# ASC 274-10-55: Personal Financial Statements — Overall — 55 Implementation Guidance and Illustrations

Source: FASB Accounting Standards Codification, Basic View

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## ASC 274-10-55: 55 Implementation Guidance and Illustrations

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#### Implementation Guidance

##### [274-10-55-1](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-1)

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This implementation guidance addresses estimating current value. Recent transactions involving similar assets and liabilities in similar circumstances ordinarily provide a satisfactory basis for determining the [estimated current value](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.") of an asset and the estimated current amount of a liability. If recent sales information is unavailable, other methods that may be used include any of the following:

1.  a
    
    The capitalization of past or prospective earnings
    
2.  b
    
    The use of liquidation values
    
3.  c
    
    The adjustment of historical cost based on changes in a specific price index
    
4.  d
    
    The use of appraisals
    
5.  e
    
    The use of the discounted amounts of projected cash receipts and payments.

##### [274-10-55-2](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-2)

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Costs of disposal, such as commissions, shall be considered in determining the estimated current value of an asset. The book value or cost of a person's share of the equity of a business adjusted for appraisals of specific assets, such as real estate or equipment, is sometimes used as the estimated current value.

##### [274-10-55-3](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-3)

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In determining the estimated current values of some assets (for example, works of art, jewelry, restricted securities, investments in closely held businesses, and real estate), the person may need to consult a specialist.

##### [274-10-55-4](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-4)

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There is no one generally accepted procedure for determining the estimated current value of an investment in a closely held business. Several procedures or combinations of procedures may be used to determine the estimated current value of a closely held business, including any of the following:

1.  a
    
    A multiple of earnings
    
2.  b
    
    Liquidation value
    
3.  c
    
    Reproduction value
    
4.  d
    
    Appraisals
    
5.  e
    
    Discounted amounts of projected cash receipts and payments
    
6.  f
    
    Adjustments of book value or cost of the person's share of the equity of the business.
    

The book value or cost of a person's share of the equity of a business adjusted for appraisals of specific assets, such as real estate or equipment, is sometimes used as the estimated current value.

##### [274-10-55-5](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-5)

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The owner of an interest in a closely held business may have entered into a buy-sell agreement that specifies the amount (or the basis of determining the amount) to be received in the event of withdrawal, retirement, or sale. If such an agreement exists, it shall be considered, but it does not necessarily determine estimated current value. Whatever procedure is used, the objective shall be to approximate the estimated current value.

##### [274-10-55-6](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-6)

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Information that may be used in determining the estimated current values of investments in real estate (including leaseholds) includes any of the following:

1.  a
    
    Sales of similar property in similar circumstances
    
2.  b
    
    The discounted amounts of projected cash receipts and payments relating to the property or the net realizable value of the property, based on planned courses of action, including leaseholds whose current rental value exceeds the rent in the lease
    
3.  c
    
    Appraisals based on estimates of selling prices and selling costs obtained from independent real estate agents or brokers familiar with similar properties in similar locations
    
4.  d
    
    Appraisals used to obtain financing
    
5.  e
    
    Assessed value for property taxes, including consideration of the basis for such assessments and their relationship to market values in the area.

##### [274-10-55-7](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-7)

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This paragraph provides implementation guidance on the application of paragraph [274-10-35-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-35-11). Nonforfeitable rights that may have those characteristics include all of the following:

1.  a
    
    Guaranteed minimum portions of pensions
    
2.  b
    
    Vested interests in pension or profit sharing plans
    
3.  c
    
    Deferred compensation contracts
    
4.  d
    
    Beneficial interests in trusts
    
5.  e
    
    Remainder interests in property subject to life estates
    
6.  f
    
    Annuities
    
7.  g
    
    Fixed amounts of alimony for a definite future period.

#### Illustrations

##### [274-10-55-8](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-8)

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This Example illustrates financial statements prepared following the guidance in this Subtopic.

##### [274-10-55-9](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-9)

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Illustrative statements of financial condition follow.

