As with income statements, there are differences in what shows up on balance sheets in different sectors, though the accounting standards governing all companies may be the same
In particular, the divergences play out on both sides of the balance sheet:
On the asset side, it can show up in how much of the value comes from tangible as opposed to intangible assets
For acquisitive companies, it can also show up as uniquely accounting items like goodwill
A balance sheet is the financial statement that most reflects the history of a company, since contructed correctly it is the cumulated result of all of the company's activities during its existence
That said, there is disagreement even among accountants as to what the history should reveal, with old-time accounting arguing that it should reflect what the company has invested in its existing assets, not what they are worth today, and fair-value accounting arguing that it should reflect its current value
The end result is that balance sheets today are a mess, measuring neither invested capital nor fair value. The most useful items on a balance sheet now are
Cash & marketable securities, since it is not subject to nuance
Debt, since it measures closely what is owed (at least on interest bearing liabilities)
