The balance sheet reports the financial position of a company at a specific date in time whereas all other financial statements report changes in the financial position of the company over a period of time.

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The balance sheet is a snapshot of a company's financial position at a specific point in time, showing assets, liabilities, and equity. In contrast, other financial statements like the income statement and cash flow statement report on the financial performance and changes over a period.

The Balance Sheet Reports the Financial Position of a Company