On a partner's personal statement of financial condition,how are assets valued?

Question

Quizplus · Accepted Answer

Assets are usually valued at their estimated current value on a partner's personal statement of financial condition. This gives a more accurate and relevant picture of the partner's financial standing. Valuing assets at historical cost or book value may not reflect their current market value, while discounted value is used to value liabilities rather than assets.

On a Partner's Personal Statement of Financial Condition,how Are Assets