What it is
A personal financial statement reports what a person owns and owes at estimated current values and amounts, not historical cost. ASC 274 also has a line for the estimated income taxes on the difference between those values and their tax bases, so the net worth shown is after tax. Lenders, surety and SBA applicants ask for it, and an accountant can compile or review it under SSARS.
This workbook has a statement of financial condition with two dates, a schedule of real estate (owner’s share of value and mortgage), a schedule of notes payable, a tax estimate that computes tax on gains over tax basis at the rates you enter, and an optional statement of changes in net worth that must tie to the statement.
When to use it
- A client needs a personal financial statement for a loan, bonding or SBA application.
- Compiling or reviewing a personal financial statement for an individual or couple.
- Building the real estate and debt schedules that lenders often request alongside the statement.
What’s inside
- Statement of financial condition: assets at estimated current value, liabilities at estimated current amounts, net worth
- Schedule of real estate with ownership share, value, mortgage and equity
- Schedule of notes payable and other debt
- Income tax estimate on the difference between value and tax basis, with rates and assumptions
- Optional statement of changes in net worth and a Checks tab
Standard cited
This template follows ASC 274 / AR-C 80. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Why not use historical cost?
ASC 274 has personal financial statements report assets at estimated current values and liabilities at estimated current amounts, because users want to know what the person is worth now.
How are retirement accounts shown?
At the vested amount, with a note explaining the tax effect. The estimated tax line captures taxes on the difference between value and tax basis, which for a pre-tax retirement account is generally the whole balance, but the judgment and the rate belong in the note.
Is the statement of changes in net worth required?
No. ASC 274 makes it optional. It is included here as an optional tab that must tie to the statement of financial condition.
Can a CPA compile it?
Yes, under AR-C 80. The report must call out the basis of presentation, and the accountant must read the statement for obvious errors. Disclosures are required unless the report states they are omitted.
Related templates
- Compilation Engagement Letter (AR-C 80)
- Compilation Report and Management Letter Shells (AR-C 80)
- Trial Balance Template with Mapping (Excel)
Last updated 11/05/2026. All free templates.