ASC 205 Presentation of Financial Statements

This Topic contains three subtopics (Overall, Discontinued Operations, and Liquidation Basis of Accounting).

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US GAAP

10 Overall 20 Discontinued Operations 30 Liquidation Basis of Accounting 40 Going Concern 905 Agriculture 915 Development Stage Entities 946 Financial Services—Investment Companies 954 Health Care Entities 958 Not-For-Profit Entities 960 Plan Accounting—Defined Benefit Pension Plans 962 Plan Accounting—Defined Contribution Pension Plans 965 Plan Accounting—Health and Welfare Benefit Plans 972 Real Estate—Common Interest Realty Associations

Roadmap: Impairments and Disposals of Long-Lived Assets and Discontinued Operations

ASC 205 contains three subtopics, below is an overview of each subtopic.

205-10 Overall

ASC 205-10 notes that the Subtopic "describes the benefits of presenting comparative financial statements instead of single-period financial statements, and addresses how the comparative information shall be presented and the required disclosures."

205-20 Discontinued Operations

ASC 205-20 addresses the accounting for components that have been disposed of or are classified as held for sale, and specifically states:

This Subtopic provides guidance on when the results of operations of a component of an entity that either has been disposed of or is classified as held for sale would be reported as a discontinued operation in the financial statements of the entity. It also addresses the allocation of interest and overhead to discontinued operations. Subtopic 360-10 establishes held for sale criteria in paragraphs 360-10-45-9 through 45-14.

205-30 Liquidation Basis of Accounting

ASC 205-30 was added to the Codification by ASU 2013-07, which is effective for entities that determine liquidation is imminent during annual periods beginning after December 15, 2013, and interim reporting periods therein. ASC 205-30 notes:

The Liquidation Basis of Accounting Subtopic provides guidance on when and how an entity should prepare its financial statements using the liquidation basis of accounting and describes the related disclosures that should be made.