ASC

ASC 305-942

Financial Services—Depository and Lending

305 Cash and Cash Equivalents

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In brief

IntroductoryPresentationDisclosureIndustry-specificTransition and effective dates

ASC 305-942 was the industry-specific guidance on cash and cash equivalents for depository and lending institutions (banks, savings institutions, credit unions). Every paragraph in the subtopic — scope, presentation, and disclosure — was superseded by Maintenance Update 2017-21, so the subtopic contains no operative guidance. Entities in this industry now apply the general guidance in ASC 305 and, for restricted/reserve balances and cash flow classification, ASC 942-305 and ASC 230.

Key points (4)
  • All content of this subtopic (305-942-05-1, 05-2, 15-1, 45-1, and 50-1) was superseded by Maintenance Update 2017-21 and imposes no requirements.
  • Because the subtopic is empty, depository and lending entities look to the general Cash and Cash Equivalents guidance in ASC 305-10 for recognition and presentation.
  • Industry-specific balance sheet and disclosure guidance for banks' cash items, including required reserve balances with Federal Reserve Banks, resides in the Topic 942 industry Subtopic (942-305) rather than here.
  • Maintenance Updates are non-substantive Codification corrections, so the supersession reflected relocation/cleanup rather than a change in accounting.

For students. This is a shell subtopic — do not cite it for any rule. The common mistake is quoting a superseded paragraph; for bank cash guidance go to ASC 942-305 and ASC 305-10, and for restricted cash in the cash flow statement go to ASC 230.

cash and cash equivalentsdepository and lending institutionssuperseded guidanceindustry-specific subtopicrestricted cashreserve balances

Machine-generated study aid for ASC 305-942. Check the source paragraphs below.

305-942-00Status

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305-942-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
942-305-05-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
942-305-05-2 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
942-305-15-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
942-305-45-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
942-305-50-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017

305-942-05Overview and Background

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305-942-15Scope and Scope Exceptions

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305-942-45Other Presentation Matters

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305-942-50Disclosure

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Related subtopics