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411 WHAT ARE THEY AND WHY DO WE NEED THEM
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December 31 20X3 Current assets Plant, property, and equipment net Other assets Total assets Current liabilities Long-term liabilities Total liabilities Equity $3,147,000 165,000 120,000 3,432,000 2,157,000 400,000 2,557,000 $ 875,000 20X2 $2,975,000 145,000 110,000 3,230,000 2,030,000 450,000 2,480,000 $ 750,000
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The sales and net income for 20X3 were $10,500,000 and $125,000 and for 20X2 were $9,700,000 and $80,000 Note 6 Jane Person is the bene ciary 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% Note 7 At December 31, 20X3 and 20X2, James Person owned a $300,000 whole life insurance policy Note 8 The estimated current value of the residence is its purchase price plus the cost of improvements The residence was purchased in December 20X1, and improvements were made in 20X2 and 20X3 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% 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, 20X3, and $400,000 at December 31, 20X2 Note 12 The estimated current amounts of liabilities at December 31, 20X3, and December 31, 20X2, 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, 20X3, and by $770,300 at December 31, 20X2 The excess of estimated current values of major assets over their tax bases are December 31 20X3 Investment in Davekar Company, Inc Vested interest in deferred pro t-sharing plan Investment in marketable securities Remainder interest in testamentary trust Exhibit 412 Continued $430,500 111,400 104,100 97,000 20X2 $355,500 98,900 100,000 53,900
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but the methodologies and approaches should be disclosed and should not be misleading to the user of the statement (e) WHICH ASSET/LIABILITY GOES FIRST Cash is king (and the most liquid of the assets) So cash is at the top of the list Assets are presented in order of liquidity and liabilities in order of maturity No distinction is made between current and long-term assets and liabilities because there is no operating cycle on which to base that distinction in a person s nancial affairs
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PERSONAL FINANCIAL STATEMENTS
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Assets and liabilities of a closely held business that is conducted as a separate entity are not combined with similar personal items in a personal nancial statement Instead, the estimated current net value of the person s investment in the entity is shown as one amount But if the person owns a business activity that is not conducted as a separate entity, such as a real estate investment with a related mortgage, the assets and liabilities of the activity are shown as separate amounts
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412 PRACTICAL TIPS
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(a) DUE DILIGENCE IN THE ACCOUNTANT-CLIENT RELATIONSHIP As is the case with any potential business relationship, before accepting an engagement involving personal nancial statements, the accountant ordinarily would evaluate certain aspects of the potential client relationship The accountant may wish to consider facts that might bear on the integrity of the prospective client Consideration of the character and reputation of the individual helps to minimize the possibility of association with a client who lacks integrity The extent of the accountant s inquiries before acceptance might depend on his or her previous knowledge of the client and the nature of the client s nancial activities The accountant may want to consult predecessor accountants or auditors, attorneys, bankers, and others having business relationships with the individual regarding facts that might bear on the integrity of the prospective client This does not suggest that, in accepting an engagement, the accountant vouches for the integrity or reliability of a client However, prudence suggests that an accountant be selective in determining his or her professional relationships It is not unknown for a seemingly high pro le potential client, complete with private jet and an entourage of assistants, to be a fraudster, destined for more humble quarters in a prison The accountant may also wish to consider circumstances that present unusual business risk, such as considering whether an individual is in serious nancial dif culty, and if that fact could have a bearing on the integrity of the information presented to the accountant for the preparation of the nancial statements In addition, the accountant may want to consider up front the effect of any lack of independence on the type of report he may issue in compliance with professional standards Statements on Standards for Accounting and Review Services (SSARS) No 1 permits the accountant to issue a compilation report on personal nancial statements of an individual with respect to whom he is not independent However, the accountant must be independent to issue a review report or an audit opinion For example, if a prospective client requesting a personal nancial statement is the co-owner of a business with the spouse of the accountant, the accountant is not independent and can only issue a compilation Before accepting an engagement involving personal nancial statements, the accountant may want to ask the potential client about the availability of records and consider whether available records provide a basis suf cient for providing the services requested Incomplete or inadequate accounting records are likely to give rise to problems in compiling, reviewing, or auditing personal nancial statements Because of the informal nature of most personal nancial records, the accountant should evaluate the need to perform other accounting services in conjunction with personal nancial records AICPA Interpretation 101 3, Performance of Nonattest Services, should be consulted for guidance Professional standards require the accountant to attain a certain level of knowledge of his client s nancial activities Before accepting an engagement, the accountant should consider whether he or she can obtain an appropriate understanding of the nature of the prospective client s nancial activities and the specialized accounting principles and practices related to any of the client s nancial activities (b) MAKING SURE THE ENGAGEMENT IS CLEAR TO ALL PARTIES Once the accountant has decided to accept an engagement involving personal nancial statements, he should establish an
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