Definition
As part of the year-end closing, individual companies create financial statements according to country-specific regulations.
Invoice-based closing for a group at a specific point in time (financial statements key date) in the form of a comparison of assets and capital (liabilities and owner's equity). Assets and capital reflect the same total value. This is expressed in the balance sheet (assets = capital).
Comparison of revenue and expenditure of a period to determine the results for the company and the sources of these results.