-   ![](https://asc.understandingaccounting.org/asc-img/GUID-50A6E1AB-0A65-44BE-8948-DBAC4F1355F6-low.gif)
    
    James and Jane Person Statements of Financial Condition "December 31, 19X3 amd 19X2" December 31 19X3 19X2 Assets Cash " $3,700 " " $15,600 " Bonus receivable " 20,000 " " 10,000 " Investments Marketable securities (Note 2) " 160,500 " " 140,700 " Stock options (Note 3) " 28,000 " " 24,000 " Kenbruce Associates (Note 4) " 48,000 " " 42,000 " "DaveKar Company, Inc. (Note 5)" " 550,000 " " 475,000 " Vested interest in deferred profit sharing plan " 111,400 " " 98,900 " Remainder interest in testamentry trust (Note 6) " 171,900 " " 128,800 " "Cash value of life insurance ($43,600 and $42,900), less loans payable to insurance companies ($38,100 and $37,700) (Note 7)" " 5,500 " " 5,200 " Residence (Note 8) " 190,000 " " 180,000 " Personal effects (excluding jewelry) (Note 9) " 55,000 " " 50,000 " Jewelry (Note 9) " 40,000 " " 36,500 " " $1,384,000 " " $1,206,700 " December 31 19X3 19X2 Liabilities Income taxes - current year balance " $8,800 " $400 Demand 10.5% note payable to bank " 25,000 " " 26,000 " Mortgage payable (Note 10) " 98,200 " " 99,000 " Contingent liabilities (Note 11) - - " 132,000 " " 125,400 " Estimated income taxes on the differences between the estimated current value of assets and the estimated current values of liabilities and their tax bases (Note 12) " 239,000 " " 160,000 " Net worth " 1,013,000 " " 921,300 " " $1,384,000 " " $1,206,700 "
    

The accompanying notes to financial statements (see paragraph [274-10-55-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-11)) are an integral part of these financial statements.

##### [274-10-55-10](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-10)

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Illustrative statements of changes in [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.") follow.

-   ![](https://asc.understandingaccounting.org/asc-img/GUID-B6E3781D-5226-4A4B-BF67-F90710A58A98-low.gif)
    
    James and Jane Person Statements of Changes in Net Worth "For the Years Ended December 31, 19X3 and 19X2" Year ended December 31 19X3 19X2 Realized increases in net worth Salary and bonus " $95,000 " " $85,000 " Dividends and interest income " 2,300 " " 1,800 " Distribution from limited partnership " 5,000 " " 4,000 " Gains on sales of marketable securities " 1,000 " 500 " 103,300 " " 91,300 " Realized decreases in net worth Income taxes " 26,000 " " 22,000 " Interest expense " 13,000 " " 14,000 " Real estate taxes " 4,000 " " 3,000 " Personal expenditures " 36,700 " " 32,500 " " 79,700 " " 71,500 " Net realized increase in net worth " 23,600 " " 19,800 " Unrealized increases in net worth Marketable securities (net of realized gains on securities sold) " 3,000 " 500 Stock options " 4,000 " 500 "Davekar Company, Inc." " 75,000 " " 25,000 " Kenbruce Associates " 6,000 " - Deferred profit sharing plan " 12,500 " " 9,500 " Remainder interest in testamentary trust " 43,100 " " 25,000 " Jewelry " 3,500 " - " 147,100 " " 60,500 " Unrealized decrease in net worth Estimated income taxes in the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases " 79,000 " " 22,000 " Net unrealized increase in net worth " 68,100 " " 38,500 " Net increase in net worth " 91,700 " " 58,300 " Net worth at the beginning of year " 921,300 " " 863,000 " Net worth at the end of year " $1,013,000 " " $921,300 "
    

The accompanying notes to financial statements (see paragraph [274-10-55-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-11)) are an integral part of these financial statements.

##### [274-10-55-11](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-11)

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Illustrative notes to financial statements follow.

-   **James and Jane Person—Notes to Financial Statements**
    
-   **NOTE 1.** The accompanying financial statements include the assets and liabilities of James and Jane Person. Assets are stated at their estimated current values, and liabilities at their estimated current amounts.
    
-   **NOTE 2.** The estimated current values of marketable securities are either (_a_) their quoted closing prices or (_b_) for securities not traded on the financial statement date, amounts that fall within the range of quoted bid and ask prices.
    
