<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema"><Version>2.2.0.25</Version><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><ReportLongName>0201 - Disclosure - Basis of Presentation</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>1/1/2011 - 3/31/2011
USD ($) / shares

USD ($)

</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>Jan-01-2011_Mar-31-2011</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000701345</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments /><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USDEPS</UnitID><UnitType>Divide</UnitType><NumeratorMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></NumeratorMeasure><DenominatorMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></DenominatorMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty><UnitProperty><UnitID>Shares</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/instance</MeasureSchema><MeasureValue>shares</MeasureValue><MeasureNamespace>xbrli</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="3 Months Ended" /><Label Id="2" Label="Mar. 31, 2011" /></Labels></Column></Columns><Rows><Row><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 1 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--&gt;
   &lt;!-- xbrl,ns --&gt;
   &lt;!-- xbrl,nx --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="left"&gt;
   &lt;/div&gt;
   &lt;div align="center" style="font-size: 10pt; margin-top: 0pt"&gt;&lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;1. Basis of Presentation&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying unaudited condensed consolidated financial statements of US Airways Group,
   Inc. (&amp;#8220;US Airways Group&amp;#8221; or the &amp;#8220;Company&amp;#8221;) should be read in conjunction with the consolidated
   financial statements contained in US Airways Group&amp;#8217;s Annual Report on Form 10-K for the year ended
   December&amp;#160;31, 2010. The accompanying unaudited condensed consolidated financial statements include
   the accounts of US Airways Group and its wholly owned subsidiaries. Wholly owned subsidiaries
   include US Airways, Inc. (&amp;#8220;US Airways&amp;#8221;), Piedmont Airlines, Inc. (&amp;#8220;Piedmont&amp;#8221;), PSA Airlines, Inc.
   (&amp;#8220;PSA&amp;#8221;), Material Services Company, Inc. (&amp;#8220;MSC&amp;#8221;) and Airways Assurance Limited (&amp;#8220;AAL&amp;#8221;). All
   significant intercompany accounts and transactions have been eliminated.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Management believes that all adjustments necessary for the fair presentation of results,
   consisting of normally recurring items, have been included in the unaudited condensed consolidated
   financial statements for the interim periods presented. The preparation of financial statements in
   conformity with accounting principles generally accepted in the United States requires management
   to make certain estimates and assumptions that affect the reported amounts of assets and
   liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the
   date of the financial statements. Actual results could differ from those estimates. The principal
   areas of judgment relate to passenger revenue recognition, impairment of long-lived and intangible
   assets, valuation of investments in marketable securities, the frequent traveler program and the
   deferred tax asset valuation allowance.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In October&amp;#160;2009, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards
   Update (&amp;#8220;ASU&amp;#8221;) 2009-13, &amp;#8220;Revenue Recognition (Topic 605) &amp;#8212; Multiple-Deliverable Revenue
   Arrangements.&amp;#8221; ASU No.&amp;#160;2009-13 addresses the accounting for multiple-deliverable arrangements to
   enable vendors to account for products or services (deliverables)&amp;#160;separately rather than as a
   combined unit. This guidance establishes a selling price hierarchy for determining the selling
   price of a deliverable, which is based on: (a)&amp;#160;vendor-specific objective evidence; (b)&amp;#160;third-party
   evidence; or (c)&amp;#160;estimates. This guidance also eliminates the residual method of allocation and
   requires that arrangement consideration be allocated at the inception of the arrangement to all
   deliverables using the relative selling price method. In addition, this guidance significantly
   expands required disclosures related to a vendor&amp;#8217;s multiple-deliverable revenue arrangements. The
   Company&amp;#8217;s multiple-deliverable revenue arrangements consist principally of sales of frequent flyer
   program mileage credits to business partners, which are comprised of two components, transportation
   and marketing. The Company was required to adopt and apply ASU No.&amp;#160;2009-13 to any new or materially
   modified multiple deliverable revenue arrangements entered into on or after January&amp;#160;1, 2011. The
   Company adopted ASU No.&amp;#160;2009-13 on January&amp;#160;1, 2011, and its application has had no material impact
   on the Company&amp;#8217;s condensed consolidated financial statements.
   &lt;/div&gt;
   &lt;!-- Folio --&gt;
   &lt;!-- /Folio --&gt;
   &lt;/div&gt;
   &lt;!-- PAGEBREAK --&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Staff Position (FSP)
 -Number FAS140-4 and FIN46(R)-8
 -Paragraph 8, C1, C7

