# ASC 220-946: Income Statement—Reporting Comprehensive Income — Financial Services—Investment Companies Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/220/946/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:06:14.562Z to 2026-09-09T23:06:52.794Z Record version: sha256:5083180b3544a79e9fba670b87188f9dfb4f2e5ae04b270251a15df9dd59a6e9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946: Income Statement—Reporting Comprehensive Income — Financial Services—Investment Companies ### Machine-generated study aids ```json { "summary": "This subtopic governs the form and content of the statement of operations (income statement) for investment companies. The statement must show investment income less expenses to arrive at net investment income, then net realized gains/losses and the change in unrealized appreciation/depreciation on investments and foreign currency, summing to the net increase or decrease in net assets resulting from operations. Special presentation rules apply to multiple-class funds, master-feeder structures, and funds of funds.", "key_points": [ "The objective of the statement of operations is to present the increase or decrease in net assets resulting from all investment activities—investment income less expenses, realized gains/losses, and changes in unrealized appreciation/depreciation (220-946-45-1).", "Specified expenses are commonly reported separately, including advisory/management fees, 12b-1 distribution expenses, custodian and shareholder service costs, interest, dividends on securities sold short, professional and directors' fees (220-946-45-3).", "Income tax expense is presented under the separate income category (investment income or realized/unrealized gains) to which it applies, and foreign withholding taxes are deducted from the related income item and shown parenthetically or as a contra item (220-946-45-3(g)-(h); 45-4); any provision relating to net investment income is disclosed separately (220-946-50-1).", "Excess of investment income over total expenses is shown as net investment income (or loss) (220-946-45-5), and the sum of net investment income and net realized and unrealized gain or loss is presented as the net increase or decrease in net assets resulting from operations (220-946-45-7).", "Realized gains/losses on investments are reported net of brokerage commissions, and foreign currency realized gains/losses may be combined with or reported separately from investment gains/losses; the entity's practice must be stated in the notes (220-946-45-6(a); 220-946-50-2).", "Class-specific expenses must be reported for each class in the statement of operations or in the notes; allocating fund-level expenses by class is permitted but not required (220-946-45-9; 220-946-50-3).", "A feeder fund presents its allocated share of the master fund's interest, dividends, expenses, and realized and unrealized gains/losses separately, plus its own fund-specific expenses and any waivers, with all feeders' amounts agreeing to master fund totals (220-946-45-11 through 45-12); a fund of funds reports only reporting-fund-level expenses because investee fund expenses are embedded in net earnings (220-946-45-13, 45-16)." ], "categories": [ "Presentation", "Disclosure", "Industry-specific", "Financial statement presentation" ], "audience_level": "intermediate", "student_note": "Investment company income statements follow a rigid three-tier format (net investment income → net realized/unrealized gain or loss → net increase in net assets from operations), which is tested heavily in specialized-industry accounting. A common mistake is treating foreign withholding taxes or investee fund expenses as operating expense lines—withholding taxes reduce the related income item, and investee fund expenses are embedded in the net earnings received, never grossed up.", "related_topics": [ "946-10", "946-205", "946-210", "946-830", "740", "830" ], "key_concepts": [ "statement of operations", "net investment income", "realized and unrealized gains and losses", "net increase in net assets resulting from operations", "master-feeder structure", "multiple class funds", "fund of funds", "foreign currency transactions" ] } ``` Source downloaded (UTC): 2026-09-09T23:06:14.562Z to 2026-09-09T23:06:14.562Z Record version: sha256:668a32e55082dc1ee608e750ff76dfaafd9ab800ef40225e0b449df101267569 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/220/946/#00-status) SEC content: no ##### [220-946-00-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:14.562Z to 2026-09-09T23:06:14.562Z Record version: sha256:b326c868d6bb0bf31ea1c834e50278bda70f2bf19075a8cca8abc7db6536b0be Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
12b-1AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-05-1AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-15-1AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-45-1 through 45-17
AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-45-3AmendedMaintenance Update 2018-12 (PDF)09/10/2018
946-220-45-6AmendedMaintenance Update 2018-12 (PDF)09/10/2018
