Question

Have you ever work with a balance sheet in your current position? if so, if the balance sheet only for your department or for the entire organization? How often is the balance sheet distributed and what do you supposed to do upon receipt? Does balance sheet gives useful information? how do you think it should improved?

Answer 1

I have worked with the balance sheet in my current position as I work under the financial controller of the company. The balance sheet is prepared for the entire organization and not exclusively for my department. The balance sheet is distributed once a year post declaration of the annual results and the board approves it. I check the financial health of the company and the areas of improvement for the company for preparing the next budget. The balance sheet does provide useful information regarding the company's financial position, the value of the assets held by the company, the liquidity position. The balance sheet can be improved by presenting the data in a way that is more understandable to the users of the balance sheet.