{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/210/946/#55-implementation-guidance-and-illustrations","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"210","topic_title":"Balance Sheet","subtopic":"210-946","subtopic_title":"Financial Services—Investment Companies","section":{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"210-946-55-1","para":"55-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_0F4E1551-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">This Example illustrates how to apply the guidance in paragraph <a href=\"/asc/210/946/#210-946-50-6\" class=\"xref\">946-210-50-6</a>. However, it does not address all possible circumstances that may arise in applying the guidance in that paragraph. </span></span><span class=\"sfragment\" id=\"sfr_0F4E1739-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Percent of net assets is shown for each category; net assets are assumed to be $50,000,000 for purposes of this Example. </span></span><ul class=\"ul simple\" id=\"d3e12845-115842__GUID-0199822D-3854-4984-8C68-82AABA252BD4\"><li class=\"li\" id=\"d3e12845-115842__SL6350768-115842\"><div class=\"p\"><div class=\"fig figure fignone\" id=\"d3e12845-115842__tbl-d3e12860\"><img src=\"/asc-img/GUID-2589FA1C-7663-4764-9BE0-FF66F879771A-low.gif\" altsource=\"GUID-2589FA1C-7663-4764-9BE0-FF66F879771A-low.gif\" loading=\"lazy\"><span class=\"sfragment\" id=\"sfr_0F4E1E8C-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span><div class=\"figcaption\">\"ABC Associates, ltd.\" Condensed Schedule of Investments(c) \"December 31, 20XX\" \"Principal Amount, or Number of Shares, or Contracts\" Description Fair Value COMMON STOCKS (54.9%) United States (33.8%) Airlines (7.2%) \"53,125 \" \"Flight Airlines, Inc. (3.6%) (a)\" \" $1,811,297 \" Other (3.6%) \" 1,819,074 \" \" 3,630,371 \" Banks (1.9%) \" 937,099 \" Financial Services (2.9%) \" 1,433,210 \" Foods (7.1%) \"106,607 \" Andrews Midlands Co. (5.7%) \" 2,825,078 \" Other (1.4%) \" 702,824 \" \" 3,527,902 \" Hospital Supplies and Services (5.6%) \"100,404 \" Chelsea Clinics Inc. \" 2,811,297 \" Technology (4.1%) \" 2,039,578 \" Utilities (5.0%) \" 2,480,556 \" \"Total United States (cost $16,850,954)\" \" 16,860,013 \" Hong Kong (5.7%) Drugs (0.6%) \" 330,741 \" Retail (4.0%) \" 1,984,445 \" Utility-Telephone (1.1%) \" 552,235 \" \"Total Hong Kong (cost $2,756,959) \" \" 2,867,421 \" Italy (5.6%) Airlines (0.2%) \" 110,247 \" Financial Services (1.8%) \" 881,975 \" Leisure Related (3.5%) \" 1,763,951 \" Office Supplies (0.1%) \" 55,123 \" \"Total Italy (cost $2,912,465) \" \" 2,811,296 \" Spain (5.4%) Banks (2.4%) \" 1,212,716 \" Oil (1.7%) \" 826,852 \" Railroads (1.3%) \" 661,482 \" \"Total Spain (cost $2,643,197) \" \" 2,701,050 \" United Kingdom (4.4%) Financial Services (2.3%) \" 1,157,593 \" Technology (2.1%) \" 1,047,346 \" \"Total United Kingdom (cost $2,145,246)\" \" 2,204,939 \" \"TOTAL COMMON STOCKS (cost $27,308,821)\" \" 27,444,719 \" DEBT SECURITIES (41.3%) United States (21.4%) Airlines (2.0%) \" $1,000,000 \" \"Flight Airlines, Inc. 12%, 7/15/X5 (a)\" \" $1,000,000 \" Government (19.4%) \" $3,000,000 \" \"U.S. Treasury Bonds, 4.5%, 11/15/X7 \" \" 3,031,791 \" \" $6,600,000 \" \"U.S. Treasury Bonds, 3.00%-4.75%, 1/30/X5-7/15/X7 \" \" 6,686,175 \" \" 9,717,966 \" \"Total United States (cost $15,015,200)\" \" 10,717,966 \" Mexico (19.9%) Government \" $11,000,000 \" \"United Mexican