946-220-45-9AmendedAccounting Standards Update No. 2020-1010/29/2020
946-220-45-11AmendedMaintenance Update 2018-12 (PDF)09/10/2018
946-220-45-12AmendedMaintenance Update 2018-12 (PDF)09/10/2018
946-220-45-14AmendedAccounting Standards Update No. 2020-1010/29/2020
946-220-50-1AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-50-2AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-50-3AddedAccounting Standards Update No. 2020-1010/29/2020
946-220-50-4AddedAccounting Standards Update No. 2020-1010/29/2020
Source downloaded (UTC): 2026-09-09T23:06:18.164Z to 2026-09-09T23:06:18.164Z Record version: sha256:63c5f30389f23a19c94cb02fee6e2f2ea4c51191fcb770fe43acb7c9fe20e9cd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/220/946/#05-overview-and-background) SEC content: no ##### [220-946-05-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:18.164Z to 2026-09-09T23:06:18.164Z Record version: sha256:2e9e00311c0b88c1f7ee2c80b0a59159471f70e97b455233001e758c5644493e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic addresses income statements, or statements of operations, for investment companies. Source downloaded (UTC): 2026-09-09T23:06:21.528Z to 2026-09-09T23:06:21.528Z Record version: sha256:86a63a729a2a213467454f952e0ccfdcd7fa647e98bcd2cb0cdd569cfe180973 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/220/946/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [220-946-15-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:21.528Z to 2026-09-09T23:06:21.528Z Record version: sha256:bee425527bdfb698da2bcb2bc444efcc3adf1ce2225d62696cfef88fa2132d23 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 946-10-15. Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:83a2485bfab97a319cbc100a91c6590e0a0e742119ee47b595a091a3ffeb2a65 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/220/946/#45-other-presentation-matters) SEC content: no #### Statement of Operations ##### [220-946-45-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:ff473ed7b0d44d988d43630ae1bb2f32fca60408cd234b357f46e022e79d54a0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The objective of the statement of operations is to present the increase or decrease in net assets resulting from all of the company's investment activities, by reporting investment income from dividends, interest, and other income less expenses, the amounts of realized gains or losses from investment and foreign currency transactions, and changes in unrealized appreciation or depreciation of investments and foreign-currency-denominated assets and liabilities for the period. That format helps the user understand the contribution of each aspect of investment activity to the company's overall operations. ##### [220-946-45-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:69788fd129b3ab55e52ddf53d0c1f84989cd72ee6a3d17154f4c71af9917f3ad Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This following provides guidance on presentation of all of the following captioned items in an investment company's statement of operations: 1. a Expenses 2. b Taxes 3. c Net investment income 4. d Gain or loss from investments and foreign currency transactions 5. e Net increase or decrease in net assets from operations. ##### [220-946-45-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:8ca7a7e58a023c3734ee6a25fe748ce3b2dc1cc1a223ca1c2781155d307935cb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. All of the following expenses are commonly reported separately: 1. a Investment advisory (management) fees (or compensation) 2. b Administration fees payable to an affiliate (if accrued under a separate agreement) 3. c Shareholder service costs, including fees and expenses for the transfer agent and dividend disbursing agent 4. d Distribution ([12b-1](https://asc.understandingaccounting.org/glossary/b/#12b-1 "Rule 12b-1 in Chapter 17 of the Code of Federal Regulations is one of the regulations implementing the Investment Company Act of 1940.")) expenses 5. e Custodian fees 6. f Cost of reports to shareholders 7. g Federal and state income taxes (these expenses shall be shown separately after the income category to which they apply, such as investment income and realized or unrealized gains) 8. h Other taxes (foreign withholding taxes shall be deducted from the relevant income item and presented parenthetically or shown as a separate contra item in the income section) 9. i Interest (including interest on debt, bank borrowings, and reverse repurchase agreements) 10. j Dividends on securities sold short 11. k Professional fees 12. l Directors' or trustees' fees 13. m Registration fees and expenses. ##### [220-946-45-4](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:7d23e7a6564280d23eb8a8a3a85a55c4e2127bb3ab6220443e3c8993f0d11708 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Income tax expense shall be presented by investment companies under the separate income categories (such as investment income or realized and unrealized gains) to which it applies. Taxes in certain foreign jurisdictions