# ASC 205-30-05: Presentation of Financial Statements — Liquidation Basis of Accounting — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 205-30-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/205/30/#05-overview-and-background)

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##### [205-30-05-1](https://asc.understandingaccounting.org/asc/205/30/#205-30-05-1)

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The Liquidation Basis of Accounting Subtopic provides guidance on when and how an entity should prepare its financial statements using the liquidation basis of accounting and describes the related disclosures that should be made.