# ASC 274-10-45: Personal Financial Statements — Overall — 45 Other Presentation Matters Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/274/10/#45-other-presentation-matters) 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): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:3b43f9f94f02387247d2b0ceebcef371b34e6999e210539c42f48a7f2823f661 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 274-10-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/274/10/#45-other-presentation-matters) SEC content: no ##### [274-10-45-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:bddf0fea2f4ac369b015f1ffee7ed167a998f923f6d693735d7ac5d379e14636 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [274-10-35-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-1) states that 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. ##### [274-10-45-2](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:d1279562941fb32434cb4d77fd72ef384b35718643e52597274492db16e3f9af Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic does not prohibit supplemental presentation of historical cost information. #### Reporting Entity ##### [274-10-45-3](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:dbedb655d22c49977701f617ca2b0080f1a38d6d84801c65d0d475d825186117 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. #### Form of Statements ##### [274-10-45-4](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:71b75db10a5490193951cdff710fe715a1cd9c9468e170de72ffcd9dabc9dbdd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/glossary/n/#net-worth "The difference between total assets and total liabilities, after deducting estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases.") 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](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-8)) illustrates financial statements prepared based on the guidance in this Subtopic. ##### [274-10-45-5](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:0fd3833e47754ce9364ba178c9519d1ab1f9e184bfb56022302f50680a72c164 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. #### Methods of Presentation ##### [274-10-45-6](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:72ec5fe878ad17975d3298f3b64097295dc19a40a4e098f76a80f9febfc6081f 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. ##### [274-10-45-7](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:eff542d3ffeed7760f8ca62593ab0ad573de936046eebcd10446b1b09e8b2a05 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Assets and liabilities shall be presented by order of liquidity and maturity, without classification as current and noncurrent. ##### [274-10-45-8](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-8) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:5249514f8b4282f3203c901c1f96a0652d338a5e16fbc3ceb91846f5532c9ca1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [274-10-45-9](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-9) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:0e53aa257ca6425feb4f55b2e2674eb167145908ea6814f14f19387ef1dea5f5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [274-10-45-10](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-10) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:050dc297699743e523cb4e195a02d1fa832330493009469c0f68ed6751cd3f45 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. #### Closely Held Businesses ##### [274-10-45-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-11) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:03f76642beb2ac3c91ba0fef1b616da1557bb4aa960b9f0cdc3cf0a911a3c778 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. #### Certain Estimated Income Taxes ##### [274-10-45-12](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-12) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:1533945d445b1d03993098b82105e21e38173002bb0dd90f9445ff3d0e887f32 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Estimated income taxes shall be presented between liabilities and net worth in the statement of financial condition. #### Adequate Disclosure ##### [274-10-45-13](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-13) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:43.131Z to 2026-09-09T23:21:43.131Z Record version: sha256:a0f90bddc0270c6c49364a3dad474785d7f7b5c7de5d1c66642eea4666be1c1c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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.