Wiley GAAP 2016

2ASC 205 Presentation of Financial Statements

1. Perspective and Issues
   1. Subtopics
   2. Scope and Scope Exceptions
   3. Technical Alert
      1. ASU 2014-15 – Going Concern
      2. Guidance
      3. Disclosure Requirements
      4. Implementation Information
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. ASC 205-10, Overall
      1. Comparative Statements
      2. Changes Affecting Comparability
   2. ASC 205-20, Discontinued Operations
      1. Determining when a Component of an Entity Should Be Classified as a Going Concern
      2. Cases – Determination of Whether to Report Discontinued Operations
      3. Presentation
      4. Example of Income Statement Presentation for Discontinued Operations
      5. Allocation of Overhead and Interest to Discontinued Operation
      6. Adjustments to Amounts Previously Reported
   3. ASC 205-30, Liquidation Basis of Accounting
      1. Measurement
      2. Financial Statements

Perspective and Issues

Subtopics

ASC 205, Presentation of Financial Statements, is divided into four subtopics:

• ASC 205-10, Overall, which emphasizes the value of comparative financial statements,
• 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
  • A business or nonprofit activity on acquisition is classified as held for sale
• ASC 205-30, Liquidation Basis of Accounting, provides guidance on when and how to prepare liquidation basis of accounting and the related disclosures.
• ASC 204–40, Going Concern, which provides guidance for evaluating whether there ...