2 ASC 205 PRESENTATION OF FINANCIAL STATEMENTS
PERSPECTIVE AND ISSUES
ASC 205, Presentation of Financial Statements, is divided into two subtopics:
- ASC 205-10, Overall, which emphasizes the value of comparative financial statements, and
- ASC 205-20, Discontinued Operations, which provides guidance
- On reporting the results of operations when a component of an entity has been disposed of or is classified as held for sale and
- On the allocation of interest and overhead of discontinued operations
- ASC 205-30, Liquidation Basis of Accounting, which is expanded upon in the technical alert below.
In April 2013, the FASB issued ASU 2013-07, Presentation of Financial Statements (Topic 205: Liquidation Basis of Accounting. The ASU clarifies when ...