Wiley GAAP 2008

Definitions of Terms

Estimated current value of an asset	The amount for which an item could be exchanged between a buyer and a seller, each of whom is well informed and willing, and neither of whom is compelled to buy or sell.
Estimated current amount of liabilities	Payables and other liabilities are to be presented at the discounted amounts of future cash to be paid. The interest rate used to discount the debt is the rate implicit in the transaction in which the debt was incurred. If, however, the debtor is able to repay the debt currently at a lower amount, the debt is to be presented at that reduced figure.
Net worth	The difference between total assets and total liabilities, after deducting estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their income tax bases.