Status of an entity

This concept stands for how a business entity looks at a certain point in time. In other words, this is a description of what assets the business has and what its liabilities are. Normally one talks about a balance sheet at a certain date. The financial statement shows which tangible assets the business has in hand and sometimes also the intangible assets available. We always try to make clear to you as a company owner how others will read the information given in your balance sheet and profit and loss account. This improves your ability to communicate the right information and to draw attention to what you consider important.