States, 8.625%-9.125%, 3/12/X8-12/7/X9 (cost $10,000,000) \" \" 9,922,224 \" \"TOTAL DEBT SECURITIES (cost $25,015,200)\" \" 20,640,190 \" LONG PUT AND CALL OPTIONS (2.4%) United States \"Telecommunications (cost $1,225,800) \" \" 1,212,716 \" \"INTEREST IN INVESTMENT PARTNERSHIP (10.0%) (cost $4,000,000) \" \" 5,000,000 \" \"XYZ Hedge Fund, L.P. (35% owned) (b)\" \"(XYZ Hedge Fund L.P. owns 6,000 shares, valued at $9,000,000 of Leisure Cruises, Inc., which is a U.S. entity in the leisure time industry. The partnership's share of this investment is valued at $3,150,000 as of 12/31/20XX.) \" \"TOTAL INVESTMENTS (108.6%) (cost $57,549,821) \" \" $54,297,625 \" SECURITIES SOLD SHORT (9.6%) COMMON STOCKS (5.7%) United States Energy \" 100,000 \" \"ABC Resources Co (Proceeds $2,715,000)\" \" $2,825,075 \" DEBT SECURITIES (3.7%) Canada (3.7%) \"Telecommunications (proceeds $1,950,000)\" \" 1,867,000 \" WRITTEN OPTIONS (2%) United States \"Manufacturing (proceeds $130,000) \" \" 127,309 \" \"TOTAL SECURITIES SOLD SHORT (proceeds $4,795,000) \" \" $4,819,384 \" </div></div><div class=\"fig figure fignone\"><img src=\"/asc-img/GUID-C883DA3C-32C8-490A-825F-7F09AF3C1496-low.gif\" altsource=\"GUID-C883DA3C-32C8-490A-825F-7F09AF3C1496-low.gif\" loading=\"lazy\"><span class=\"sfragment\" id=\"sfr_0F4E2448-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span><div class=\"figcaption\"> Description Fair Value Expiration Dates No. of Contracts FUTURES CONTRACTS (12.5%) Financial (5.2%) \" $2,611,825 \" Feb-Apr 20XX 122 Eurodollar (5.2%) Indexes (5.6%) S 500 (5.6%) \" 2,788,000 \" Mar-May 20XX 89 Metals (1.7%) \" 840,000 \" TOTAL FUTURES CONTRACTS \" $6,239,825 \" FORWARDS (11.5%) Argentinian Peso (5.8%) \" $2,910,000 \" Oct-Nov 20XX Other Currencies (5.7%) \" 2,876,315 \" TOTAL FORWARDS \" $5,786,315 \" SWAPS \" $2,875,000 \" Interest rate swaps (5.7%) Currency swaps (7.7%) Yen/U.S. dollar swaps (6.0%) \" 2,999,016 \" Jan-Feb 20XX Other (1.7%) \" 868,000 \" TOTAL SWAPS \" $6,742,018 \" The accompanying notes are an integral part of these financial statements. (a)\t\"Securities of Flight Airlines, Inc., aggregate 5.6 percent of net assets of ABC Associates, Ltd.\" (b)\t\"Leisure Cruises, Inc., is named because the proportionate share of ABC Associates, Ltd., equity in it is greater than 5 percent of ABC's net assets. If information about the investments of XYZ was not available, that would have been stated either parenthetically or in a note to this schedule.\" (c)\t\"This schedule does not include the disclosures relative to the investment objective and restrictions on redemptions, as discussed in paragraph 946-210-50-6(g), because it is presumed that those disclosures are presented in the notes to the financial statements.\" </div></div></div></li></ul></div></div>","snippet":"This Example illustrates how to apply the guidance in paragraph 946-210-50-6. However, it does not address all possible circumstances that may arise in applying the guidance in that paragraph. Percent of net assets is sh…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d2b66ef81b25c4ceda0ec2a9555c80ca4f81c0524f2f517062adaee8073338e8","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}},{"citation":"210-946-55-2","para":"55-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_0F4E2576-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The following illustrates the presentation for fully benefit-responsive