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 2-6

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 94-6
 -Paragraph 10

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Interpretation (FIN)
 -Number 46R
 -Paragraph 4, 14, 15

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Basis of Presentation</Label></Row><Row><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName /><ElementPrefix>na</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>na</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>true</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>http://usairways.com/role/basisofpresentation</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns><Columns><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelColumn>false</LabelColumn><CurrencyCode>USD</CurrencyCode><FootnoteIndexer /><hasSegments>true</hasSegments><hasScenarios>false</hasScenarios><MCU><KeyName>{dei_LegalEntityAxis} : US Airways, Inc. [Member]
1/1/2011 - 3/31/2011
USD ($)
</KeyName><CurrencySymbol>$</CurrencySymbol><contextRef><ContextID>ThreeMonthsEnded_31Mar2011_Subsidiaries_Member</ContextID><EntitySchema>http://www.sec.gov/CIK</EntitySchema><EntityValue>0000701345</EntityValue><PeriodDisplayName /><PeriodType>duration</PeriodType><PeriodStartDate>2011-01-01T00:00:00</PeriodStartDate><PeriodEndDate>2011-03-31T00:00:00</PeriodEndDate><Segments><anyType xsi:type="Segment"><IsDefaultForEntity>false</IsDefaultForEntity><Name /><IsFromEntityGroup>false</IsFromEntityGroup><ValueName>US Airways, Inc. [Member]</ValueName><ValueType>dei_LegalEntityAxis</ValueType><Namespace>xbrldi</Namespace><Schema>http://xbrl.org/2006/xbrldi</Schema><DimensionInfo><Id>us-gaap_SubsidiariesMember</Id><dimensionId>dei_LegalEntityAxis</dimensionId><type>explicitMember</type></DimensionInfo></anyType></Segments><Scenarios /></contextRef><UPS><UnitProperty><UnitID>USD</UnitID><UnitType>Standard</UnitType><StandardMeasure><MeasureSchema>http://www.xbrl.org/2003/iso4217</MeasureSchema><MeasureValue>USD</MeasureValue><MeasureNamespace>iso4217</MeasureNamespace></StandardMeasure><Scale>0</Scale></UnitProperty></UPS><CurrencyCode>USD</CurrencyCode><OriginalCurrencyCode>USD</OriginalCurrencyCode></MCU><CurrencySymbol>$</CurrencySymbol><Labels><Label Id="1" Label="US Airways, Inc. [Member]" /><Label Id="2" Label="1/1/2011 - 3/31/2011" /></Labels></Columns></OriginalInstanceReportColumns><Unit>Other</Unit><ElementDataType /><SimpleDataType>na</SimpleDataType><ElementDefenition>No definition available.</ElementDefenition><ElementReferences>No authoritative reference available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>US Airways, Inc. [Member]</Label></Row><Row><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><Level>0</Level><ElementName>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><ShortDefinition>No definition available.</ShortDefinition><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsSubReportEnd>false</IsSubReportEnd><IsCalendarTitle>false</IsCalendarTitle><IsTuple>false</IsTuple><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboselabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --&gt;
   &lt;!-- Begin Block Tagged Note 12 - us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock--&gt;
   &lt;div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; "&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;1. Basis of Presentation&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;The accompanying unaudited condensed consolidated financial statements of US Airways, Inc.
   (&amp;#8220;US Airways&amp;#8221;) should be read in conjunction with the consolidated financial statements contained
   in US Airways&amp;#8217; Annual Report on Form 10-K for the year ended December&amp;#160;31, 2010. US Airways is a
   wholly owned subsidiary of US Airways Group, Inc. (&amp;#8220;US Airways Group&amp;#8221;). The accompanying unaudited
   condensed consolidated financial statements include the accounts of US Airways and its wholly owned
   subsidiary, FTCHP LLC. All significant intercompany accounts and transactions between US Airways
   and its wholly owned subsidiary have been eliminated.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;Management believes that all adjustments necessary for the fair presentation of results,
