Personal Financial Statements Flashcards
1
Q
How are assets and liabilities reported for PFS?
A
Assets = estimated current value
Liabilities = estimated current amounts
Contingent liabilities not reported until event occurs
2
Q
How are business interests reported for PFS?
A
If conducted separately = net current value of overall business
If not conducted separately = report individual amounts
3
Q
Where are income taxes shown on PFS?
A
Current - liability
Deferred - between liabilities and net worth
4
Q
What financial statements are required for PFS?
A
Statement of financial condition
Statement of changes in net worth