    -   Marketable securities consist of the following:
        
    -   ![](https://asc.understandingaccounting.org/asc-img/GUID-27710015-D8E6-4A38-9C55-5ECCF2050864-low.gif)
        
        "December 31, 19X3" "December 31, 19X2" Number of shares or bonds Estimated current values Number of shares or bonds Estimated current values Stocks "Jaiven Jewels, Inc." " 1,500 " " $98,813 " - $- "McRae Motors, Inc." 800 " 11,000 " 600 " 4,750 " "Parker Sisters, Inc." 400 " 13,875 " 200 " 5,200 " Rosenfield Rug Co. - - " 1,200 " " 96,000 " Rubin Paint Company 300 " 9,750 " 100 " 2,875 " "Weiss Potato Chips, Inc." 200 " 20,337 " 300 " 25,075 " " 153,775 " " 133,900 " Bonds "Jackson Van Lines, Ltd. (12% due 7/1/X9)" 5 " 5,225 " 5 " 5,100 " "United Garvey, Inc. (7% due 11/15/X6)" 2 " 1,500 " 2 " 1,700 " " 6,725 " " 6,800 " " $160,500 " " $140,700 "
        
-   **NOTE 3.** Jane Person owns options to acquire 4,000 shares of stock of Winner Corp. at an option price of $5 per share. The option expires on June 30, 19X5. The estimated current value its published selling price.
    
-   **NOTE 4.** The investment in Kenbruce Associates is an 8 percent interest in a real estate limited partnership. The estimated current value is determined by the projected annual cash receipts and payments capitalized at a 12 percent rate.
    
-   **NOTE 5.** James Person owns 50 percent of the common stock of Davekar Company, Inc. a retail mail order business. The estimated current value of the investment is determined by the provisions of a shareholders' agreement, which restricts the sale of the stock and, under certain conditions, requires the entity to repurchase the stock based on a price equal to the book value of the net assets plus an agreed amount for goodwill. At December 31, 19X3, the agreed amount for goodwill was $112,500, and at December 31, 19X2, it was $100,000.
    
    -   A condensed balance sheet of Davekar Company, Inc. prepared in conformity with generally accepted accounting principles, is summarized below:
        
    -   ![](https://asc.understandingaccounting.org/asc-img/GUID-B8EC4AE5-EA51-49C9-AF36-BADA8D096F21-low.gif)
        
        "December 31," 19X3 19X2 Current assets " $3,147,000 " " $2,975,000 " "Plant, property and equipment - net" " 165,000 " " 145,000 " Other assets " 120,000 " " 110,000 " Total assets " 3,432,000 " " 3,230,000 " Current liabilities " 2,157,000 " " 2,030,000 " Long-term liabilities " 400,000 " " 450,000 " Total liabilities " 2,557,000 " " 2,480,000 " Equity " 875,000 " " 750,000 " Total Liabilities and Equity " $3,432,000 " " $3,230,000 "
        
    -   The sales and net income for 19X3 were $10,500,000 and $125,000 and for 19X2 were $9,700,000 and $80,000.
        
-   **NOTE 6.** Jane Person is the beneficiary of a remainder interest in a testamentary trust under the will of the late Joseph Jones. The amount included in the accompanying statements is her remainder interest in the estimated current value of the trust assets, discounted at 10 percent.
    
-   **NOTE 7.** At December 31, 19X3 and 19X2, James Person owned a $300,000 whole life insurance policy.
    
-   **NOTE 8.** The estimated current value of the residence is the appraised value based on an estimate of selling price, net of estimated selling costs obtained from an independent real estate agent familiar with similar properties in similar locations.
    
-   **NOTE 9.** The estimated current values of personal effects and jewelry are the appraised values of those assets, determined by an independent appraiser for insurance purposes.
    
-   **NOTE 10.** The mortgage (collateralized by the residence) is payable in monthly installments of $815 a month, including interest at 10 percent a year through 20Y8.
    
-   **NOTE 11.** James Person has guaranteed the payment of loans of Davekar Company, Inc., under a $500,000 line of credit. The loan balance was $300,000 at December 31, 19X3, and $400,000 at December 31, 19X2.
    
-   **NOTE 12.** The estimated current amounts of liabilities at December 31, 19X3, and December 31, 19X2, equaled their tax bases. Estimated income taxes have been provided on the excess of the estimated current values of assets over their tax bases as if the estimated current values of the assets had been realized on the statement date, using applicable tax laws and regulations. The provision will probably differ from the amounts of income taxes that eventually might be paid because those amounts are determined by the timing and the method of disposal or realization and the tax laws and regulations in effect at the time of disposal or realization.
    
