# ASC 272-10-45: Limited Liability Entities — Overall — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/272/10/#45-other-presentation-matters)

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## ASC 272-10-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/272/10/#45-other-presentation-matters)

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##### [272-10-45-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-1)

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A complete set of limited liability company financial statements shall include all of the following:

1.  a
    
    A statement of financial position as of the end of the reporting period
    
2.  b
    
    A statement of operations for the period
    
3.  c
    
    A statement of cash flows for the period
    
4.  d
    
    Accompanying notes to financial statements.
    

Additionally, the limited liability company shall present information related to changes in members' equity for the period. This information may be presented as a separate statement, combined with the statement of operations, or in the notes to financial statements.

##### [272-10-45-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-2)

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The headings of a limited liability company's financial statements shall identify clearly the financial statements as those of a limited liability company.

#### Presentation of the Equity Section of the Statement of Financial Position

##### [272-10-45-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-3)

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The financial statements of a limited liability company shall be similar in presentation to those of a partnership. The limited liability company owners are referred to as members; therefore, the equity section in the statement of financial position shall be titled members' equity. If more than one class of members exists, each having varying rights, preferences, and privileges, the limited liability company is encouraged to report the equity of each class separately within the equity section. As indicated in paragraph [272-10-50-1](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-1), if the limited liability company does not report the amount of each class separately within the equity section, it shall disclose those amounts in the notes to financial statements (see paragraph [272-10-50-3](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-3)).

##### [272-10-45-4](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-4)

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Even though a member's liability may be limited, if the total balance of the members' equity account or accounts described in the preceding paragraph is less than zero, a deficit shall be reported in the statement of financial position.

##### [272-10-45-5](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-5)

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If the limited liability company records amounts due from members for capital contributions, such amounts shall be presented as deductions from members' equity. Presenting such amounts as assets shall be inappropriate except in very limited circumstances when there is substantial evidence of ability and intent to pay within a reasonably short period of time, as described in paragraph [505-10-45-2](https://asc.understandingaccounting.org/asc/505/10/#505-10-45-2).

#### Comparative Financial Statements

##### [272-10-45-6](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-6)

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Presentation of comparative financial statements is encouraged, but not required, by Section [205-10-45](https://asc.understandingaccounting.org/asc/205/10/#45-other-presentation-matters). If comparative financial statements are presented, amounts shown for comparative purposes shall be in fact comparable with those shown for the most recent period, or any exceptions to comparability shall be disclosed in the notes to financial statements (see paragraph [272-10-50-2](https://asc.understandingaccounting.org/asc/272/10/#272-10-50-2)).

##### [272-10-45-7](https://asc.understandingaccounting.org/asc/272/10/#272-10-45-7)

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If the formation of the limited liability company results in a new reporting entity, the guidance in paragraph [250-10-45-21](https://asc.understandingaccounting.org/asc/250/10/#250-10-45-21) shall be followed and the change shall be retrospectively applied to the financial statements of all prior periods presented to show financial information for the new reporting entity for those periods.