may be based on the net investment income and realized gains of the fund within that jurisdiction; the guidance in Topic 740 is applicable to such taxes. ##### [220-946-45-5](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-5) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:609a2f1d4dc911a8052ac7c7da368db1e6d258c878a96b168bf4c8a7c22d63ad Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The excess of investment income over total expenses shall be shown as net investment income (or loss). ##### [220-946-45-6](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-6) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:b4607d171e026c251b011aac759ec413f4685b275b6b6892fca999fb037fd6eb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following amounts related to gain or loss from investments and foreign currency transactions shall be presented as follows: 1. a Net realized gain or loss from investments and foreign currency transactions. 1. 1 Investments. Net realized gains or losses resulting from sales or other disposals of investments shall be reported net of brokerage commissions. The net realized gains or losses from investments and net realized gains or losses from foreign currency transactions may be reported separately or may be combined. 2. 2 Foreign currency transactions. Net gains or losses from assets or liabilities denominated in foreign currencies during the period shall be reported separately. If separate reporting of foreign currency effects on realized gains or losses from investments is elected, those effects shall be included in this caption. 2. b Net increase (decrease) in unrealized appreciation or depreciation on investments and translation of assets and liabilities in foreign currencies, which comprises both of the following: 1. 1 Investments. Changes in net unrealized appreciation or depreciation during the period shall be presented in the statement of operations. The major components of unrealized appreciation or depreciation shall be presented in a manner that is consistent with the guidance provided in (a). Either combining the net unrealized gains or losses from investments with net unrealized gains or losses from foreign currency transactions or reporting them separately is permissible. Any provision for deferred taxes shall be reported separately. 2. 2 Translation of assets and liabilities in foreign currencies. The net change during the period from translating assets and liabilities denominated in foreign currencies shall be reported under the caption "Net Increase (Decrease) in Unrealized Appreciation or Depreciation on Translation of Assets and Liabilities in Foreign Currencies." 3. c Net realized and unrealized gain or loss from investments and foreign currency. The sum of the net realized gain or loss and change in unrealized gain or loss on investments and foreign-currency-denominated assets and liabilities shall be presented in the statement of operations as a net gain or loss on investments and foreign currency. ##### [220-946-45-7](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-7) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:8fc2bb6cb84e97eb0dcdcb033ec8a9fbf540fd8dddbc475c1ce95497fe575337 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The sum of net investment income or loss and net realized and unrealized gain or loss on investments and foreign currency shall be shown as a net increase or decrease in net assets resulting from operations. #### Complex Capital Structures ##### [220-946-45-8](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-8) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:f38075b9ccaa6a9be4e7fd9495802593fbd1df8bc41b2453beecf5bc8a56ded4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Management investment companies that have multiple classes of shares or master-feeder structures shall apply the following guidance when preparing a statement of operations. ##### [220-946-45-9](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-9) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:43c6b8e2c1c0cc64f2dd6806442763167e6527b9de5a29c537b4caae8f88711d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Class-specific expenses shall be reported for each class of fund in the statement of operations or disclosed in the notes to financial statements. Reporting the amount of fund-level expenses allocated to each class is not required but disclosure of fund-level expenses by class in the statement of operations or in notes to financial statements is permitted. (See paragraph [946-220-50-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-3).) ##### [220-946-45-10](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-10) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:4332857885d6430a7c5356352d49d87feaffd7678c1be5a00e568486e4995248 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For master funds, the standard reporting format for investment companies with simple capital structures shall be