{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/205/30/#50-disclosure","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":"205-30","subtopic_title":"Liquidation Basis of Accounting","section":{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"205-30-50-1","para":"50-1","html":"
An entity shall make all disclosures required by other Topics that are relevant to understanding the entity's statement of net assets in liquidation and statement of changes in net assets in liquidation. The disclosures shall convey information about the amount of cash or other consideration that an entity expects to collect and the amount that the entity is obligated or expects to be obligated (in the case of the accruals described in paragraphs
205-30-25-6 through 25-7
) to pay during the course of liquidation.
","snippet":"An entity shall make all disclosures required by other Topics that are relevant to understanding the entity's statement of net assets in liquidation and statement of changes in net assets in liquidation. The disclosures …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:153cd1a5504c5d1137812175715a18d5a5090561a3ec1bcef84c56c97e07e112","downloaded_from":"2026-09-09T22:53:56.717Z","last_downloaded_at":"2026-09-09T22:53:56.717Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479910","source_sha256":"acf565901ba9ded0ac95a25b1db55db25f99de4f8a9e0cd88423e4b2f525b68b"}},{"citation":"205-30-50-2","para":"50-2","html":"
At a minimum, an entity shall disclose all of the following when it prepares financial statements using the liquidation basis of accounting:
  1. a
    That the financial statements are prepared using the liquidation basis of accounting, including the facts and circumstances surrounding the adoption of the liquidation basis of accounting and the entity's determination that liquidation is imminent.
  2. b
    A description of the entity's plan for liquidation, including a description of each of the following:
    1. 1
      The manner by which it expects to dispose of its assets and other items it expects to sell that it had not previously recognized as assets (for example, trademarks)
    2. 2
      The manner by which it expects to settle its liabilities
    3. 3
      The expected date by which the entity expects to complete its liquidation.
  3. c
    The methods and significant assumptions used to measure assets and liabilities, including any subsequent changes to those methods and assumptions.
  4. d
    The type and amount of costs and income accrued in the statement of net assets in liquidation and the period over which those costs are expected to be paid or income earned.
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