statement of financial condition ending in net worth

Presentation1

1. 274-10Overall274 Personal Financial Statements

   ASC 274-10 governs personal financial statements prepared for an individual, a married couple, or a family. The core rule is that assets are presented at their estimated current values and liabilities at their estimated current amounts on the accrual basis (274-10-25-1; 274-10-35-1), with a provision for estimated income taxes on the difference between those amounts and the related tax bases (274-10-35-15). The required statement is a statement of financial condition ending in net worth; a statement of changes in net worth and comparative statements are optional (274-10-45-4, 45-5).