FINANCIAL STATEMENTS 2 Chapitre In the US, listed companies are officially required to issue 4 financial statements on a quarterly basis: - A balance sheet (B/S) or statement of financial position which shows cumulative figures on what the company owes and owns at a point in time. Source : Insurance maneuvers, Mike Frazer, www.insurancemaneuvers.com - An income statement (I/S) or profit and loss account (P&L) to calculate the company's earnings over a period of time, from its revenues minus its expenses. - The numbers are reset every year. 121http://www.insurancemaneuvers.com