Research On The Transformation Of The Balance Sheet

With the increasing complexity of corporate business activities and the rapid growth of global capital markets, the cognition of users of financial statements is deepening, the demand of information in financial statements have also changed, to balance sheet, users no longer simple emphasizes historical information requirements, but pay more attention to the future potential information. The current balance sheet presentation of information is not fully reflect the impact of various economic activities on enterprises past future, can not meet the needs of the users of financial statements. Transformation of the balance sheet subject to the attention of accounting standards setting institution, such as the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB). The IASB and the FASB jointly published for comment a Discussion Paper "Preliminary views on Financial Statement Presentation" on October16,2008, put forward the relevant recommendations to improve the balance sheet. The discussion paper will be renamed the balance sheet for the statement of financial position, this is a fundamental change to the current balance sheet. The statement of financial position using a different theory of statement, has a different report format to play with different functions, but also put forward new requirements for the basic accounting practice work.China has attached great importance to cooperation with the international accounting organizations, in the face of the reform about the balance sheet under the new situation, how to understand and evaluate the new ideas of the IASB/the FASB on the reform of the balance sheet, if the balance sheet of China’s enterprises need to further improve, how to improve and improvements in how to combine the actual situation in our country, to meet the needs of information users, and to promote the international Financial Reporting Standards give more consideration to the situation in China, which requires further study.For this background, on the basis of the elaborate financial statements presentation related theory, this paper summarize of the historical evolution of the balance sheet from creation to the development, list at the IASB, the FASB and the United Kingdom current balance sheet, combine with China’s balance sheet development and the current mode, explain the problems in the current balance sheet. Through analysis the IASB and the FASB changes on the balance sheet, that the present stage does not have completely implemented the condition of the statement of financial position, the application effect of the statement of financial position to be further investigated, the high cost and other difficulty, do not need to conduct a comprehensive balance sheet transformation, under the premise of the current balance sheet part of the improvement to achieve the progressive gradual transition from the balance sheet to the statement of financial position.