Accounting having the object of posting the revenue, expenses, assets and liabilities of the syndicate of the co-owners in accordance with the activities and objectives determined by the Civil Code of Québec (such as the contingency fund) or following a decision of the board of directors (such as the maintenance fund).
The statement of financial position, also known as the balance sheet, lists the assets, liabilities and net assets of the co-ownership syndicate at a specific time. It is a picture of the financial situation at a given date compared to other statements that usually cover a full fiscal year.
The statement of financial position shows assets on one hand and liabilities and net assets on the other. Assets are always equal to liabilities plus net assets. Everyone knows the famous quote "nothing is lost, nothing is created, everything is transformed". This principle is reflected in accounting. The statement of financial position is always balanced since the asset is financed either by the creditors (liabilities) or by the co-owners (the net assets).