Services

A Statement as of a Date

A dated view of assets, liabilities, estimated income taxes, and net worth, supported by related notes.

The Deliverable

A Statement of Financial Condition organizes relevant financial information under the applicable reporting framework as of a specific date and includes related notes.

Within the agreed scope, the statement is prepared under U.S. generally accepted accounting principles for personal financial statements and the professional standards of the American Institute of Certified Public Accountants. It speaks as of a single stated date.

What the Statement Contains

Assets at estimated current value.
Liabilities at estimated current amount.
Estimated income taxes on differences between the reported amounts of assets and liabilities and their tax bases.
Notes explaining significant amounts and valuation approaches.

Common Situations

When It May Be Useful

A lender, banker, attorney, trustee, or advisor has requested a personal financial statement.
Financing, refinancing, or a bonding review.
Estate or trust work, divorce, prenuptial planning, or another legal need, coordinated through counsel where appropriate.
A business or property transition, succession, or gifting.
Retirement or inheritance planning conversations with your advisors.
A professionally prepared current financial picture on your own initiative, with no outside request pending.

A new statement can be prepared when another need arises, or quarterly reporting can keep the information current.

Optional Statement of Changes in Net Worth

The Statement of Financial Condition answers where things stand on a specific date. When the engagement also needs to explain the period, Aurora can prepare an optional Statement of Changes in Net Worth. It reconciles beginning and ending net worth and distinguishes realized changes—such as income, realized investment gains, taxes, and personal expenditures—from unrealized changes in asset values, liabilities, and related estimated taxes. It is the personal-financial-statement counterpart to an income statement, but it is included only when selected in the written scope.

Third-Party Forms

Aurora evaluates any required form before accepting the engagement. Assistance with that form is included only when expressly accepted in writing after that evaluation. Any certification, oath, or filing remains the responsibility of the client or counsel unless Aurora separately accepts it in writing.

Significant Values and Specialist Reports

Aurora does not perform business valuations or appraisals. For hard-to-value holdings, Aurora may use reports and information from your existing appraisers, valuation specialists, and investment managers, with your authorization. The notes describe the valuation approach and identify a specialist report when relevant.