   consisting of normally recurring items, have been included in the unaudited condensed consolidated
   financial statements for the interim periods presented. The preparation of financial statements in
   conformity with accounting principles generally accepted in the United States requires management
   to make certain estimates and assumptions that affect the reported amounts of assets and
   liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities at the
   date of the financial statements. Actual results could differ from those estimates. The principal
   areas of judgment relate to passenger revenue recognition, impairment of long-lived and intangible
   assets, valuation of investments in marketable securities, the frequent traveler program and the
   deferred tax asset valuation allowance.
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt"&gt;&lt;b&gt;&lt;i&gt;Recent Accounting Pronouncements&lt;/i&gt;&lt;/b&gt;
   &lt;/div&gt;
   &lt;div align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"&gt;In October&amp;#160;2009, the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) issued Accounting Standards
   Update (&amp;#8220;ASU&amp;#8221;) 2009-13, &amp;#8220;Revenue Recognition (Topic 605) &amp;#8212; Multiple-Deliverable Revenue
   Arrangements.&amp;#8221; ASU No.&amp;#160;2009-13 addresses the accounting for multiple-deliverable arrangements to
   enable vendors to account for products or services (deliverables)&amp;#160;separately rather than as a
   combined unit. This guidance establishes a selling price hierarchy for determining the selling
   price of a deliverable, which is based on: (a)&amp;#160;vendor-specific objective evidence; (b)&amp;#160;third-party
   evidence; or (c)&amp;#160;estimates. This guidance also eliminates the residual method of allocation and
   requires that arrangement consideration be allocated at the inception of the arrangement to all
   deliverables using the relative selling price method. In addition, this guidance significantly
   expands required disclosures related to a vendor&amp;#8217;s multiple-deliverable revenue arrangements. US
   Airways&amp;#8217; multiple-deliverable revenue arrangements consist principally of sales of frequent flyer
   program mileage credits to business partners, which are comprised of two components, transportation
   and marketing. US Airways was required to adopt and apply ASU No.&amp;#160;2009-13 to any new or materially
   modified multiple deliverable revenue arrangements entered into on or after January&amp;#160;1, 2011. US
   Airways adopted ASU No.&amp;#160;2009-13 on January&amp;#160;1, 2011, and its application has had no material impact
   on US Airways&amp;#8217; condensed consolidated financial statements.
   &lt;/div&gt;
   &lt;/div&gt;
</NonNumbericText><NonNumericTextHeader /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat><hasSegments>false</hasSegments><hasScenarios>false</hasScenarios></Cell></Cells><OriginalInstanceReportColumns /><Unit>Other</Unit><ElementDataType>us-types:textBlockItemType</ElementDataType><SimpleDataType>string</SimpleDataType><ElementDefenition>Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Staff Position (FSP)
 -Number FAS140-4 and FIN46(R)-8
 -Paragraph 8, C1, C7

Reference 2: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Accounting Research Bulletin (ARB)
 -Number 51
 -Paragraph 2-6

Reference 3: http://www.xbrl.org/2003/role/presentationRef
 -Publisher AICPA
 -Name Statement of Position (SOP)
 -Number 94-6
 -Paragraph 10

Reference 4: http://www.xbrl.org/2003/role/presentationRef
 -Publisher FASB
 -Name FASB Interpretation (FIN)
 -Number 46R
 -Paragraph 4, 14, 15

</ElementReferences><IsTotalLabel>false</IsTotalLabel><IsEPS>false</IsEPS><Label>Basis of Presentation</Label></Row></Rows><Footnotes /><NumberOfCols>1</NumberOfCols><NumberOfRows>3</NumberOfRows><ReportName>Basis of Presentation</ReportName><MonetaryRoundingLevel>UnKnown</MonetaryRoundingLevel><SharesRoundingLevel>UnKnown</SharesRoundingLevel><PerShareRoundingLevel>UnKnown</PerShareRoundingLevel><ExchangeRateRoundingLevel>UnKnown</ExchangeRateRoundingLevel><HasCustomUnits>false</HasCustomUnits><SharesShouldBeRounded>true</SharesShouldBeRounded></InstanceReport>
