Working With Personal Financial Statements

CPE Credit: 2 hours

Are you working with small business owners or high net worth clients? Have you been asked to prepare or review personal financial statements or to issue a comfort letter for a client? Personal financial statements are prepared for individuals, or married couples, to formally organize, document, and plan their financial affairs in general or for specific purposes, such as obtaining credit, income tax planning, retirement planning, gift and estate planning, or public disclosure of their financial affairs. This webinar will discuss the authoritative guidance related to preparing and reporting on personal financial statements and how to interpret the guidance. Attendees will benefit from this webinars guidance on preparing and reporting on personal financial statements.

Topics Covered:
• Accounting Standards
• Personal Financial Statements
• Comfort Letters

Learning Objectives:
• Recognize how to prepare personal financial statements
• Determine the proper disclosures for personal financial statements
• Understand the concept of “estimated current value”
• Understand the reporting requirements related to personal financial statements
• Identify the risks with comfort letters