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ASC 205, Presentation of Financial Statements, provides the baseline authoritative guidance for presentation of financial statements for all US GAAP reporting entities. ASC 205-10-45-1A lists the required financial statements under US GAAP.

ASC 205-10-45-1A

A full set of financial statements for a period shall show all of the following:

  1. Financial position at the end of the period
  2. Earnings (net income) for the period, (which may be presented as a separate statement or within a continuous statement of comprehensive income [see paragraph 220-10-45-1A])
  3. Comprehensive income (total nonowner changes in equity) for the period in one statement or two separate but consecutive statements (if the reporting entity is required to report comprehensive income, see paragraph 220-10-15-3)
  4. Cash flows during the period
  5. Investments by and distributions to owners during the period.

The presentation rules in ASC 205 closely align with SEC regulations, except for certain circumstances in which the SEC may prescribe incremental requirements.
The presentation and disclosure requirements discussed in this guide presume that the related accounting topics are considered to be material and applicable to the reporting entity. That assumption applies throughout the guide and will not be restated in every instance. Accounting topics or transactions that are not material or not applicable to a reporting entity generally do not require separate presentation or disclosure, unless otherwise indicated.
This guide details the required presentation and disclosures for each topical area. In addition, S-X 4-01 requires that financial statements not be misleading. As a result, reporting entities may need to supplement required disclosures with additional information in some situations to provide context or further clarification that they believe would be meaningful to users.

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