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Paragraph 274-10-45-13 states that personal financial statements shall include sufficient disclosures to make the statements adequately informative. That paragraph states that the disclosures may be made in the body of the financial statements or in the notes to financial statements.
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Personal financial statements disclosures shall include, but are not limited to, all of the following:
  1. a
    A clear indication of the individuals covered by the financial statements
  2. b
    That assets are presented at their estimated current values and liabilities are presented at their estimated current amounts
  3. c
    Either of the following:
    1. 1
      The methods used in determining the estimated current values of major assets and the estimated current amounts of major liabilities
    2. 2
      The methods used in determining the major categories of assets and liabilities.
  4. d
    Changes in item (c) methods from one period to the next
  5. e
    If assets held jointly by the person and by others are included in the statements, the nature of the joint ownership
  6. f
    If the person's investment portfolio is material in relation to his or her other assets and is concentrated in one or a few companies or industries, the names of the entities or industries and the estimated current values of the securities
  7. g
    If the person has a material investment in a closely held business, at least the following:
    1. 1
      The name of the entity and the person's percentage of ownership
    2. 2
      The nature of the business
    3. 3
      Summarized financial information about assets, liabilities, and results of operations for the most recent year based on the financial statements of the business, including information about the basis of presentation (for example, generally accepted accounting principles, income tax basis, or cash basis) and any significant loss contingencies.
  8. h
    Descriptions of intangible assets and their estimated useful lives
  9. i
    The face amount of life insurance the individuals own
  10. j
    Nonforfeitable rights that do not have the characteristics discussed in paragraph 274-10-35-11, for example, pensions based on life expectancy
  11. k
    All of the following tax information:
    1. 1
      The methods and assumptions used to compute the 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
      A statement that the provision will probably differ from the amounts of income taxes that might eventually be paid because those amounts are determined by the timing and the method of disposal, realization, or liquidation and the tax laws and regulations in effect at the time of disposal, realization, or liquidation
    3. 3
      Unused operating loss and capital loss carryforwards
    4. 4
      Other unused deductions and credits, with their expiration periods, if applicable
    5. 5
      The differences between the estimated current values of major assets and the estimated current amounts of major liabilities or categories of assets and liabilities and their tax bases
    6. 6
      The excess or deficit of the estimated current values of major assets or categories of assets over their tax bases.
  12. l
    Maturities, interest rates, collateral, and other pertinent details relating to receivables and debt
  13. m
    Noncancellable commitments that do not have the characteristics discussed in paragraph 274-10-35-13.
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