Handbook: Financial statement presentation

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Using detailed Q&As and examples, KPMG explains various presentation and general disclosure requirements included in ASCs 205 to 280, other broad topics (e.g. related parties under ASC 850 and subsequent events under ASC 855) and SEC regulations. This September 2025 edition incorporates updated guidance and interpretations.

Applicability

All entities

Relevant dates

Effective immediately

The final mile: presentation and disclosure

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.

ASCs 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.