used. ##### [220-946-45-11](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-11) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:f2242502c690e2b09246e4231289020060b4d0e4483324afe0dd2feae9fd1a87 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The statement of operations shall report details of the feeder fund's allocated share of net investment income from the master fund (that is, present allocated interest, dividends, and expenses separately). ##### [220-946-45-12](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-12) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:81c8fd323b9d3491534be34938f38d76bb37af423dc7ec6eb6e8d9227ebd17bc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The statement also shall report separately the feeder's allocated share of the master fund's realized and unrealized gains and losses. The total of all feeders' income, expense, and realized and unrealized gain or loss components shall agree to the corresponding totals of the master fund. Feeder funds shall present their fund-specific expenses, such as transfer agent, distribution, legal and audit expenses, and registration and directors' fees. Additionally, any fee waivers or reimbursements at the feeder-fund level shall be reported. ##### [220-946-45-13](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-13) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:ce6d8e55c52bc0e5ebc7011402ad742634cb47ee73282065d8f3f7213b200af3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Income reflected on the statement of operations shall represent the net earnings received from investee funds. For example, if the investee funds are all registered investment companies the income would represent the dividends received from such investee funds. ##### [220-946-45-14](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-14) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:8f32c2c149554084ca1f2b807076899a8dcad6756406a35111ba0224363dcae7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The investor fund shall not reflect any operating expenses if the investee funds have agreed to assume certain of the investor fund expenses. To the extent the investor fund has such agreements, they shall be disclosed in the notes to financial statements. (See paragraph [946-220-50-4](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-4).) ##### [220-946-45-15](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-15) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:26f76c1269a7ed9a68af31ebce45c50c66ea6d6e8d8751d04828d2d443882c5d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. When investing in registered investment companies, distributions received from long-term capital gains shall be reported as realized gains together with gains realized on disposition of shares of investee entities. ##### [220-946-45-16](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-16) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:e1dd4e65433c3a9c189a11ef9de2ef20b6b708f6b9e911256a94f7f30d13b6eb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Expenses are those incurred only at the reporting fund level. Expenses of the investee funds are embedded in the net earnings from such funds. #### Investment Partnerships ##### [220-946-45-17](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-17) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:28.222Z to 2026-09-09T23:06:28.222Z Record version: sha256:4a163adffbd8784ed5357e8508a79f639f1142775667e793dccb531aa4569645 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Investment partnerships shall present their statements of operations in conformity with the requirements for statements of operations of management investment companies provided beginning in paragraph [946-220-45-8](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-8). Source downloaded (UTC): 2026-09-09T23:06:32.355Z to 2026-09-09T23:06:32.355Z Record version: sha256:8a90582d0525fca0eeee6df3dcbd4cfc6bc58a5958a957c4c66f280cc59d48bf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/220/946/#50-disclosure) SEC content: no #### Net Investment Income ##### [220-946-50-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:32.355Z to 2026-09-09T23:06:32.355Z Record version: sha256:afc1bcce71e310bf06d14a13489695a2fe272b42b261e963bb1b510ade5104fd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Any income tax provision relating to net investment income shall be disclosed separately. #### Net Realized Gain or Loss from Investments ##### [220-946-50-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:32.355Z to 2026-09-09T23:06:32.355Z Record version: sha256:984fdbc2fa05eec51046e7c2f8478e2f9fff04c51e853942ac5a910349754106 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The statement of operations shall disclose net realized gains or losses. Gains or losses arising from in-kind redemptions shall be disclosed. Notes to financial statements shall state an entity's practice of either including or excluding that portion of realized and unrealized gains and losses from investments that result from foreign currency changes with or from other foreign currency