The Balance Sheet Summarizes a firms assets,liabilities,and owner's equity at a moment in time Amounts measured at historical values and historical exchange rates Prepared according to GAAP,Generally Accepted Accounting Principles D GAAP modified occasionally by the Financial Accounting Standards Board Exchange-listed companies in USA must comply with Securities and Exchange Commission (SEC)rules .THE COURSE OF FINANCE 2017 SPRING SJTUThe Balance Sheet  Summarizes a firms assets, liabilities, and owner’s equity at a moment in time  Amounts measured at historical values and historical exchange rates  Prepared according to GAAP, Generally Accepted Accounting Principles  GAAP modified occasionally by the Financial Accounting Standards Board  Exchange-listed companies in USA must comply with Securities and Exchange Commission (SEC) rules •THE COURSE OF FINANCE 2017 SPRING SJTU •5