# ASC 205-905: Presentation of Financial Statements — Agriculture Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/205/905/) 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): 2026-09-09T22:54:31.391Z to 2026-09-09T22:54:40.616Z Record version: sha256:4ee68d4e95b722227fbce85a9f58a7c90a9ce55b864a98b3a89efd41975c351d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-905: Presentation of Financial Statements — Agriculture ### Machine-generated study aids ```json { "summary": "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": [ "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." ], "categories": [ "Presentation", "Industry-specific", "Financial statement presentation" ], "audience_level": "introductory", "student_note": "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.", "related_topics": [ "905-10", "905", "205-10", "905-330", "905-360" ], "key_concepts": [ "agricultural cooperatives", "financial statement presentation", "earnings terminology", "margins", "net proceeds", "savings", "industry-specific guidance" ] } ``` Source downloaded (UTC): 2026-09-09T22:54:31.391Z to 2026-09-09T22:54:31.391Z Record version: sha256:4214be23057cf070e74be728e8310f67a3da6e81a62f1359dd99526254d8286b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-905-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/205/905/#00-status) SEC content: no ##### [205-905-00-1](https://asc.understandingaccounting.org/asc/205/905/#205-905-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:31.391Z to 2026-09-09T22:54:31.391Z Record version: sha256:380b11a43b5dba8a5f271cf9c3904db352ea848cc7fa4287b9375e5056285f2c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

Agricultural Cooperative	Added	Accounting Standards Update No. 2014-06	03/14/2014
Cooperatives	Superseded	Accounting Standards Update No. 2014-06	03/14/2014
Member of an Agricultural Cooperative	Added	Accounting Standards Update No. 2014-06	03/14/2014
Nonmember of an Agricultural Cooperative	Added	Accounting Standards Update No. 2014-06	03/14/2014
Patrons	Added	Accounting Standards Update No. 2014-06	03/14/2014

905-205-05-1	Amended	Accounting Standards Update No. 2014-06	03/14/2014
905-205-05-2	Amended	Accounting Standards Update No. 2014-06	03/14/2014
905-205-15-2	Amended	Accounting Standards Update No. 2014-06	03/14/2014
905-205-45-1	Amended	Accounting Standards Update No. 2014-06	03/14/2014

Source downloaded (UTC): 2026-09-09T22:54:35.076Z to 2026-09-09T22:54:35.076Z Record version: sha256:d59309960d1c7becb402db0b196224b43a9d00dbb2eaf69ff84a1f131ca9eeef Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-905-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/205/905/#05-overview-and-background) SEC content: no ##### [205-905-05-1](https://asc.understandingaccounting.org/asc/205/905/#205-905-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:35.076Z to 2026-09-09T22:54:35.076Z Record version: sha256:d47ac46ed99b3b04bead632c7e73283be52a43a0a562a1d007b7e4aa78054047 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides guidance for the presentation of financial statements for entities in the agricultural industry. The guidance for [agricultural cooperatives](https://asc.understandingaccounting.org/glossary/a/#agricultural-cooperative "The Agricultural Marketing Act of 1929 defines a cooperative association as any association in which farmers act together in processing, preparing for market, handling, and/or marketing the farm products of persons so engaged, and also means any association in which farmers act together in purchasing, testing, grading, processing, distributing, and/or furnishing farm supplies and/or farm business services. Provided, however, that such associations are operated for producers or purchasers and conform to one or both of the following requirements: No member of an agricultural cooperative association is allowed more than one vote because of the amount of stock or membership capital he may own therein. The association does not pay dividends on stock or membership capital in excess of 8 percent per year. In addition to meeting either of the requirements in this paragraph, the association shall not deal in farm products, farm supplies, and farm business services with or for nonmembers of an agricultural cooperative in an amount greater in value than the total amount of such business transacted by it with or for members. All business transacted by any cooperative association for or on behalf of the United States or any agency or instrumentality thereof shall be disregarded in determining the volume of member and nonmember business transacted by such association.") is presented in the Cooperatives Subsections. ### Cooperatives ##### [205-905-05-2](https://asc.understandingaccounting.org/asc/205/905/#205-905-05-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:35.076Z to 2026-09-09T22:54:35.076Z Record version: sha256:bc1ed235f149b34011a5d6345f4551bddd7e4d50dc2c3721fbeef03a4bb2934b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Cooperatives Subsections provide guidance for the presentation of financial statements for cooperatives in the agricultural industry. Source downloaded (UTC): 2026-09-09T22:54:37.112Z to 2026-09-09T22:54:37.112Z Record version: sha256:b7da81d0bb50dc56213259707ca0368c9737766fc9e8531cdb2c636cca656932 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-905-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/205/905/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [205-905-15-1](https://asc.understandingaccounting.org/asc/205/905/#205-905-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:37.112Z to 2026-09-09T22:54:37.112Z Record version: sha256:15b2bcb104387caecf51d1ab09c8a91a58218e39fc0e582164a5ff11f887f98a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see the [General Subsection](https://asc.understandingaccounting.org/asc/905/10/#15-scope-and-scope-exceptions) of Section 905-10-15. ### Cooperatives ##### [205-905-15-2](https://asc.understandingaccounting.org/asc/205/905/#205-905-15-2) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:37.112Z to 2026-09-09T22:54:37.112Z Record version: sha256:e90e65b69de87c2d1d0704bf0dfc15dd6a9103380c87da6c907dd70a6d897661 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Cooperatives Subsections follow the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see the [Cooperatives Subsection](https://asc.understandingaccounting.org/asc/905/10/#15-scope-and-scope-exceptions) of Section 905-10-15. Source downloaded (UTC): 2026-09-09T22:54:40.616Z to 2026-09-09T22:54:40.616Z Record version: sha256:a18153defb9b727cd60f06a97454f2d4f31ec36d0a0f1fafee25edef190af22d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 205-905-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/205/905/#45-other-presentation-matters) SEC content: no ### Cooperatives ##### [205-905-45-1](https://asc.understandingaccounting.org/asc/205/905/#205-905-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T22:54:40.616Z to 2026-09-09T22:54:40.616Z Record version: sha256:6622c2553d9794cfe7fc272fde08cfe03142e45ef06520a71fadd5542e12115d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Agricultural cooperatives](https://asc.understandingaccounting.org/glossary/a/#agricultural-cooperative "The Agricultural Marketing Act of 1929 defines a cooperative association as any association in which farmers act together in processing, preparing for market, handling, and/or marketing the farm products of persons so engaged, and also means any association in which farmers act together in purchasing, testing, grading, processing, distributing, and/or furnishing farm supplies and/or farm business services. Provided, however, that such associations are operated for producers or purchasers and conform to one or both of the following requirements: No member of an agricultural cooperative association is allowed more than one vote because of the amount of stock or membership capital he may own therein. The association does not pay dividends on stock or membership capital in excess of 8 percent per year. In addition to meeting either of the requirements in this paragraph, the association shall not deal in farm products, farm supplies, and farm business services with or for nonmembers of an agricultural cooperative in an amount greater in value than the total amount of such business transacted by it with or for members. All business transacted by any cooperative association for or on behalf of the United States or any agency or instrumentality thereof shall be disregarded in determining the volume of member and nonmember business transacted by such association.") may use other terms for earnings, such as margins, net proceeds, or savings.