March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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2 ASC 205 PRESENTATION OF 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 that, 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 financial statements and the related disclosures.
- ASC 204-40, Going Concern, which provides guidance for evaluating whether there is substantial doubt about an entity's ability to continue as a going concern.
Scope and Scope Exceptions
ASC 205-10. The guidance in ASC 205-10 applies to
- All subtopics in ASC 205-10 unless explicitly excluded
- Business entities and not-for-profit entities
(ASC 205-10-15-1)
ASC 205-20. The guidance in 205-20 applies to either:
- A component of an entity or a group of components that is disposed of or is classified as held for sale, or
- A business or nonprofit entity that, on acquisition, is classified as held for sale. (ASC 205-20-15-2)
The guidance does not apply to oil and gas properties that use the full-cost method of accounting prescribed by the SEC. (ASC 205-20-15-3)
ASC 205-30. ASC 205-30 does not apply to ...
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