A personal financial statement outlines an individual's financial position at a given point in time. A personal financial statement will typically include general information about the individual, such as name and address, along with a breakdown of total assets and liabilities. Preparing accurate personal financial statements is important for accounting and financial professionals as the financial statement shows the financial health of the entity named in the statement.

This course provides an overview of personal financial statements. The accounting guidance with respect to personal financial statements is prescribed by ASC Topic No. 274 ("Personal Financial Statements"). Included within this topic are several subtopics that provide expansive guidance related to recognition, measurement, subsequent measurement, presentation, and disclosures.

Upon completion of this course, students will be able to:

• recognize accounting guidance applicable to personal financial statements
• identify the recognition method used for personal financial statements
• recognize subsequent measurement requirements for assets and liabilities
• identify presentation requirements for personal financial statements
• identify disclosure requirements related to personal financial statements