    -   The estimated current values of assets exceeded their tax bases by $850,000 at December 31, 19X3, and by $770,300 at December 31, 19X2. The excess of estimated current values of major assets over their tax bases are:
        
    -   ![](https://asc.understandingaccounting.org/asc-img/GUID-86C909C2-3DBA-4258-82F8-62FB4F1A7557-low.gif)
        
        "December 31," 19X3 19X2 "Investment in Davekar Company, Inc." " $430,500 " " $355,500 " Vested interest in deferred profit sharing plan " 111,400 " " 98,900 " Investment in marketable securities " 104,100 " " 100,000 " Remainder interest in testamentary trust " 97,000 " " 53,900 "

##### [274-10-55-12](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-12)

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This Example illustrates how to compute the excess of the estimated current values of assets over their tax bases and the provision for estimated income taxes on the excess. This Example uses the same information as in the illustrative financial statements in Example 1 (see paragraph [274-10-55-8](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-8)). The provision for estimated income taxes should also reflect tax consequences that result from differences between the estimated current amounts of liabilities and their tax base.

##### [274-10-55-13](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-13)

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Paragraph [274-10-50-2(k)(6)](https://asc.understandingaccounting.org/asc/274/10/#274-10-50-2) requires that the excess or deficit of the estimated current values of major assets or categories of assets over their tax bases be disclosed. That paragraph also requires that differences between the estimated current amounts of major liabilities or categories of liabilities and their tax bases also be disclosed. Paragraph [274-10-45-12](https://asc.understandingaccounting.org/asc/274/10/#274-10-45-12) requires that the amount of estimated income taxes be presented in the statement of financial condition between liabilities and net worth.

##### [274-10-55-14](https://asc.understandingaccounting.org/asc/274/10/#274-10-55-14)

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The assumptions and the tax basis information used in computing the excess of the estimated current values of assets over their tax bases and the estimated income taxes on the excess depend on the facts, circumstances, tax laws and regulations, and assumptions that apply to the individual or individuals for whom the financial statements are prepared. The facts, circumstances, tax laws and regulations, and assumptions used in the following are illustrative only.

-   ![](https://asc.understandingaccounting.org/asc-img/GUID-9C8FBF06-BEE4-4FE7-AD5A-0F1D0529275D-low.gif)
    
    Description "(Column 1) Estimated current values" "(Column 2) Tax bases" Excess of (1) over (2) Effective income tax rates Amount of estimated income taxes Assumptions used Cash " $3,700 " " $3,700 " - - - No tax effect Bonus receivable " 20,000 " - " $20,000 " 50% " $10,000 " Maximum tax rate Investments Market securities " 160,500 " " 56,400 " " 104,100 " 36% " 37,500 " Weighted average of short-term and long-term capital gain rates based on composition of portfolio Stock options " 28,000 " " 20,000 " " 8,000 " 50% " 4,000 " Short-term capital gain rate Kenbruce Associates " 48,000 " " 24,000 " " 24,000 " 38% " 9,100 " Weighted average of short-term and long-term capital gain rates "Davekar Company, Inc." " 550,000 " " 119,500 " " 430,500 " 20% " 86,100 " Long-term capital gain rate Vested interest in deferred profit sharing plan " 111,400 " - " 111,400 " 50% " 55,700 " Maximum tax rate Remainder interest in testamentary trust " 171,900 " " 74,900 " " 97,000 " 26% " 25,200 " Weighted average of short-term and long-term capital gain rates Cash value of life insurance " 5,500 " " 5,500 " - - - No tax effect Residence " 190,000 " " 190,000 " - - - No tax effect Personal effects " 55,000 " " 30,000 " " 25,000 " 20% " 5,000 " Long-term capital gain rate Jewelery " 40,000 " " 10,000 " " 30,000 " 20% " 6,000 " Long-term capital gain rate " $1,384,000 " " $534,000 " " $850,000 " (a) " $239,000 " (b) (a) The excess or deficit of the estimated current values of major assets or categories of assets over their tax bases shall be disclosed (b) This amount shall be presented in the statement of financial condition between liabilities and net worth