# ASC 225-946: Income Statement — Financial Services—Investment Companies

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/225/946/)

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.

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## ASC 225-946: Income Statement — Financial Services—Investment Companies

### Machine-generated study aids

```json
{
  "summary": "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income statement guidance for investment companies, but every paragraph in it (Sections 05, 15, 45, and 50) was superseded by Maintenance Update 2017-19.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": [
    "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content of this subtopic — 225-946-05-1, 225-946-15-1, 225-946-45-1 through 45-17, and 225-946-50-1 through 50-2 — was superseded by Maintenance Update 2017-19, leaving no effective guidance.",
    "Because Sections 45 (Other Presentation Matters) and 50 (Disclosure) are fully superseded, no income statement presentation or disclosure requirement can be sourced from ASC 225-946.",
    "The Scope section (225-946-15-1) is also superseded, so the subtopic no longer applies to any entity or transaction.",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."
  ],
  "categories": [
    "Presentation",
    "Industry-specific",
    "Financial statement presentation",
    "Transition and effective dates"
  ],
  "audience_level": "introductory",
  "student_note": "The only thing to know here is that ASC 225-946 is entirely superseded — citing it as live authority is the classic mistake; go to ASC 946 (and Topic 220 for income statement/comprehensive income presentation) instead.",
  "related_topics": [
    "946",
    "946-225",
    "220",
    "225",
    "946-205"
  ],
  "key_concepts": [
    "superseded guidance",
    "investment company",
    "statement of operations",
    "income statement presentation",
    "industry-specific guidance",
    "codification cross-reference"
  ]
}
```

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## ASC 225-946-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/225/946/#00-status)

SEC content: no

##### [225-946-00-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-00-1)

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The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL114883164-224289"><tbody><tr><td class="entry"><strong class="ph b">Paragraph</strong></td><td class="entry"><strong class="ph b">Action</strong></td><td class="entry"><strong class="ph b">Accounting Standards Update</strong></td><td class="entry"><strong class="ph b">Date</strong></td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><strong class="ph b">12b-1</strong></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-05-1" class="xref">946-225-05-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-15-1" class="xref">946-225-15-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-45-1" class="xref">946-225-45-1 through 45-17</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-50-1" class="xref">946-225-50-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-50-2" class="xref">946-225-50-2</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr></tbody></table>

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## ASC 225-946-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/225/946/#05-overview-and-background)

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

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## ASC 225-946-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/225/946/#15-scope-and-scope-exceptions)

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## ASC 225-946-20: 20 Glossary

[Read section](https://asc.understandingaccounting.org/asc/225/946/#20-glossary)

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## ASC 225-946-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/225/946/#45-other-presentation-matters)

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## ASC 225-946-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/225/946/#50-disclosure)

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##### [225-946-50-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-50-1)

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

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## ASC 225-946-S00: SEC 00 Status

[Read section](https://asc.understandingaccounting.org/asc/225/946/#sec-00-status)

SEC content: yes

##### [225-946-S00-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-S00-1)

Pending content: no

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The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL114883199-224290"><tbody><tr><td class="entry"><strong class="ph b">Paragraph</strong></td><td class="entry"><strong class="ph b">Action</strong></td><td class="entry"><strong class="ph b">Accounting Standards Update</strong></td><td class="entry"><strong class="ph b">Date</strong></td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-S45-1" class="xref">946-225-S45-1 through S45-3</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-S50-1" class="xref">946-225-S50-1 through S50-3</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/225/946/#225-946-S99-1" class="xref">946-225-S99-1 through S99-3</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf" class="pdf-link" target="_blank" rel="noopener">Maintenance Update 2017-19 (PDF)</a></td><td class="entry">11/15/2017</td></tr></tbody></table>

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Effective as of: not established by retrieval timestamps.


## ASC 225-946-S45: SEC 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/225/946/#sec-45-other-presentation-matters)

SEC content: yes

##### [225-946-S45-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-S45-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:27.747Z to 2026-09-09T23:10:27.747Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S45-2](https://asc.understandingaccounting.org/asc/225/946/#225-946-S45-2)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:27.747Z to 2026-09-09T23:10:27.747Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S45-3](https://asc.understandingaccounting.org/asc/225/946/#225-946-S45-3)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:27.747Z to 2026-09-09T23:10:27.747Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

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Effective as of: not established by retrieval timestamps.


## ASC 225-946-S50: SEC 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/225/946/#sec-50-disclosure)

SEC content: yes

##### [225-946-S50-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-S50-1)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:31.450Z to 2026-09-09T23:10:31.450Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S50-2](https://asc.understandingaccounting.org/asc/225/946/#225-946-S50-2)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:31.450Z to 2026-09-09T23:10:31.450Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S50-3](https://asc.understandingaccounting.org/asc/225/946/#225-946-S50-3)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:31.450Z to 2026-09-09T23:10:31.450Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

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Effective as of: not established by retrieval timestamps.


## ASC 225-946-S99: SEC 99 SEC Materials

[Read section](https://asc.understandingaccounting.org/asc/225/946/#sec-99-sec-materials)

SEC content: yes

##### [225-946-S99-1](https://asc.understandingaccounting.org/asc/225/946/#225-946-S99-1)

Pending content: no

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S99-2](https://asc.understandingaccounting.org/asc/225/946/#225-946-S99-2)

Pending content: no

Source downloaded (UTC): 2026-09-09T23:10:35.043Z to 2026-09-09T23:10:35.043Z

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)

##### [225-946-S99-3](https://asc.understandingaccounting.org/asc/225/946/#225-946-S99-3)

Pending content: no

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[Paragraph superseded by Maintenance Update 2017-19.](https://asc.understandingaccounting.org/updates/maintenance-updates-2017/)