The first installment of this two-part blog presented an overview of the reasons for which you would need a personal financial statement, the components included and the basis under which a personal financial statement can be prepared. This installment aims to discuss how estimated current value of assets and liabilities are determined. For information on […]

Many are familiar with the traditional balance sheet and income statement used for reporting and record-keeping purposes by business entities. Personal financial statements, which are often underestimated in importance, serve a similar purpose by reporting the assets, liabilities and net worth of an individual, married couple or family at a point in time. Typical personal […]

Businesses with fewer than 100 employees accounted for the highest percentage of fraud instances and higher median loss than their larger counterparts, as reported by the Association of Certified Fraud Examiners (ACFE). The ACFE has classified fraud into three categories: Misappropriation of Assets – stealing or misuse of an organization’s resources Corruption – an employee […]