Chapter 22
Personal Financial Statements
22.1 What Are They? And Why Do We Need Them?
(a) What Is a Personal Financial Statement?
(b) Whose Financial Statement Is It?
(d) Cash, Accrual, or Something Else?
(e) Which Asset/Liability Goes First?
(a) Due Diligence in the Accountant–Client Relationship
(b) Understanding of the Engagement to All Parties
(c) Value of Written Representations
(d) Operating Rules Are Otherwise Known as Applicable Professional Standards
22.3 Rules and Guidance in Presenting Asset Values
(a) Start by Using the Estimated Current Value
(c) Stock Market and Other Markets
(d) Limited Partnership Interests Are Limited
(e) Gold, Silver, and Other Precious Metals
(f) Options on Assets Other Than Marketable Securities
(h) A Real Challenge Is Valuing a Closely Held Business
(i) Location, Location, Location
22.4 Rules and Guidance in Presenting Liabilities
(a) Start by Using the Estimated Current Amount of the Debt or Liability
(c) Contingencies, Risks, and Uncertainties
(d) Paying the Devil His Due: Income Taxes
22.5 Provision for Income Taxes
(b) Computing the Provision for Income Taxes
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