{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/320/946/","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":"320-946","topic":"320","title":"Financial Services—Investment Companies","area":"Assets","paragraphs":98,"summary":"This Subtopic governs how an investment company (a fund) accounts for its portfolio of debt and equity securities, with special attention to high-yield debt securities such as zero-coupon, step, and payment-in-kind (PIK) bonds. Core rules: record purchases and sales on trade date, initially measure at transaction price including commissions, subsequently measure at fair value, recognize interest on step and PIK bonds using the interest method (with reserves when income is not expected to be realized), and record dividends on the ex-dividend date. It also prescribes the treatment of capital infusions, workout expenditures, and writeoffs of purchased versus accrued interest.","concepts":["investment company","high-yield debt securities","payment-in-kind bonds","step bonds","trade date accounting","ex-dividend date","interest method","purchased interest writeoff"],"categories":["Recognition","Initial measurement","Subsequent measurement","Industry-specific"],"level":"advanced","topic_title":"Investments—Debt Securities","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"320-946-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
946-320-30-1AddedAccounting Standards Update No. 2013-0806/07/2013
946-320-35-11AmendedAccounting Standards Update No. 2012-0410/01/2012
946-320-35-20AmendedAccounting Standards Update No. 2017-0803/30/2017
946-320-40-1AmendedAccounting Standards Update No. 2013-0806/07/2013
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n946-320-30-1 | Added | Accounting Standards Update No. 2013-08 | 06/07/2013 |\n946-320-35…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9981a022235a9fd1a5d3b3577e32a7283a4ea393c9fd7c347a98ebda79b3f67d","downloaded_from":"2026-09-09T23:36:33.761Z","last_downloaded_at":"2026-09-09T23:36:33.761Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477335","source_sha256":"8c47de7acf54eb48926179199f1cfe4ddcf43620f386a3bf91a6265f6f8f6a2c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f0a2e7e8afb29014e316220c2951e020f202114bf477a18aa2d3c511122ec343","downloaded_from":"2026-09-09T23:36:33.761Z","last_downloaded_at":"2026-09-09T23:36:33.761Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477335","source_sha256":"8c47de7acf54eb48926179199f1cfe4ddcf43620f386a3bf91a6265f6f8f6a2c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fd1f506a6a2396c5f8032321abbb99a551a31086b00ea38c7e9a50b969199b8c","downloaded_from":"2026-09-09T23:36:33.761Z","last_downloaded_at":"2026-09-09T23:36:33.761Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477335","source_sha256":"8c47de7acf54eb48926179199f1cfe4ddcf43620f386a3bf91a6265f6f8f6a2c"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"320-946-05-1","para":"05-1","html":"
This Subtopic addresses an investment company's accounting for investments in debt and equity securities, including matters encountered by investment companies holding high-yield debt securities in their portfolios. Included is discussion of all of the following matters:
  1. a
    Interest income from step bonds and payment-in-kind bonds
  2. b
    Previously recorded purchased interest if recoverability becomes doubtful in connection with defaults or potential defaults by issuers
  3. c
    Additional expenditures made by investment companies in support of high-yield debt securities and other securities.
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An investment company's securities portfolio typically comprises substantially all its net assets. Portfolio securities produce income from dividends, interest, and changes in fair values of securities while they are owned by the fund.
","snippet":"An investment company's securities portfolio typically comprises substantially all its net assets. Portfolio securities produce income from dividends, interest, and changes in fair values of securities while they are own…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c316981924a08445517cf8187f9a5db04943875b895f188da4f9c7a0fda3960d","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:afefe0cb95b0270ab27dccf44bed3e43d49d83c1b48c6d2d92e670f8771b6a5f","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"block":null,"heading":"High-Yield Debt Securities","paragraphs":[{"citation":"320-946-05-3","para":"05-3","html":"
High-yield debt securities (junk bonds) take various forms. The most common forms may include zero-coupon bonds, payment-in-kind bonds, and deep-discount step bonds. High-yield debt securities have supplied significant capital for business expansion and corporate restructuring. These securities are inherently different from investment-grade debt securities. They present additional credit, liquidity, and market risks for all participants in this marketplace: holders, issuers, underwriters, and broker-dealers.
