ASC

ASC 225-946

Financial Services—Investment Companies

225 Income Statement

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In brief

IntroductoryPresentationIndustry-specificFinancial statement presentationTransition and effective dates

ASC 225-946 was the industry-specific income statement guidance for investment companies, but every paragraph in it (Sections 05, 15, 45, and 50) was superseded by Maintenance Update 2017-19. The subtopic is now an empty shell with no operative guidance; the substantive requirements for an investment company's statement of operations were relocated to (and remain in) ASC 946, Financial Services—Investment Companies. Readers encountering a citation to 225-946 should redirect to ASC 946-225.

Key points (5)
  • All content of this subtopic — 225-946-05-1, 225-946-15-1, 225-946-45-1 through 45-17, and 225-946-50-1 through 50-2 — was superseded by Maintenance Update 2017-19, leaving no effective guidance.
  • Because Sections 45 (Other Presentation Matters) and 50 (Disclosure) are fully superseded, no income statement presentation or disclosure requirement can be sourced from ASC 225-946.
  • The Scope section (225-946-15-1) is also superseded, so the subtopic no longer applies to any entity or transaction.
  • Investment company statement of operations presentation guidance is found in ASC 946 (the industry Topic), not in Topic 225.
  • Topic 225 (Income Statement) itself was largely displaced by Topic 220, Income Statement—Reporting Comprehensive Income, in the FASB's codification cleanup, so older cross-references to 225 should be verified against current Topic numbers.

For students. The only thing to know here is that ASC 225-946 is entirely superseded — citing it as live authority is the classic mistake; go to ASC 946 (and Topic 220 for income statement/comprehensive income presentation) instead.

superseded guidanceinvestment companystatement of operationsincome statement presentationindustry-specific guidancecodification cross-reference

Machine-generated study aid for ASC 225-946. Check the source paragraphs below.

225-946-00Status

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225-946-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
12b-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-05-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-15-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-45-1 through 45-17
 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-50-1 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-50-2 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017

225-946-05Overview and Background

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225-946-15Scope and Scope Exceptions

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225-946-20Glossary

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225-946-45Other Presentation Matters

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225-946-50Disclosure

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225-946-S00StatusSEC

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225-946-S00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-225-S45-1 through S45-3
 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-S50-1 through S50-3
 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017
946-225-S99-1 through S99-3
 Superseded Maintenance Update 2017-19 (PDF) 11/15/2017

225-946-S45Other Presentation MattersSEC

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225-946-S50DisclosureSEC

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225-946-S99SEC MaterialsSEC

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