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FASB ASC Guide > FASB ASC 205

The Financial Accounting Standards Board (FASB) released the 200 section of the Accounting Standards Codification for the purpose of discussing the braod topic of Presentation. Accounting Standards Codification 205 (ASC 205) was released to address the more specific topic of how the financial statements must be presented. Financial statements have a very specific way of being presented to maintain conformity with standards, being comparable and being consistent. The main information shared within this is the different components of the financial statements, as well as guidance reporting entities. Adequate disclosures must be made to support the balances of the financial statements and discuss them in great enough detail to supply adequate information to the readers.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

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*Technical versions of the standards, authoritative literature can be found in the Financial Accoutning Standards Board website.