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Handbook: Financial statement presentation

Handbook | November 2023

Latest edition: In-depth guide on presentation and disclosure requirements, plus considerations under SEC regulations.

Using detailed Q&As and examples, we explain various presentation and general disclosure requirements included in the Codification (i.e. ASC 205 to ASC 280), other broad topics (e.g. related parties under ASC 850 and subsequent events under ASC 855) and SEC regulations. This November 2023 edition incorporates updated guidance and interpretations.


  • All entities

Relevant dates

  • Effective immediately

Key impacts

In the financial statement process, considerable time is devoted to determining what items get recorded and how to account for them, but the critical final mile is determining how they need to appear – i.e. how they are presented and disclosed.

Once the debits and credits have been settled, presentation and disclosure is how that information is conveyed to financial statement users in a transparent, understandable and consistent manner. Disclosure goes ‘behind the numbers’ and is necessary to fully understand the financial statements.

ASC 205 to 280 in the FASB’s Accounting Standards Codification® are dedicated to presentation and disclosure and provide the baseline requirements. Other ASCs address more detailed requirements, specific to certain transactions or industries. For SEC registrants, there is yet more guidance that contains many additional requirements, and which has helped shape practices over the years for all other entities.

In this Handbook, we pull together many of the general requirements and practices to provide you with a fuller picture of how the different financial statements are constructed and how they interact with one another. 

Report Contents

  • Financial statements: general principles
  • Balance sheet
  • Income statement
  • Comprehensive income
  • Notes to the financial statements
  • Risks and uncertainties
  • Related parties
  • Subsequent events

Download the documents:

Financial statement presentation

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Executive Summary

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Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US
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Jennifer Yruma
Executive Director, Department of Professional Practice, KPMG US

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