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205-20 Discontinued Operations This Subtopic provides guidance on when the results of operations of a component of an entity that either has been disposed of or is classified as held for sale would be reported as a discontinued operation in the financial statements of the entity.

FASB Accounting Standards Codifica- tion (ASC) 205-40 provides guidance in U.S. generally accepted account- ing principles (GAAP) about management's responsibility to evaluate an entity's ability to continue as a going concern and to provide related footnote disclosures.

In short, ASC 205 establishes general guidelines for presenting financial statements. This includes overall financial statement presentation, discontinued operations, liquidation basis of accounting, and going concern.

The four main financial statements include: balance sheets, income statements, cash flow statements and statements of shareholders' equity. These four financial statements are considered common accounting principles as outlined by GAAP.

Background: Note disclosures represent a fundamental component of the information that financial statement users rely on to make decisions related to a government's financial health, as well as to assess whether governments have been fiscally and operationally accountable.

ASC 205, Presentation of Financial Statements, provides the baseline authoritative guidance for presentation of financial statements for all US GAAP reporting entities. ASC 205-10-45-1A lists the required financial statements under US GAAP.

Financial statement footnotes are typically included in the notes to the financial statements section of a company's annual report. They may also be available on the company's website or through third-party provider websites such as Edgar Online and Bloomberg.com.

What Are Footnotes? Pick up any financial report and you'll always find references to the footnotes of the financial statements. The footnotes describe in detail the practices and reporting policies of the company's accounting methods and disclose additional information that can't be shown in the statements themselves.