comparative financial statements

Presentation2

1. 205-10Overall205 Presentation of Financial Statements

   ASC 205-10 sets the pervasive scope for the Presentation of Financial Statements Topic (applying to both business entities and NFPs) and governs comparative financial statements. It explains that presenting statements for a series of periods is more meaningful than a single period, lists the elements of a full set of financial statements, and requires that prior-period figures actually be comparable, with any change in presentation basis or reclassification explained.

2. 272-10Overall272 Limited Liability Entities

   ASC 272-10 provides financial reporting and presentation guidance for U.S.-organized limited liability entities (LLCs and LLPs) that issue GAAP financial statements. It requires LLC statements to look like partnership statements — equity is labeled "members' equity," headings must clearly identify the entity as an LLC, and a complete set includes a statement of financial position, statement of operations, statement of cash flows, notes, and information on changes in members' equity. It also mandates disclosure of any limitation on members' liability, the classes of member interests and their rights, and a finite life date if applicable.