October 2012
Intermediate to advanced
1321 pages
54h 22m
English
book
Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles
by Joanne M. Flood
Content preview from Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles
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CHAPTER 32
PERSONAL FINANCIAL STATEMENTS
Perspective and Issues
Definitions of Terms
Concepts, Rules, and Examples
Basis of presentation
Measurement
Hypothetical Set of Personal Financial Statements
PERSPECTIVE AND ISSUES
Accounting Standards Codification (ASC) 274, Personal Financial Statements, addresses the preparation and presentation of financial statements of individuals or groups of related individuals (i.e., families). Personal financial statements are generally prepared to organize and plan an individual’s financial affairs on a more formal basis. Specific purposes that might require the preparation of personal financial statements include the obtaining of credit, income tax planning, retirement planning, gift and estate planning, or the public disclosure of financial affairs. Third-party recipients of personal financial statements use them in deciding whether to grant credit, in evaluating the financial condition of individuals, in assessing the financial affairs of public officials and candidates for public office, and for other purposes. Estimated current values of assets and liabilities are almost always specified for use in the preparation of personal financial statements as this information is more relevant to users than historical cost.
Major Topics and Subtopics in the Financial Accounting Standards Board (FASB) Accounting Standards Codification
| 274 | Personal Financial Statements |
DEFINITIONS OF TERMS
Estimated current value of an asset. The amount for which ...
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