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What is the Difference between classified balance sheet and unclassified balance sheet?
Wiki User
∙ 12y ago
A classified balance sheet allows the readers to determine the working capital of the company by separating the current portion of assets and liabilities from the non-current portion. An unclassified balance sheet does not distinguish the difference between current and non-current for the assets and liabilities (therefore working capital is not available to the reader). GAAP suggests that most companies use a classified balance sheet unless the classification distinction provides little to no relevance for the audience of the financial statements.
See SFAS 6 paragraph 7.
Wiki User
∙ 12y ago
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