# ASC 205-10-45: Presentation of Financial Statements — Overall — 45 Other Presentation Matters Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/205/10/#45-other-presentation-matters) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:8e2f8da529d5e44f22e2430c8aee842975cf1d4403baa481a2c8169f6e37be68 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-10-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/205/10/#45-other-presentation-matters) SEC content: no #### Comparative Financial Statements ##### [205-10-45-1](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:d0d9139b13d4c0c901565f3a6ce1462f3ec50e8fe38b35b2da951ee38b7f97f4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [205-10-45-1A](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-1A) Pending content: yes Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:54a7fbfe2f448e498adf287c798ea35f0960d9bbf16c07919366e81f72a45301 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/glossary/n/#net-income "A measure of financial performance resulting from the aggregation of revenues, expenses, gains, and losses that are not items of other comprehensive income. A variety of other terms such as net earnings or earnings may be used to describe net income.")) for the period, (which may be presented as a separate statement or within a continuous statement of [comprehensive income](https://asc.understandingaccounting.org/glossary/c/#comprehensive-income "The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income comprises both of the following:All components of net incomeAll components of other comprehensive income.") \[see paragraph [220-10-45-1A](https://asc.understandingaccounting.org/asc/220/10/#220-10-45-1A)\]) 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](https://asc.understandingaccounting.org/asc/220/10/#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: [270-10-65-1](https://asc.understandingaccounting.org/asc/270/10/#270-10-65-1)A 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](https://asc.understandingaccounting.org/glossary/n/#net-income "A measure of financial performance resulting from the aggregation of revenues, expenses, gains, and losses that are not items of other comprehensive income. A variety of other terms such as net earnings or earnings may be used to describe net income.")) for the period, (which may be presented as a separate statement or within a continuous statement of [comprehensive income](https://asc.understandingaccounting.org/glossary/c/#comprehensive-income "The change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. Comprehensive income comprises both of the following:All components of net incomeAll components of other comprehensive income.") \[see paragraph [220-10-45-1A](https://asc.understandingaccounting.org/asc/220/10/#220-10-45-1A)\]) 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](https://asc.understandingaccounting.org/asc/220/10/#220-10-15-3)) 4. d Cash flows during the period 5. e Investments by and distributions to owners during the period. ##### [205-10-45-2](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-2) Pending content: yes Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:f53becf5ce2590a8f440f767236043edd83a743de5b63552d310e95688c2764e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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: [105-10-65-10](https://asc.understandingaccounting.org/asc/105/10/#105-10-65-10)In 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. ##### [205-10-45-3](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-3) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:0e1e5bcb715c22f88ac50c47f31aec56f3f0f06c2f23749e5ada34f8cd495695 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [205-10-45-4](https://asc.understandingaccounting.org/asc/205/10/#205-10-45-4) Pending content: no Source downloaded (UTC): 2026-09-09T22:51:59.498Z to 2026-09-09T22:51:59.498Z Record version: sha256:4e8a6fcf70c2a47cd80038f5c8046121fbb650cc255972e9d4fd0c9207bfc81f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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](https://asc.understandingaccounting.org/asc/205/10/#205-10-50-2).)