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liquidated and all the liabilities paid on the date of the statement
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Net worth
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Although both personal and business nancial statements are presented for the purpose of informing a reader about the nances of the entity being presented, the statements have many signi cant differences (see Exhibit 411) The basic personal nancial statement containing this information is called a statement of nancial condition, not a balance sheet Values and amounts for one or more prior periods may be included for comparison with the current values and amounts, but this is optional The statement
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411 WHAT ARE THEY AND WHY DO WE NEED THEM
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Personal Objective Uses Measurement of wealth Facilitation of nancial planning; Procuring of credit; Provision of disclosures to the public or the court Current value Accrual None: assets presented in order of liquidity, liabilities in order of maturity Net worth
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Business Reporting of earnings; evaluation of performance Procuring of credit; Information for shareholders; Regulatory requirements Historical cost Accrual Assets and liabilities classi ed as current or long-term Equity earnings
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of changes in net worth is also optional (also, see Section 418) It presents the major sources of increase or decrease in net worth (see Exhibit 412) (b) WHOSE FINANCIAL STATEMENT IS IT Normally, a personal nancial statement is compiled for an individual and their spouse or one or the other individually A personal nancial statement covering a whole family usually presents the assets and liabilities of the family members in combination, as a single economic unit However, the members may have different ownership interests in these assets or liabilities For example, the wife may have a remainder interest in a testamentary trust, whereas the husband may own life insurance with a net cash surrender value It may be useful, especially when the statement is to be used in a divorce case, to disclose each individual s interests separately This may be done in separate columns within the statement, in the notes to the statement, or in additional statements for each individual Often, an individual covered by the statement is one of a group of joint owners of assets, as with community property or property held in joint tenancy In this case, the statement should include only the individual s interest as a bene cial owner under the laws of the state If the parties shares in the assets are not clear, the advice of an attorney may be needed to determine whether the person should regard any interest in the assets as his or her own, and if so, how much The statement should make full disclosure of the joint ownership of the assets and the grounds for the allocation of shares (c) WHY ARE THEY NEEDED Many individuals or families use personal nancial statements for investment, tax, retirement, gift and estate planning, or for obtaining credit A personal nancial statement may also be required for disclosure to the court in a divorce case or to the public when the individual is a candidate or an incumbent of public of ce Another example of the use of a specialized personal nancial statement was where the statement was used in litigation to show the solvency of an individual who had been the holder of a business franchise that was terminated due to an alleged insolvency (d) CASH, ACCRUAL, OR SOMETHING ELSE American Institute of Certi ed Public Accountants (AICPA) Statement of Position (SOP) 82 1 (see Applicable Professional Standards, Section 412(d)) establishes the use of estimated current values and amounts and the accrual basis of accounting as generally accepted accounting principles (GAAP) for personal nancial statements The AICPA Personal Financial Statements Guide (the Guide ) allows accountants to prepare, compile, review, or audit personal nancial statements on other comprehensive bases of accounting, such as historical cost, tax, or cash In actual practice, there are many variations on a theme,
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