{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/274/10/#45-other-presentation-matters","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":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"274-10-45-1","para":"45-1","html":"
Paragraph 274-10-35-1 states that personal financial statements shall present assets at their estimated current values and liabilities at their estimated current amounts at the date of the financial statements.
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This Subtopic does not prohibit supplemental presentation of historical cost information.
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Personal financial statements may be prepared for any of the following:
  1. a
    An individual
  2. b
    A husband and wife
  3. c
    A family.
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Personal financial statements consist of all of the following:
  1. a
    A statement of financial condition. A statement of financial condition is the basic personal financial statement and shall present all of the following:
    1. 1
      Estimated current values of assets
    2. 2
      Estimated current amounts of liabilities
    3. 3
      Estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases
    4. 4
      Net worth at a specified date.
  2. b
    A statement of changes in net worth. The presentation of a statement of changes in net worth is optional.A statement of changes in net worth shall present all of the following:
    1. 1
      Major sources of increases in net worth, including any of the following:
      1. i
        Income
      2. ii
        Increases in the estimated current values of assets
      3. iii
        Decreases in the estimated current amounts of liabilities
      4. iv
        Decreases in estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases.
    2. 2
      Major sources of decreases in net worth, including any of the following:
      1. i
        Expenses
      2. ii
        Decreases in the estimated current values of assets
      3. iii
        Increases in the estimated current amounts of liabilities
      4. iv
        Increases in estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases.
Example 1 (paragraph 274-10-55-8) illustrates financial statements prepared based on the guidance in this Subtopic.
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The presentation of comparative financial statements of the current period and one or more prior periods may sometimes be desirable. Such a presentation is more informative than the presentation of financial statements for only one period. The presentation of comparative financial statements is optional.
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Paragraph 274-10-25-1 states that assets and liabilities shall be recognized on the accrual basis of accounting.
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Assets and liabilities shall be presented by order of liquidity and maturity, without classification as current and noncurrent.
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If personal financial statements are prepared for one of a group of joint owners of assets, the statements shall include only the person's interest as a beneficial owner, as determined under the property laws of the state having jurisdiction. If property is held in joint tenancy, as community property, or through a similar joint ownership arrangement, the legal status of the separate equities of the parties may not be evident. In that case, the person may require legal advice to determine whether an interest in the property shall be included among the person's assets and, if so, the proper allocation of the equity in the property under the applicable state laws.
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Business interests that constitute a large part of a person's total assets shall be shown separately from other investments. The estimated current value of an investment in a separate entity, such as a closely held corporation, a partnership, or a sole proprietorship, shall be shown in one amount as an investment if the entity is marketable as a going concern. Assets and liabilities of the separate entity shall not be combined with similar personal items.
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The estimated current values of assets and the estimated current amounts of liabilities of limited business activities not conducted in a separate business entity, such as an investment in real estate and a related mortgage, shall be presented as separate amounts, particularly if a large portion of the liabilities may be satisfied with funds from sources unrelated to the investment.
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The net investment in a business entity (not its assets and liabilities) shall be presented in the statement of financial condition. The net investment shall be presented at its estimated current value at the date of the financial statement.
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Estimated income taxes shall be presented between liabilities and net worth in the statement of financial condition.
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Personal financial statements shall include sufficient disclosures to make the statements adequately informative. The disclosures may be made in the body of the financial statements or in the notes to financial statements.
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