In business valuation analysis, a Normalised Balance Sheet (also referred to as Adjusted Balance Sheet) refers to the situation where business valuators adjust the statement of financial position (balance sheet) by reviewing items on the balance sheet. An example is the landed properties which are maintained at book value in the balance sheet. During the business valuation process, fixed assets are revalued at fair market value and the necessary adjustments made on the balance sheet. The balance sheet may also be adjusted by excluding items such as personal homes on the balance sheet which has nothing to do with the business. Another adjustment is the exclusion of non-operating assets on the balance sheet. Such adjustments require a restatement of the depreciation provisions in the income statement.