investment contracts in the statement of assets and liabilities in accordance with the guidance beginning in paragraph <a href=\"/asc/210/946/#210-946-50-14\" class=\"xref\">946-210-50-14</a> and related note disclosure prepared in accordance with the guidance beginning in paragraph <a href=\"/asc/210/946/#210-946-45-9\" class=\"xref\">946-210-45-9</a>. </span></span><ul class=\"ul simple\" id=\"d3e12881-115842__GUID-E8B235CF-E3A1-424D-9848-0F0B8CF277AC\"><li class=\"li\" id=\"d3e12881-115842__SL6350769-115842\"><div class=\"p\"><div class=\"fig figure fignone\"><img src=\"/asc-img/GUID-9A3685EF-36E6-4173-B82F-D95D27C1BC4C-low.gif\" altsource=\"GUID-9A3685EF-36E6-4173-B82F-D95D27C1BC4C-low.gif\" loading=\"lazy\"><span class=\"sfragment\" id=\"sfr_0F4E297A-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span><div class=\"figcaption\">Presentation for the Statement of Assets and Liabilities Investments (at fair value) \" $8,800,000 \" Wrapper contracts (at fair value) \" 100,000 \" Total assets \" 8,900,000 \" Total liabilities \" 200,000 \" Net assets reflecting all investments at fair value \" 8,700,000 \" Adjustment from fair value to contract value for fully benefit-responsive investment contracts \" 1,100,000 \" Net assets \" $9,800,000 \" </div></div></div></li><li class=\"li\" id=\"d3e12881-115842__SL6350770-115842\"><div class=\"p\"><div class=\"fig figure fignone\"><img src=\"/asc-img/GUID-2D97B55A-C5F6-4B25-A2EB-15D25FEC1717-low.gif\" altsource=\"GUID-2D97B55A-C5F6-4B25-A2EB-15D25FEC1717-low.gif\" loading=\"lazy\"><span class=\"sfragment\" id=\"sfr_0F4E2D1E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span><div class=\"figcaption\">Related Footnote Disclosure Major Credit Ratings Investments at Fair Value Wrapper Contracts at Fair Value Adjustment to Contact Value Traditional guaranteed investment contract A AAA/Aaa \" $1,600,000 \" - \" $400,000 \" Bank ABC stable value fund I N/A \" 1,800,000 \" - \" 200,000 \" Wrapped portfolio A: Bond #1 \" 850,000 \" - - Bond #2 \" 910,000 \" - - Wrapper \" 40,000 \" - Total wrapped portfolio A AAA/Aa2 \" 1,760,000 \" \" 40,000 \" \" 200,000 \" Wrapped portfolio B: Bond #3 \" 850,000 \" - - Bond fund #1 \" 860,000 \" - - Bond #4 \" 930,000 \" - - Wrapper - \" 60,000 \" - Total wrapped portfolio B AA-/Aa3 \" 2,640,000 \" \" 60,000 \" \" 300,000 \" Short-term investments AAA/Aaa \" 1,000,000 \" - - Total \" $8,800,000 \" \" $100,000 \" \" $1,100,000 \" </div></div></div></li></ul></div></div>","snippet":"The following illustrates the presentation for fully benefit-responsive investment contracts in the statement of assets and liabilities in accordance with the guidance beginning in paragraph 946-210-50-14 and related not…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:af609adaf440292a04131a3b37a21635374c8ff0d7eb2b09847f3a0568df236c","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f42e24834ff8affb5bfc8126e695b0d11d44fc6c08ba93009529c8f1ff2f12cf","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4dd15eb9583a0ddaf15056b2550d51382d187c0e1834dd34514e137459c8d500","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4dd15eb9583a0ddaf15056b2550d51382d187c0e1834dd34514e137459c8d500","downloaded_from":"2026-09-09T23:01:44.511Z","last_downloaded_at":"2026-09-09T23:01:44.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477439","source_sha256":"13bfb4ffc8643511749225c23daa6e719b5affa831a389e8bfb9ffcf14371175"}}