gains and losses. #### Complex Capital Structures ##### [220-946-50-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:32.355Z to 2026-09-09T23:06:32.355Z Record version: sha256:304b99c92b9079a732e40416eb662cf89be55d08d2ce6ef84b9e82d6e41564a2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Class-specific expenses shall be reported for each class of fund in the statement of operations or disclosed in the notes to financial statements. Reporting the amount of fund-level expenses allocated to each class is not required but disclosure of fund-level expenses by class in the statement of operations or in notes to financial statements is permitted. (See paragraph [946-220-45-9](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-9).) ##### [220-946-50-4](https://asc.understandingaccounting.org/asc/220/946/#220-946-50-4) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:32.355Z to 2026-09-09T23:06:32.355Z Record version: sha256:fb2661375de866a0008f18f1ec060965a733f7b3d11caef91a8652565f034fdc Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In accordance with paragraph [946-220-45-14](https://asc.understandingaccounting.org/asc/220/946/#220-946-45-14), the investor fund shall not reflect any operating expenses if the investee funds have agreed to assume certain of the investor fund expenses. To the extent the investor fund has such agreements, they shall be disclosed in the notes to financial statements. Source downloaded (UTC): 2026-09-09T23:06:38.275Z to 2026-09-09T23:06:38.275Z Record version: sha256:321e70c643258c494099b694cd677301ea834df67eb7651ec72e4228482b84a7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-S00: SEC 00 Status [Read section](https://asc.understandingaccounting.org/asc/220/946/#sec-00-status) SEC content: yes ##### [220-946-S00-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:38.275Z to 2026-09-09T23:06:38.275Z Record version: sha256:e8d5ec2c6280d6e06c8e43e5602203a3f7d4d2db03f9d74694a9d5146b4fb1f2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
946-220-S45-1 through S45-3
AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-S50-1 through S50-3
AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-S99-1AmendedAccounting Standards Update No. 2019-0707/26/2019
946-220-S99-1 through S99-3
AddedMaintenance Update 2017-19 (PDF)11/15/2017
946-220-S99-3AmendedAccounting Standards Update No. 2019-0707/26/2019
Source downloaded (UTC): 2026-09-09T23:06:42.352Z to 2026-09-09T23:06:42.352Z Record version: sha256:38b8c1548a6a9ec52733045ec8bb8af65437f0f86f78a83382ca08a16dfb2775 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-S45: SEC 45 Other Presentation Matters (Classification, Cash Flow, EPS, etc.) [Read section](https://asc.understandingaccounting.org/asc/220/946/#sec-45-other-presentation-matters-classification-cash-flow-eps-etc) SEC content: yes #### Statements of Operations Format ##### [220-946-S45-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S45-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:42.352Z to 2026-09-09T23:06:42.352Z Record version: sha256:0207d45294c3c4bc246dab80677b4b43f7f6c0567342ffcec721330a386e3aa6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-1), Regulation S-X Rule 6-07, for the required income statement presentation for registered investment companies. #### Format for Statements of Operations of Issuers of Face-Amount Certificates ##### [220-946-S45-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-S45-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:42.352Z to 2026-09-09T23:06:42.352Z Record version: sha256:e44a3006ea917275d490bb8cb9a65414e6dce6cefed5473972b148eaa47aa6da Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-2), Regulation S-X Rule 6-08, for the required income statement presentation for issuers of face-amount certificates. #### Statements of Changes in Net Assets Format ##### [220-946-S45-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-S45-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:42.352Z to 2026-09-09T23:06:42.352Z Record version: sha256:36e09c6e92534df79643d979e1f3da8d52859709af03889502f20c4ea5a81cd6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-3), Regulation S-X Rule 6-09, for the required statement of changes in net assets format. Source downloaded (UTC): 2026-09-09T23:06:45.693Z to 2026-09-09T23:06:45.693Z Record version: sha256:e1869ed3efc432f081714a20ee3369502ff778ffc6bb914c92464740ebb33fb4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/220/946/#sec-50-disclosure) SEC content: yes #### Expenses ##### [220-946-S50-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:45.693Z to 2026-09-09T23:06:45.693Z Record version: sha256:50a53d76624bb8cc9387865cbb2b785a4c94c66b7b0b162307f388f0d691ad8d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-1), Regulation S-X Rule 6-07.2, for the required disclosures pertaining to expenses. ##### [220-946-S50-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-S50-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:45.693Z to 2026-09-09T23:06:45.693Z Record version: