{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/305/946/","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","number":"305-946","topic":"305","title":"Financial Services—Investment Companies","area":"Assets","paragraphs":5,"summary":"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 Every remaining paragraph (05-1, 15-1, 45-1, 45-2) was superseded by Maintenance Update 2017-21, so the subtopic contains no substantive guidance today. 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<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\"> <a href=\"/asc/305/946/#305-946-05-1\" class=\"xref\">946-305-05-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-EB56EA6C-A38A-4126-8CF8-B6241EA754EF.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2017-21 (PDF)</a> </td> <td class=\"entry\">12/22/2017</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/305/946/#305-946-15-1\" class=\"xref\">946-305-15-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-EB56EA6C-A38A-4126-8CF8-B6241EA754EF.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2017-21 (PDF)</a> </td> <td class=\"entry\">12/22/2017</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/305/946/#305-946-45-1\" class=\"xref\">946-305-45-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-EB56EA6C-A38A-4126-8CF8-B6241EA754EF.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2017-21 (PDF)</a> </td> <td class=\"entry\">12/22/2017</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/305/946/#305-946-45-2\" class=\"xref\">946-305-45-2</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-EB56EA6C-A38A-4126-8CF8-B6241EA754EF.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2017-21 (PDF)</a> </td> <td class=\"entry\">12/22/2017</td> </tr> </table> </div> </div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n946-305-05-1 | Superseded | Maintenance Update 2017-21 | 12/22/2017 |\n946-305-15-1 | 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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":["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."],"categories":["Presentation","Industry-specific","Transition and effective dates"],"audience_level":"introductory","student_note":"This is an empty shell subtopic — the only thing to know is that its guidance was removed by Maintenance Update 2017-21. 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