<prompt> Human: Why arent generally accepted accounting principles used to calculate personal net worth? For example, the deferred tax liability arising from contributions to retirement accounts are not considered in the calculation of personal net worth. Yes, I know that deferred taxes is not always reliable because it depends greatly on how one withdrawals from their retirement accounts in the future. Nevertheless, GAAP requires it be recorded since it is a relevant liability computed based on planned courses of action.  <response>: Simplicity. 