FASB Interpretation No. 10

Paragraph 5 of FASB Statement No. 12, «Accounting for Certain Marketable Securities,»
enumerates the entities excluded from the scope of the Statement but does not mention
individuals. The AICPA Industry Audit Guide, «Audits of Personal Financial Statements,» states
that «…financial statements for individuals should be prepared on a cost basis, in conformity with
generally accepted accounting principles» and that «…financial information on an estimated
value basis is useful…as additional financial information» (pages 2 and 3). Further, the Industry
Audit Guide recommends a two-column presentation of personal financial statements: «The first
column should present financial data on the cost basis, paralleled by a second column presenting
estimated values» (page 3). The FASB has been asked to clarify whether in personal financial
statements prepared in conformity with generally accepted accounting principles the presentation
of marketable equity securities on an estimated value basis in the second column supplants the
requirement of paragraph 8 of FASB Statement No. 12 to carry marketable equity securities at the
lower of aggregate cost or aggregate market value in the first column.


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