ASC

ASC 305-946

Financial Services—Investment Companies

305 Cash and Cash Equivalents

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In brief

IntroductoryPresentationIndustry-specificTransition and effective dates

ASC 305-946 was the investment-company-specific guidance on cash and cash equivalents. Every remaining paragraph (05-1, 15-1, 45-1, 45-2) was superseded by Maintenance Update 2017-21, so the subtopic contains no substantive guidance today. Investment companies now look to the general cash guidance in ASC 305 and to the presentation and disclosure requirements in ASC 946.

Key points (5)
  • All content of this subtopic — overview (305-946-05-1), scope (305-946-15-1), and other presentation matters (305-946-45-1 and 45-2) — was superseded by Maintenance Update 2017-21.
  • Because no paragraphs remain in force, there is no industry-specific recognition, measurement, or presentation rule for cash and cash equivalents unique to investment companies in ASC 305.
  • General cash and cash equivalents guidance in ASC 305-10 applies to investment companies absent superseded industry guidance.
  • Investment company financial statement presentation and disclosure requirements, including the statement of assets and liabilities and schedule of investments, are found in ASC 946.
  • Maintenance Updates are non-substantive Codification changes; the supersession here reflects cleanup rather than a change in accounting policy.

For students. This is an empty shell subtopic — the only thing to know is that its guidance was removed by Maintenance Update 2017-21. The common error is citing 305-946 as live authority for investment company cash presentation; cite ASC 305-10 and ASC 946 instead.

cash and cash equivalentsinvestment companiessuperseded guidanceindustry-specific guidancefinancial statement presentation

Machine-generated study aid for ASC 305-946. Check the source paragraphs below.

305-946-00Status

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305-946-00-1
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-305-05-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
946-305-15-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
946-305-45-1 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017
946-305-45-2 Superseded Maintenance Update 2017-21 (PDF) 12/22/2017

305-946-05Overview and Background

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305-946-15Scope and Scope Exceptions

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305-946-45Other Presentation Matters

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