{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/205/10/#45-other-presentation-matters","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"205","topic_title":"Presentation of Financial Statements","subtopic":"205-10","subtopic_title":"Overall","section":{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":"Comparative Financial Statements","paragraphs":[{"citation":"205-10-45-1","para":"45-1","html":"
The presentation of comparative financial statements in annual and other reports enhances the usefulness of such reports and brings out more clearly the nature and trends of current changes affecting the entity. Such presentation emphasizes the fact that statements for a series of periods are far more significant than those for a single period and that the accounts for one period are but an installment of what is essentially a continuous history.
","snippet":"The presentation of comparative financial statements in annual and other reports enhances the usefulness of such reports and brings out more clearly the nature and trends of current changes affecting the entity. Such pre…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d0d9139b13d4c0c901565f3a6ce1462f3ec50e8fe38b35b2da951ee38b7f97f4","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}},{"citation":"205-10-45-1A","para":"45-1A","html":"
A full set of financial statements for a period shall show all of the following:
  1. a
    Financial position at the end of the period
  2. b
    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. c
    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. d
    Cash flows during the period
  5. e
    Investments by and distributions to owners during the period.
Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance:
270-10-65-1A full set of financial statements for a period shall show all of the following (unless not required to do so by other Topics):
  1. a
    Financial position at the end of the period
  2. b
    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. c
    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. d
    Cash flows during the period
  5. e
    Investments by and distributions to owners during the period.
","snippet":"A full set of financial statements for a period shall show all of the following:\n(a) Financial position at the end of the period\n(b) Earnings (net income) for the period, (which may be presented as a separate statement o…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:54a7fbfe2f448e498adf287c798ea35f0960d9bbf16c07919366e81f72a45301","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}},{"citation":"205-10-45-2","para":"45-2","html":"
In any one year it is ordinarily desirable that the statement of financial position, the income statement, and the statement of changes in equity be presented for one or more preceding years, as well as for the current year.
Transition date:(P) December 16, 2026; (N) December 16, 2026Transition guidance:
105-10-65-10In any one year it is ordinarily desirable that the financial statements be presented for one or more preceding years, as well as for the current year.
","snippet":"In any one year it is ordinarily desirable that the statement of financial position, the income statement, and the statement of changes in equity be presented for one or more preceding years, as well as for the current y…","pending":true,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f53becf5ce2590a8f440f767236043edd83a743de5b63552d310e95688c2764e","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}},{"citation":"205-10-45-3","para":"45-3","html":"
Prior-year figures shown for comparative purposes shall in fact be comparable with those shown for the most recent period. Any exceptions to comparability shall be clearly brought out as described in Topic 250.
","snippet":"Prior-year figures shown for comparative purposes shall in fact be comparable with those shown for the most recent period. Any exceptions to comparability shall be clearly brought out as described in Topic 250.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e1e5bcb715c22f88ac50c47f31aec56f3f0f06c2f23749e5ada34f8cd495695","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}},{"citation":"205-10-45-4","para":"45-4","html":"
Notes to financial statements, explanations, and accountants' reports containing qualifications that appeared on the statements for the preceding years shall be repeated, or at least referred to, in the comparative statements to the extent that they continue to be of significance. (See paragraph 205-10-50-2.)
","snippet":"Notes to financial statements, explanations, and accountants' reports containing qualifications that appeared on the statements for the preceding years shall be repeated, or at least referred to, in the comparative state…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4e8a6fcf70c2a47cd80038f5c8046121fbb650cc255972e9d4fd0c9207bfc81f","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c52c0b19cc13c693279bc4379175551c6a019f18f1376419e7a37a25593d6731","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e2f8da529d5e44f22e2430c8aee842975cf1d4403baa481a2c8169f6e37be68","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e2f8da529d5e44f22e2430c8aee842975cf1d4403baa481a2c8169f6e37be68","downloaded_from":"2026-09-09T22:51:59.498Z","last_downloaded_at":"2026-09-09T22:51:59.498Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147483478","source_sha256":"411ba7db84c75a2db0d8fd2212a70d81f7be3e9d14e2010b8f9d89d6098912f3"}}