","snippet":"High-yield debt securities (junk bonds) take various forms. The most common forms may include zero-coupon bonds, payment-in-kind bonds, and deep-discount step bonds. High-yield debt securities have supplied significant c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:df80c0a1e02482332c5a8c6f1945e16228df82c74bc2f2397d3580d83c73a3b0","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"citation":"320-946-05-4","para":"05-4","html":"
High-yield debt securities typically are unsecured and subordinate to other debt outstanding. Many issuers of high-yield debt securities are highly leveraged, with limited equity capital. That, plus a market for such securities that may not always be liquid, may increase the market risk, liquidity risk, and credit risk of high-yield debt securities as follows:
  1. a
    Market risk. In contrast to investment-grade bonds (the market prices of which change primarily as a reaction to changes in interest rates), the market prices of high-yield bonds (which are also affected by changes in interest rates) are influenced much more by credit factors and financial results of the issuer and by general economic factors that influence the financial markets as a whole. Such factors often make it difficult to substantiate the market valuation of high-yield bonds.
  2. b
    Liquidity risk. The market risk is often heightened by liquidity risk; that is, the absence of centralized high-yield bond exchanges and relatively thin trading markets, which make it more difficult to liquidate holdings quickly and increase the volatility of the market price. There is generally no centralized or regulated procedure for pricing high-yield debt issues.
  3. c
    Credit risk. Issues of high-yield debt securities are more likely to default on interest or principal than are issues of investment-grade securities.
","snippet":"High-yield debt securities typically are unsecured and subordinate to other debt outstanding. Many issuers of high-yield debt securities are highly leveraged, with limited equity capital. That, plus a market for such sec…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c504198a00e26fa42ae33fb35561424f735eadca252f364f147ace623a241ed0","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"citation":"320-946-05-5","para":"05-5","html":"
High-yield debt securities may be issued or traded at significant discounts from their face amounts (principal).
","snippet":"High-yield debt securities may be issued or traded at significant discounts from their face amounts (principal).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1af394c1928e071eb1deb55754aa76f0e0221f11a966b95bb8375f7e62474ee7","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"citation":"320-946-05-6","para":"05-6","html":"
Interest for some high-yield debt securities is not paid currently. Instead, interest may be deferred and paid at maturity (zero-coupon bonds) or in periodic interest payments that do not commence until a specific date in the securities' life cycle (step bonds), or interest may be paid in the form of additional debt securities of the issuer bearing similar terms (payment-in-kind bonds).
","snippet":"Interest for some high-yield debt securities is not paid currently. Instead, interest may be deferred and paid at maturity (zero-coupon bonds) or in periodic interest payments that do not commence until a specific date i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e95fa3069a76c4b8e9f83bd87ea0cb47a401e10b74f290f6f5932a10ebb0ad69","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9c2af6e9d93435b111837eec56d6e96a49539010f42f611db532ba5cc170a90e","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"block":null,"heading":"Interest Receivable Purchased on Defaulted Debt Securities","paragraphs":[{"citation":"320-946-05-7","para":"05-7","html":"
Interest receivable from debt securities generally comprises both of the following distinct components:
  1. a
    Interest purchased from the previous bondholder
  2. b
    Interest accrued by the investment company during the holding period.
","snippet":"Interest receivable from debt securities generally comprises both of the following distinct components:\n(a) Interest purchased from the previous bondholder\n(b) Interest accrued by the investment company during the holdin…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:616efdd75142f57fe1f3e9ca606d7cb45ceaf0b33981f3866dad23d6fcf93c25","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"citation":"320-946-05-8","para":"05-8","html":"
If market prices fluctuate significantly or issues of debt securities have defaulted, a judgment about whether to write off interest receivable will involve both components. Writeoffs of interest receivable differ from traditional writeoffs of trade accounts receivable since they can significantly affect an investment company's statement of operations, the performance measurement ratios of expenses to average net assets, and net investment income to average net assets.
","snippet":"If market prices fluctuate significantly or issues of debt securities have defaulted, a judgment about whether to write off interest receivable will involve both components. Writeoffs of interest receivable differ from t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6aca7527f672643ee6d49ec1eb21175b6a77c66561d26b220b965f1b89c6a9c3","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0ac02ecd168a0533d56d649dba2db61e24963fcf4892ac6c4c9583a563d81bf1","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"block":null,"heading":"Expenditures in Support of Defaulted Debt Securities","paragraphs":[{"citation":"320-946-05-9","para":"05-9","html":"
The market for many high-yield debt securities is relatively thin. When issuers of high-yield and other debt securities default, the bondholders often become active in any negotiations and in the workout process. This process often results in new terms that restructure the obligations to allow the issuer to continue to meet its ongoing interest obligations and maintain some, if not all, of the principal value to the holders of the obligations.
