operating expenses in the form of the perennial budget, etc.) are a matter of public record, similar information can be gleaned from the federal records.<ref name="discovery">[http://www.discovery.org/a/2521 Where is the balance sheet?]</ref>

State and local governments are also not required to publish this or many other financial statements, but as with the federal government, such information can still be obtained through more convoluted means. These bodies are, however, held by federal regulations to more stringent standards, something from which the federal government is exempt.<ref name="discovery" />

State and local governments are also not required to publish this or many other financial statements, but as with the federal government, such information can still be obtained through more convoluted means. These bodies are, however, held by federal regulations to more stringent standards, something from which the federal government is exempt.<ref name="discovery" />