ASC

ASC 205-905

Agriculture

205 Presentation of Financial Statements

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In brief

IntroductoryPresentationIndustry-specificFinancial statement presentation

ASC 205-905 addresses presentation of financial statements for entities in the agricultural industry, with separate Cooperatives Subsections for agricultural cooperatives. Its scope mirrors that of ASC 905-10-15 (General and Cooperatives Subsections). Its only substantive presentation rule permits agricultural cooperatives to label earnings using alternative terms such as margins, net proceeds, or savings (205-905-45-1).

Key points (4)
  • This Subtopic provides presentation guidance for financial statements of agricultural entities, with the Cooperatives Subsections covering agricultural cooperatives (205-905-05-1 and 205-905-05-2).
  • Scope follows the Overall Agriculture Subtopic: the General Subsection of Section 905-10-15 for general guidance and the Cooperatives Subsection of Section 905-10-15 for cooperatives (205-905-15-1 and 205-905-15-2).
  • Agricultural cooperatives may use other terms for earnings, such as margins, net proceeds, or savings (205-905-45-1).
  • The Subtopic itself supplies no additional recognition or measurement requirements; it is limited to presentation/terminology for the agriculture industry.

For students. This is a very short industry overlay: the only operative rule is that agricultural cooperatives can call their bottom line "margins," "net proceeds," or "savings" instead of "earnings." Students often expect substantive agriculture accounting rules here — those live in ASC 905, not in 205-905.

agricultural cooperativesfinancial statement presentationearnings terminologymarginsnet proceedssavingsindustry-specific guidance

Machine-generated study aid for ASC 205-905. Check the source paragraphs below.

205-905-00Status

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205-905-05Overview and Background

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205-905-05-1
This Subtopic provides guidance for the presentation of financial statements for entities in the agricultural industry. The guidance for agricultural cooperatives is presented in the Cooperatives Subsections.

Cooperatives

205-905-05-2
The Cooperatives Subsections provide guidance for the presentation of financial statements for cooperatives in the agricultural industry.

205-905-15Scope and Scope Exceptions

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Overall Guidance

205-905-15-1
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see the General Subsection of Section 905-10-15.

Cooperatives

205-905-15-2
The Cooperatives Subsections follow the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see the Cooperatives Subsection of Section 905-10-15.

205-905-45Other Presentation Matters

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Cooperatives

205-905-45-1
Agricultural cooperatives may use other terms for earnings, such as margins, net proceeds, or savings.

Related subtopics