Personal Financial Reporting for Individuals and Families
Prepared directly by a Certified Public Accountant for a defined date or through an ongoing quarterly engagement.
Statement as of a Date
A Statement of Financial Condition and related notes, prepared for a defined date and intended use.
- An outside request or financing
- Estate or trust work, divorce, prenuptial planning, or another legal context
- A business or property transition
- Succession, gifting, retirement, or inheritance
- A current financial picture on your own initiative
- An optional Statement of Changes in Net Worth when period activity is relevant
Quarterly Reporting
A Statement of Financial Condition and related notes establish the reporting baseline. Each later scheduled quarter presents both the current financial position and the period’s changes in net worth.
- Baseline Statement of Financial Condition with related notes
- Refreshed Statement of Financial Condition for each scheduled quarter after the baseline
- Related notes reviewed each quarter and updated when affected
- Statement of Changes in Net Worth for each defined quarterly period after the baseline
- Concise memo interpreting significant drivers and identifying information or third-party valuation support needed for the next report
- Secure delivery on the agreed schedule, subject to timely receipt of records
Is this relevant to me?
Use these two short steps to see a possible starting point for a conversation. They do not determine what is appropriate for your situation.
A possible starting point
Choose any circumstances above to see a possible starting point for the conversation.
A Statement as of a Date commonly fits a defined request or transition. It is often the right starting point when a lender, court, counterparty, estate or trust matter, divorce or prenuptial planning, or a transition sets the date and intended use.
Quarterly Reporting commonly fits a current and ongoing picture. It is often the right starting point after a baseline statement is established.
Third parties often use their own form or format. Aurora prepares the underlying statement and, when the engagement letter expressly includes it, may organize information from the completed statement into the format the requesting party requires. Bring the form to the initial conversation. See how the information works together.
When no complex holdings apply, a full statement may be more than the situation requires, and the requesting party’s form may be sufficient on its own. The initial conversation can clarify the request.
Complex holdings are the core of Aurora’s practice.
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Common to Every Engagement
- The intended use, reporting dates, deliverables, and fee are defined in writing; additions are agreed before more work begins.
- The applicable reporting framework and deliverables are stated in the engagement letter. Aurora’s personal financial statements are prepared under U.S. generally accepted accounting principles within the agreed scope.
- With your written authorization, Aurora may coordinate with your advisors to obtain relevant records.
Professional Preparation and Boundaries
What professional preparation adds
- One consistent presentation assembled from records created for different purposes.
- Professional judgment applied to the reporting framework, valuation approaches, and disclosures.
- Relevant reports from existing appraisers, valuation specialists, and investment managers used when appropriate and authorized.
- Related notes explaining significant amounts and estimated tax effects.
Services not provided
- Audit, review, or verification of the underlying information, or any assurance on it.
- Business valuations or appraisals.
- Tax return preparation, or tax, legal, or investment advice.
- Investment management or bookkeeping.
If a requesting party requires a different format or service level, Aurora confirms that requirement before accepting the work. Any additional service is scoped separately.
A brief conversation can clarify the intended use, timing, and reporting scope for either service.