8. The balance sheet
Australian System of Government Finance Statistics: Concepts, Sources and Methods
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Part A - Introduction
The GFS balance sheet is a financial statement that documents an institutional unit's financial position at a specific point in time. The balance sheet is compiled at the end of each accounting period and contains information on the values of assets and liabilities and net worth. A balance sheet can be compiled for an individual unit or any collection of units (such as the general government sector or total public sector), and enables analysts to monitor and assess the economic behaviour of public sector units or collections of units.
This chapter describes the elements that comprise the GFS balance sheet, including the definition, valuation, and classification of assets and liabilities, and net worth.