Accounting Rules
Form and Content of Financial Statements
Regulation S-X
Rule 3-17 -- Financial Statements of Natural Persons
(a) In lieu of the financial statements otherwise
required, a natural person may file an unaudited balance sheet as of a date
within 90 days of date of filing and unaudited statements of income for
each of the three most recent fiscal years.
(b) Financial statements conforming with the instructions
as to financial statements of subsidiaries not consolidated and 50 percent
or less owned persons under Rule 3-09 (a) shall
be separately presented for:
(1) each business owned as a sole proprietor,
(2) each partnership, business trust, unincorporated association,
or similar business organization of which the person holds a controlling
interest and
(3) each corporation of which the person, directly or indirectly,
owns securities representing more than 50 percent of the voting power.
(c) Separate financial statements may be omitted,
however, for each corporation, business trust, unincorporated association,
or similar business organization if the person's total investment in such
entity does not exceed 5 percent of his total assets and the person's total
income from such entity does not exceed 5 percent of his gross income;
Provided,
That the person's aggregate investment in and income from all such omitted
entities shall not exceed 15 percent of his total assets and gross income,
respectively.
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