statement of financial condition

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).

This industry Subtopic supplements ASC 820 for brokers and dealers in securities. It lists non-exhaustive factors broker-dealers have considered in determining the fair value of a financial instrument (issuer's financial standing, market liquidity, restrictions on salability, pending offerings or reorganizations, dealer pricing, recent trades, etc.) and requires specific disclosure when an instrument is carried below its quoted price.