# ASC 274-10-35: Personal Financial Statements — Overall — 35 Subsequent Measurement Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/274/10/#35-subsequent-measurement) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:f3424db6038ba1ed5ccab9e8d73e083f8bc7a608f07bf72c705bda3eb9045f48 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 274-10-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/274/10/#35-subsequent-measurement) SEC content: no ##### [274-10-35-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:49533525f48ecd0da721121ce4b34bbe17642f4abb77f5704172bad1b4dda8e0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Personal financial statements shall present assets at their [estimated current values](https://asc.understandingaccounting.org/glossary/e/#estimated-current-value "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.") and liabilities at their estimated current amounts at the date of the financial statements. ##### [274-10-35-2](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:07dc72136a528809dcc368dd6daa885d003a4ffe548fab4d50aee80aaf9ecca0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [274-10-25-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-25-1) states that assets and liabilities shall be recognized on the accrual basis of accounting. ##### [274-10-35-3](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:c63ca660dd86e41942478c3ff74cd77a7b9f0d6dcc3f4e726402f98c1c03e8d2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The methods used to determine the estimated current values of assets and the estimated current amounts of liabilities shall be followed consistently from period to period unless the facts and circumstances dictate a change to different methods. #### Assets ##### [274-10-35-4](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:724a90b6bdbedaffcb93f25fc48cef1a5af33a5ae1818fceeda14d16fca6da2c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Personal financial statements shall present receivables at the discounted amounts of cash the person estimates will be collected, using appropriate interest rates at the date of the financial statements. ##### [274-10-35-5](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:fd29cbf67c4af527a9531083ee12ce086ce96070d524ff7f862525897403a7ba Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Marketable securities include both debt and equity securities for which market quotations are available. The estimated current values of such securities are their quoted market prices. The estimated current values of securities traded on securities exchanges are the closing prices of the securities on the date of the financial statements (valuation date) if the securities were traded on that date. If the securities were not traded on that date but published bid and asked prices are available, the estimated current values of the securities shall be within the range of those prices. ##### [274-10-35-6](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:d44565096a78f1aed80d9846ffd9d9b7987281384f001683896ce2d738e36bd9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For securities traded in the over-the-counter market, quotations of bid and asked prices are available from several sources, including the financial press, various quotation publications and financial reporting services, and individual broker-dealers. For those securities, the mean of the bid prices, of the bid and asked prices, or of the prices of a representative selection of broker-dealers quoting the securities may be used as the estimated current values. ##### [274-10-35-7](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:021674f5c7eec8f1184376b48240e83b23ad88d3c399b6edc4280d8c6c3253c9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. An investor may hold a large block of the equity securities of an entity. A large block of stock might not be salable at the price at which a small number of shares were recently sold or quoted. Further, a large noncontrolling interest may be difficult to sell despite isolated sales of a small number of shares. However, a controlling interest may be proportionately more valuable than noncontrolling interests that were sold. Consideration of those factors may require adjustments to the price at which the security recently sold. Moreover, restrictions on the transfer of a security may also suggest the need to adjust the recent market price in determining the estimated current value. ##### [274-10-35-8](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-8) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:8c91f6d4e1cddbf4026a6715dad3e1ab349cf0b4ede5b26d6ae3867977a4c6bf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. If published prices of options are unavailable, their estimated current values shall be determined on the basis of the values of the assets subject to option, considering such factors as the exercise prices and length of the option periods. ##### [274-10-35-9](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-9) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:7594b72b141f981663a985fcb84ff591283859a5cae5db9dd4d08578c95f523d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The estimated current value of an investment in life insurance is the cash value of the policy less the amount of any loans against it. ##### [274-10-35-10](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-10) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:feca25ecd4b6628c4d2d8298dd5a62d4d8ed974b9a8e55946a978b10e6bc05d0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Intangible assets shall be presented at the discounted amounts of projected cash receipts and payments arising from the planned use or sale of the assets if both the amounts and timing can be reasonably estimated. For example, a record of receipts under a royalty agreement may provide sufficient information to determine its estimated current value. The cost of a purchased intangible shall be used if no other information is available. ##### [274-10-35-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-11) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:b3e65447ea6760276ae16d5f472ccdbbe25eac5a247b1526db51ef0edb8609d8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Nonforfeitable rights to receive future sums that have all the following characteristics shall be presented as assets at their discounted amounts: 1. a The rights are for fixed or determinable amounts. 2. b The rights are not contingent on the holder's life expectancy or the occurrence of a particular event, such as disability or death. 3. c The rights do not require future performance of service by the holder. Paragraph [274-10-55-7](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-7) identifies nonforfeitable rights that may have the preceding characteristics. #### Liabilities ##### [274-10-35-12](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-12) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:ab40e6bb325882225c7a3e3c04a81614124fa6cbfcd1260e041ed3155fa23b79 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Personal financial statements shall present payables and other liabilities at the discounted amounts of cash to be paid. The discount rate shall be the rate implicit in the transaction in which the debt was incurred. If, however, the debtor is able to discharge the debt currently at a lower amount, the debt shall be presented at the lower amount. ##### [274-10-35-13](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-13) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:d9db9b8050dbeeb08348872ebcf35cb2678be94f79b10487f0e28e2f546395b2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Noncancellable commitments to pay future sums that have all the following characteristics shall be presented as liabilities at their discounted amounts: 1. a The commitments are for fixed or determinable amounts. 2. b The commitments are not contingent on others' life expectancies or the occurrence of a particular event, such as disability or death. 3. c The commitments do not require future performance of service by others. Noncancellable commitments that may have the preceding characteristics include fixed amounts of alimony for a definite future period and charitable pledges. ##### [274-10-35-14](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-14) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:3d6f098c787d6fbeea28cc8d857994b02198afc219db3d0f2f6e7d64c8cb09b1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The liability for income taxes payable shall include unpaid income taxes for completed tax years and an estimated amount for income taxes accrued for the elapsed portion of the current tax year to the date of the financial statements. That estimate shall be based on the relationship of taxable income earned to date to total estimated taxable income for the year, net of taxes withheld or paid with estimated income tax returns. ##### [274-10-35-15](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-15) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:41.128Z to 2026-09-09T23:21:41.128Z Record version: sha256:1d1c9230709896daf26aade5749fd7d0c7d9a3f187e41a8d3922386cff7f6b47 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A provision shall be made for estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases, including consideration of negative tax bases of tax shelters, if any. The provision shall be computed as if the estimated current values of all assets had been realized and the estimated current amounts of all liabilities had been liquidated on the statement date, using applicable income tax laws and regulations, considering recapture provisions and available carryovers. For related implementation guidance, see paragraph [274-10-55-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-1).