# ASC 320-946-15: Investments—Debt Securities — Financial Services—Investment Companies — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/320/946/#15-scope-and-scope-exceptions)

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## ASC 320-946-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/320/946/#15-scope-and-scope-exceptions)

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#### Overall Guidance

##### [320-946-15-1](https://asc.understandingaccounting.org/asc/320/946/#320-946-15-1)

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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.

#### Instruments

##### [320-946-15-2](https://asc.understandingaccounting.org/asc/320/946/#320-946-15-2)

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Securities that have no credit rating shall be classified as [high-yield debt securities](https://asc.understandingaccounting.org/glossary/h/#high-yield-debt-securities "Corporate and municipal debt securities having a lower-than-investment-grade credit rating (BB+ or lower by Standard & 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.") if they otherwise have the characteristics of such securities.