Bank Statement
Accounting glossary · Understand, connect, apply
A bank statement is the bank’s report of an account’s transactions and balances for a stated period.
Example
The statement shows deposits, withdrawals, fees and a closing balance that the entity compares with its own cash records.
Remember the difference
The bank’s balance may differ legitimately from the books because of timing items. Reconcile rather than simply replacing one balance with the other.
Updated 3 November 2026. Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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