Authority and currency
About this authority
- Publisher
- Financial Accounting Foundation
- Standing
- Primary authority
- Version
- Topic 205 as accessed 2026-08-07
- Relevant parts
- Topic 205; especially Subtopic 205-40 for going concern and 205-20 for discontinued operations
- Currency
- current · checked Aug 7, 2026
Topic 205 addresses general presentation of financial statements under United States generally accepted accounting principles (US GAAP). Use Subtopic 205-40 for going-concern questions: whether conditions raise substantial doubt about the company's ability to continue operating and what management must report.
Subtopic 205-20 addresses discontinued operations. Selling an asset or closing a location does not automatically qualify for that presentation. Read the applicable criteria and compare them with the disposal facts before drawing a conclusion. Other topics supply requirements for particular statements and transactions; Topic 205 is not a complete presentation checklist by itself.