Changes

The statements (including the format) may be specified by law or regulation.  Larger companies will also include extensive footnotes (some of which are required by law or regulation) as well as a management discussion and analysis of their contents.

The statements (including the format) may be specified by law or regulation.  Larger companies will also include extensive footnotes (some of which are required by law or regulation) as well as a management discussion and analysis of their contents.

Governmental entities have similar statements (often referred to as '''Comprehensive Annual Financial Reports'''), but differ due to specific and unique requirements for governmental accounting.

Governmental entities have similar statements (often referred to as '''Annual Comprehensive Financial Reports'''<ref>Prior to 2021 the term used was '''Comprehensive Annual Financial Report''', or '''CAFR'''.  However, that acronym - if pronounced as a word - is a racist term for Black South Africans, similar to "the N-word" in America; thus, the decision was made to discontinue its use.</ref>) but differ due to specific and unique requirements for governmental accounting.

==Balance Sheet==

==Balance Sheet==

===Difference in Standards===

===Difference in Standards===

====Private Sector====

====Private Sector====

Any meaningful analysis of a company's finances must include a review of its balance sheets for the current and past operating cycles. Because of the large amount of information that such a summary can provide, United States law requires that all publicly held and traded companies provide balance sheets at regular intervals (usually four times a year).  

Any meaningful analysis of a company's finances must include a review of its balance sheets for the current and past operating cycles. Because of the large amount of information that such a summary can provide, United States law requires that all publicly held and traded companies provide balance sheets at regular intervals (usually four times a year).  However, privately-held companies may only show balance sheets for a current year.

====Public Sector====

====Public Sector====