sha256:97fd48bb8adddc80791aa9f16eecbcd790c4969439eed9bfd08b180d8829990d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-2), Regulation S-X Rule 6-08.2, for the required disclosures pertaining to expenses of issuers of face-amount certificates. #### Realized and Unrealized Gains (Losses) on Investments—Net ##### [220-946-S50-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-S50-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:45.693Z to 2026-09-09T23:06:45.693Z Record version: sha256:8b70fe22f8485c5acde895aa863cf9065d1edc66392124229d88fa23ae310587 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [946-220-S99-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-1), Regulation S-X Rule 6-07.7(c), for the required disclosures pertaining to realized and unrealized gains (losses) on investments—net. Source downloaded (UTC): 2026-09-09T23:06:52.794Z to 2026-09-09T23:06:52.794Z Record version: sha256:806c98f7e3deafdf83280113fa9236ec47ceb8a8b15333bcfd2891fa1fd23a89 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 220-946-S99: SEC 99 SEC Materials [Read section](https://asc.understandingaccounting.org/asc/220/946/#sec-99-sec-materials) SEC content: yes #### SEC Rules, Regulations, and Interpretations ##### [220-946-S99-1](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:52.794Z to 2026-09-09T23:06:52.794Z Record version: sha256:862a176124ca4d4702a23ab918f56f438a90db74f9581c6a0e53e949e28ec215 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 6-07, Statements of Operations (17 CFR 210.6-07). - Statements of operations, or statements of comprehensive income, where applicable, filed by registered investment companies, other than issuers of face-amount certificates, subject to the special provisions of § 210.6-08 and business development companies, shall comply with the following provisions: - STATEMENTS OF OPERATIONS - 1\. Investment income. State separately income from: - (a) Dividends; - (b) interest on securities; and - (c) other income. - Any other category of income which exceeds five percent of the total shown under this caption (e.g. income from non-cash dividends, income from payment-in-kind interest) shall be stated separately. If income from investments in or indebtedness of affiliates is included hereunder, such income shall be segregated under an appropriate caption subdivided to show separately income from: (1) Controlled companies; and (2) other affiliates. If income from non-cash dividends or payment-in-kind interest are included in income, the bases of recognition and measurement used in respect to such amounts shall be disclosed. - 2\. Expenses. - (a) State separately the total amount of investment advisory, management and service fees, and expenses in connection with research, selection, supervision, and custody of investments. Amounts of expenses incurred from transactions with affiliated persons shall be disclosed together with the identity of and related amount applicable to each such person accounting for five percent or more of the total expenses shown under this caption together with a description of the nature of the affiliation. Expenses incurred within the person's own organization in connection with research, selection and supervision of investments shall be stated separately. Reductions or reimbursements of management or service fees shall be shown as a negative amount or as a reduction of total expenses shown under this caption. - (b) State separately any other expense item the amount of which exceeds five percent of the total expenses shown under this caption. - (c) A note to the financial statements shall include information concerning management and service fees, the rate of fee, and the base and method of computation. State separately the amount and a description of any fee reductions or reimbursements representing: (1) Expense limitation agreements or commitments; and (2) offsets received from broker-dealers showing separately for each amount received or due from (i) unaffiliated persons; and (ii) affiliated persons. If no management or service fees were incurred for a period, state the reason therefor. - (d) If any expenses were paid otherwise than in cash, state the details in a note. - (e) State in a note to the financial statements the amount of brokerage commissions (including dealer markups) paid to affiliated broker-dealers in connection with purchase and sale of investment securities. Open-end management companies shall state in a note the net amounts of sales charges deducted from the proceeds of sale of capital shares which were retained by any affiliated principal underwriter or other affiliated broker-dealer. - (f) State separately all amounts paid in accordance with a plan adopted under 17 CFR 270.12b-1 of this chapter. Reimbursement to the fund of expenses incurred under such plan (12b-1 expense reimbursement) shall be shown as a negative amount and deducted from current 12b-1 expenses. If 12b-1 expense reimbursements exceed current 12b-1 costs, such excess shall be shown as a negative amount used in the calculation of