IFO4
Loading...A list of all account balances in the general ledger at a point in time, showing total debits equal to total credits, used to verify that the books are arithmetically balanced before preparing financial statements. The trial balance is the entry point for the close process and the source of the financial statements. The federation requires the trial balance to be generated at month end with all accounts reconciled, all suspense items cleared, and the resulting financial statements traceable to the trial balance under UFMS-001:5.1. Out-of-balance trial balances are escalated.
A standard term of double entry practice; the construction stabilised in seventeenth century English commercial accounting and entered modern usage unchanged.
Federation members generate trial balance at month end with all accounts reconciled and suspense items cleared. Financial statements are traceable to the trial balance. Out-of-balance trial balances are escalated within twenty-four hours under MEV-Annex:6.1.
@misc{ifo4_glossary_trial_balance,
title = {{Trial Balance}},
author = {{IFO4 Federation Editorial Board}},
howpublished = {{IFO4 Federation Glossary, slug \texttt{trial-balance}}},
year = {2026},
url = {https://ifo4.org/glossary/trial-balance},
note = {Category: Accounting; key: TrialBalance}
}Federation members and accredited practitioners may challenge any entry under TGS-002:1.7. Filed challenges are routed to the editorial board, triaged into the revision register, and resolved in writing on the public docket. The slug remains stable through any revision.