{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/274/10/#05-overview-and-background","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"274","topic_title":"Personal Financial Statements","subtopic":"274-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"274-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic addresses personal financial statements. <span class=\"sfragment\" id=\"sfr_8224BCD9-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as obtaining of credit, income tax planning, retirement planning, gift and estate planning, or public disclosure of their financial affairs. Users of personal financial statements rely on them in determining whether to grant credit, in assessing the financial activities of individuals, in assessing the financial affairs of public officials and candidates for public office, and for similar purposes.</span></span></div></div>","snippet":"This Subtopic addresses personal financial statements. Personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:87b2000f01e0374a2e861f209c9bfddf7588ec5e959f4e6ba7c74813f5ad9874","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:81e762b009ed8d315e571dfc300ba3bd9bd7f62ce16a1a314fdb25d58df7fd5f","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}},{"block":null,"heading":"Basis of Presentation of Personal Financial Statements","paragraphs":[{"citation":"274-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_8224BE56-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The primary focus of personal financial statements is a person's assets and liabilities, and the primary users of personal financial statements normally consider <a href=\"/glossary/e/#estimated-current-value\" class=\"term\" title=\"For an asset, the amount at which the item could be exchanged between a buyer and seller, each of whom is well informed and willing, and neither of whom is compelled to buy or sell.\"><span>estimated current value</span></a> information to be more relevant for their decisions than historical cost information. Lenders require estimated current value information to assess collateral, and most personal loan applications require estimated current value information. Estimated current values are required for estate, gift, and income tax planning, and estimated current value information about assets is often required in federal and state filings of candidates for public office.</span></span></div></div>","snippet":"The primary focus of personal financial statements is a person's assets and liabilities, and the primary users of personal financial statements normally consider estimated current value information to be more relevant fo…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e0f424faf48bbe7ccb6bcb9fd7ab3067fee329810dc66c5334ee23de070a88e4","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}},{"citation":"274-10-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_8224BF4D-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">This Subtopic provides guidance on how the estimated current values of assets and the estimated current amounts of liabilities are determined and applied in the preparation and presentation of personal financial statements.</span></span></div></div>","snippet":"This Subtopic provides guidance on how the estimated current values of assets and the estimated current amounts of liabilities are determined and applied in the preparation and presentation of personal financial statemen…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db9b03af48a8bf3e3d36e4bb7a03ac0c5d23903a2414a2ff953c60afcb1b3be6","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e13d180a1fb6e4d8a2c1fdfa36292aed63ddabab9daffd88b18ab950680af166","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:463bf95e499c962675d7686d06412d62bf63327f0b99a6cdf2e8bd8506707804","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:463bf95e499c962675d7686d06412d62bf63327f0b99a6cdf2e8bd8506707804","downloaded_from":"2026-09-09T23:21:31.589Z","last_downloaded_at":"2026-09-09T23:21:31.589Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479780","source_sha256":"249c53a29bcc2d4146c3e01a85d007cc703a725f01ffc3099a9a38d410a38736"}}