total expenses under this caption. - (g)(1) Brokerage/Service Arrangements. If a broker-dealer or an affiliate of the broker-dealer has, in connection with directing the person's brokerage transactions to the broker-dealer, provided, agreed to provide, paid for, or agreed to pay for, in whole or in part, services provided to the person (other than brokerage and research services as those terms are used in section 28(e) of the Securities Exchange Act of 1934 \[15 U.S.C. 78bb(e)\]), include in the expense items set forth under this caption the amount that would have been incurred by the person for the services had it paid for the services directly in an arms-length transaction. - (2) Expense Offset Arrangements. If the person has entered into an agreement with any other person pursuant to which such other person reduces, or pays a third party which reduces, by a specified or reasonably ascertainable amount, its fees for services provided to the person in exchange for use of the person's assets, include in the expense items set forth under this caption the amount of fees that would have been incurred by the person if the person had not entered into the agreement. - (3) Financial Statement Presentation. Show the total amount by which expenses are increased pursuant to paragraphs (1) and (2) of this paragraph 2(g) as a corresponding reduction in total expenses under this caption. In a note to the financial statements, state separately the total amounts by which expenses are increased pursuant to paragraphs (1) and (2) of this paragraph 2(g), and list each category of expense that is increased by an amount equal to at least 5 percent of total expenses. If applicable, the note should state that the person could have employed the assets used by another person to produce income if it had not entered into an arrangement described in paragraph 2(g)(2) of this section. - 3\. Interest and amortization of debt discount and expense. Provide in the body of the statements or in the footnotes, the average dollar amount of borrowings and the average interest rate. - 4\. Investment income before income tax expense. - 5\. Income tax expense. Include under this caption only taxes based on income. - 6\. Investment income-net. - 7\. Realized and unrealized gain (loss) on investments-net. - (a) State separately the net realized gain or loss from: - (1) Transactions in investment securities of unaffiliated issuers, - (2) transactions in investment securities of affiliated issuers, - (3) expiration or closing of option contracts written, - (4) closed short positions in securities, - (5) expiration or closing of futures contracts, - (6) settlement of forward foreign currency contracts, - (7) expiration or closing of swap contracts, and - (8) transactions in other investments held during the period. - (b) Distributions of realized gains by other investment companies shall be shown separately under this caption. - (c) State separately the amount of the net increase or decrease during the period in the unrealized appreciation or depreciation in the value of: - (1) Investment securities of unaffiliated issuers, - (2) investment securities of affiliated issuers, - (3) option contracts written, - (4) short positions in securities, - (5) futures contracts, - (6) forward foreign currency contracts, - (7) swap contracts, and - (8) other investments held at the end of the period. - (d) State separately any: (1) Federal income taxes and (2) other income taxes applicable to realized and unrealized gain (loss) on investments, distinguishing taxes payable currently from deferred income taxes. - 8\. Net gain (loss) on investments. - 9\. Net increase (decrease) in net assets resulting from operations. - \[81 FR 82012, Nov. 18, 2016; 83 FR 50202, Oct. 4, 2018\] ##### [220-946-S99-2](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-2) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:52.794Z to 2026-09-09T23:06:52.794Z Record version: sha256:db4e97224506d0d6996acb5c7aa180db20f907b8250cea5187cfc3583ced02c9 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 6-08, Special Provisions Applicable to the Statements of Operations of Issuers of Face-Amount Certificates (17 CFR 210.6-08). - Statements of operations filed by issuers of face-amount certificates shall comply with the following provisions: - STATEMENTS OF OPERATIONS - 1\. Investment income. State separately income from: - (a) Interest on mortgages; - (b) interest on securities; - (c) dividends; - (d) rental income; and - (e) other investment income. - If income from investments in or indebtedness of affiliates is included hereunder, such income shall be segregated under an appropriate caption subdivided to show separately income from: (1) Controlled companies; and (2) other affiliates. If non-cash dividends are included in income, the bases of recognition and measurement used in respect to such amounts shall be disclosed. Any other category of income which exceeds five percent of the total shown under this caption shall be stated separately. - 