# ASC 274-10-50: Personal Financial Statements — Overall — 50 Disclosure Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/274/10/#50-disclosure) 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): 2026-09-09T23:21:47.233Z to 2026-09-09T23:21:47.233Z Record version: sha256:a537d8cd6766fc4eb5fee1921845fa763ae3705d0f11a2cfcaf963dcf04d591f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 274-10-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/274/10/#50-disclosure) SEC content: no ##### [274-10-50-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:47.233Z to 2026-09-09T23:21:47.233Z Record version: sha256:d5d01850b023e81940414ad140e4f8fe0e441387491da68496eb202453cef61c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Paragraph [274-10-45-13](https://asc.understandingaccounting.org/asc/274/10/#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. ##### [274-10-50-2](https://asc.understandingaccounting.org/asc/274/10/#274-10-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:21:47.233Z to 2026-09-09T23:21:47.233Z Record version: sha256:032736e51c55065ca8b49b0ac2166041094c250e7a49faf8418cbaeaacfa371a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](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 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](https://asc.understandingaccounting.org/asc/274/10/#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](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-13).