# ASC 274-10-25: Personal Financial Statements — Overall — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/274/10/#25-recognition)

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## ASC 274-10-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/274/10/#25-recognition)

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#### The Methods of Presentation

##### [274-10-25-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-25-1)

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Assets and liabilities shall be recognized on the accrual basis of accounting.