Equity
Code: 3000
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Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Represents owners equity in the net assets
Sub-accounts
3100
Capital
3200
Retained Earnings
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Equity is the residual interest in assets after deducting liabilities. Presented as share capital, reserves and retained earnings.
US GAAP
ASC 505
Equity
Similar residual concept. Par value system used. Additional paid-in capital presented separately.