2\. Investment expenses. - (a) State separately the total amount of investment advisory, management and service fees, and expenses in connection with research, selection, supervision, and custody of investments. Amounts of expenses incurred from transactions with affiliated persons shall be disclosed together with the identity of and related amount applicable to each such person accounting for five percent or more of the total expenses shown under this caption together with a description of the nature of the affiliation. Expenses incurred within the person's own organization in connection with research, selection and supervision of investments shall be stated separately. Reductions or reimbursements of management or service fees shall be shown as a negative amount or as a reduction of total expenses shown under this caption. - (b) State separately any other expense item the amount of which exceeds five percent of the total expenses shown under this caption. - (c) A note to the financial statements shall include information concerning management and service fees, the rate of fee, and the base and method of computation. State separately the amount and a description of any fee reductions or reimbursements representing: (1) Expense limitation agreements or commitments; and (2) offsets received from broker-dealers showing separately for each amount received or due from: (i) Unaffiliated persons; and (ii) affiliated persons. If no management or service fees were incurred for a period, state the reason therefor. - (d) If any expenses were paid otherwise than in cash, state the details in a note. - (e) State in a note to the financial statements the amount of brokerage commissions (including dealer markups) paid to affiliated broker-dealers in connection with purchase and sale of investment securities. - 3\. Interest and amortization of debt discount and expense. - 4\. Provision for certificate reserves. State separately any provision for additional credits, or dividends, or interests, in addition to the minimum maturity or face amount specified in the certificates. State also in an appropriate manner reserve recoveries from surrenders or other causes. - 5\. Investment income before income tax expense. - 6\. Income tax expense. Include under this caption only taxes based on income. - 7\. Investment income-net. - 8\. Realized gain (loss) on investments-net. - (a) State separately the net realized gain or loss on transactions in: - (1) Investment securities of unaffiliated issuers, - (2) investment securities of affiliated issuers, and - (3) other investments. - (b) Distributions of capital gains by other investment companies shall be shown separately under this caption. - (c) State separately any: (1) Federal income taxes and (2) other income taxes applicable to realized gain (loss) on investments, distinguishing taxes payable currently from deferred income taxes. - 9\. Net income or loss. ##### [220-946-S99-3](https://asc.understandingaccounting.org/asc/220/946/#220-946-S99-3) Pending content: no Source downloaded (UTC): 2026-09-09T23:06:52.794Z to 2026-09-09T23:06:52.794Z Record version: sha256:06d368ebfeb779d99453a8a114ad17652c901e5557e0ad7c512512843ea0c908 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following is the text of Regulation S-X Rule 6-09, Statements of Changes in Net Assets (17 CFR 210.6-09). - Statements of changes in net assets filed for persons to whom this article is applicable shall comply with the following provisions: - STATEMENTS OF CHANGES IN NET ASSETS - 1\. Operations. State separately: - (a) Investment income-net as shown by § 210.6-07.6; - (b) realized gain (loss) on investments-net of any Federal or other income taxes applicable to such amounts; - (c) increase (decrease) in unrealized appreciation or depreciation-net of any Federal or other income taxes applicable to such amounts; and - (d) net increase (decrease) in net assets resulting from operations as shown by § 210.6-07.9. - 2\. Net equalization charges and credits. State the net amount of accrued undivided earnings separately identified in the price of capital shares issued and repurchased. - 3\. Distributions to shareholders. State total distributions to shareholders which generally come from: - (a) Investment income-net; - (b) realized gain from investment transactions-net; and - (c) other sources, except tax return of capital distributions, which shall be disclosed separately. - 4\. Capital share transactions. - (a) State the increase or decrease in net assets derived from the net change in the number of outstanding shares or units. - (b) Disclose in the body of the statements or in the notes, for each class of the person's shares, the number and value of shares issued in reinvestment of dividends as well as the number and dollar amounts received for shares sold and paid for shares redeemed. - 5\. Total increase (decrease). - 6\. Net assets at the beginning of the period. - 7\. Net assets at the end of the period. \[47 FR 56838, Dec. 21, 1982, as amended at 83 FR 50202, Oct. 4, 2018\]