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The majority of presentation and disclosure requirements discussed in this chapter are applicable to both public and private companies.
Requirements included in Figure FSP 3-3 apply only to SEC registrants.
Figure FSP 3-3
Presentation and disclosure requirements applicable only to SEC registrants
The various line items that, if applicable, should appear on the face of the income statements
Requirement to present three-year comparative income statement
Requirement to separately report, under the heading operating income/expense any material amounts not included in the caption “costs and expenses applicable to sales and revenues”
Requirement to present separate financial statement line items based on thresholds – including sales/revenues and corresponding cost of sales
Requirement to separately disclose receivables resulting from long-term contracts
Requirement to state that depreciation, depletion, and amortization is excluded from cost of sales or presented as a separate line item if elected to not present such amounts in cost of sales
Requirement to disclose selected quarterly financial data for each full quarter within the two most recent fiscal years in the annual reports on Form 10-K
Requirement to report as “other general expenses” gains or losses from the sale of long-lived assets reported under ASC 360-10-45-5
Requirement to include items not normally included under the caption “selling, general, and administrative expenses” under the caption “other general expenses”
Requirement to present separate income statement line item captions for non-operating income and non-operating expense
Requirement to present all interest expense in the caption for interest expense
Requirement to state separately, in the income statement or in a footnote, amounts earned from (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income
Requirement to disclose the amounts earned from transactions in securities of related parties (if applicable)
Requirement to state separately, in the income statement or in a footnote, amounts of losses on securities (net of profits) and miscellaneous income deductions
Requirement to present interest expense and amortization of debt discount on the face of the income statement
Requirement to only include taxes based on income under the caption “income tax expense”
Requirement to present specific earnings per share captions on the face of the income statement

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