{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/320/946/#15-scope-and-scope-exceptions","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.","topic":"320","topic_title":"Investments—Debt Securities","subtopic":"320-946","subtopic_title":"Financial Services—Investment Companies","section":{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"320-946-15-1","para":"15-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section <a altsource=\"GUID-7188B6E0-4BD3-475F-800F-A33B2CD5F134.ditamap\" class=\"ditamap\">946-10-15</a>, with instrument qualifications noted below.</div></div>","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 946-10-15, with instrument qualifications noted below.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c66baa43e3988597dcd9c3888f1bf695adbface7fa780a0d0b51ac5f1acadd96","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7e0c06baad174dd16233f5e25640bb6cacd2e23dc34919736b00fc20f8a9b667","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}},{"block":null,"heading":"Instruments","paragraphs":[{"citation":"320-946-15-2","para":"15-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_11BDB200-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Securities that have no credit rating shall be classified as <a href=\"/glossary/h/#high-yield-debt-securities\" class=\"term\" title=\"Corporate and municipal debt securities having a lower-than-investment-grade credit rating (BB+ or lower by Standard &amp; Poor's, or Ba or lower by Moody's). Because high-yield debt securities typically are used when lower-cost capital is not available, they have interest rates several percentage points higher than investment-grade debt and often have shorter maturities. These high-yielding corporate and municipal debt obligations are frequently referred to as junk bonds.\"><span>high-yield debt securities</span></a> if they otherwise have the characteristics of such securities. </span></span></div></div>","snippet":"Securities that have no credit rating shall be classified as high-yield debt securities if they otherwise have the characteristics of such securities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9e031b594a9182c918b45b106e9398ae188930f91341510211d67c20aaaa230a","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7e728dfcbd994d647348ef92e76c868d4215c2d743cd9ef53b08cec391da145a","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fa32f27ba551b3fb34be2b4fe18928184b3f536d631bb73ab96a5f5e8e807619","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fa32f27ba551b3fb34be2b4fe18928184b3f536d631bb73ab96a5f5e8e807619","downloaded_from":"2026-09-09T23:36:39.621Z","last_downloaded_at":"2026-09-09T23:36:39.621Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478506","source_sha256":"d07133f9db380281663d077895b315083d71ea396f521a22a429dbde2533fad3"}}