","snippet":"The market for many high-yield debt securities is relatively thin. When issuers of high-yield and other debt securities default, the bondholders often become active in any negotiations and in the workout process. This pr…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:64e3bcf305b25a59f9f633a896c492c57691256011f10c6b8b034bee19def488","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"citation":"320-946-05-10","para":"05-10","html":"
Adverse economic developments often lead to increases in the default rates of high-yield and other debt securities. In addition to occasional capital infusions, professional fees to legally restructure the investments are frequently incurred by the bondholders.
","snippet":"Adverse economic developments often lead to increases in the default rates of high-yield and other debt securities. In addition to occasional capital infusions, professional fees to legally restructure the investments ar…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f478806df90138a59fb242ffecae5e37d5bbf642c5b670c952267bff71950207","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7ccf158dda57b8ac06f7649d8ce1c0a496cb35054a0eb00718c89b83ca34436b","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9781f318e71fad230065a66dce9cb0b3a1325611b6e0e2f746f1b1166151601a","downloaded_from":"2026-09-09T23:36:36.772Z","last_downloaded_at":"2026-09-09T23:36:36.772Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479073","source_sha256":"d193326e0447809685df9af4f64bd7f9007e97e52be3aa9bfab67bca2c532b13"}},{"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":"
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.
","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":"
Securities that have no credit rating shall be classified as high-yield debt securities if they otherwise have the characteristics of such securities.
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An investment company shall record security purchases and sales as of the trade date, the date on which the investment company agrees to purchase or sell the securities, so that the effects of all securities trades entered into by or for the account of the investment company to the date of a financial report are included in the financial report.
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A securities transaction outside conventional channels, such as through a private placement or by submitting shares in a tender offer, shall be recorded as of the date the investment company obtained a right to demand the securities purchased or to collect the proceeds of sale, and incurred an obligation to pay the price of the securities purchased or to deliver the securities sold, respectively. Determining the recording date may sometimes require an interpretation by legal counsel.
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Even if the investment company tenders its securities, it shall continue to value the shares tendered until the number of shares accepted in the tender is known. Thereafter, the investment company shall value the assets to be received for the shares tendered.
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Investment companies shall record dividend income on the ex-dividend date, not on the declaration, record, or payable date, because on the ex-dividend date the quoted market price of listed securities and other market-traded securities tends to be affected by the exclusion of the dividend declared. Also, investment companies shall record liabilities for dividends to shareholders on the ex-dividend or ex-distribution date because mutual fund shares are purchased and redeemed at prices equal to or based on net asset value. Investors purchasing shares between the declaration and ex-dividend dates are entitled to receive the dividend, whereas investors purchasing shares on or after the ex-dividend date are not entitled to the dividend.
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An investment company shall initially measure its investments in debt and equity securities at their transaction price. The transaction price shall include commissions and other charges that are part of the purchase transaction.
","snippet":"An investment company shall initially measure its investments in debt and equity securities at their transaction price. The transaction price shall include commissions and other charges that are part of the purchase tran…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e6e989a2b64bf213f396f73c932ec924c74044a1e7cedd885fdfc1715fe18064","downloaded_from":"2026-09-09T23:36:45.369Z","last_downloaded_at":"2026-09-09T23:36:45.369Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478618","source_sha256":"966bea06a712b520b61df5e93a55103086d0eae8b7622272c1025d986c8bbfe2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:22facddc8346c5d0f59c25f984dc375a413321521ec15c118ed78ef7ca019823","downloaded_from":"2026-09-09T23:36:45.369Z","last_downloaded_at":"2026-09-09T23:36:45.369Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478618","source_sha256":"966bea06a712b520b61df5e93a55103086d0eae8b7622272c1025d986c8bbfe2"}},{"block":null,"heading":"Securities Received in a Spinoff","paragraphs":[{"citation":"320-946-30-2","para":"30-2","html":"
An investment company may receive securities in a spinoff wherein the entity in which the investment company has invested spins off a portion of its operations. A portion of the cost of the securities held shall be allocated to the securities received in the spinoff.
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The amount allocated to securities received in a spinoff shall be based on the ratio of the fair value of the securities received to the sum of the fair value of such securities and the fair value of the original securities held by the investment company of the entity effecting the spinoff.
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Payment-in-kind bonds typically trade flat (that is, interest receivable is included in the market value quote obtained each day). Accordingly, that portion of the quote representing interest income needs to be identified. The sum of the acquisition amount of the bond and the discount to be amortized shall not exceed the undiscounted future cash collections that are both reasonably estimable and probable.
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An investment company shall measure investments in debt and equity securities subsequently at fair value.
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Valuing market-traded securities—that is, securities listed and traded on one or more securities exchanges, or unlisted securities traded regularly in over-the-counter markets (for example, U.S. Treasury bonds, notes and bills or stocks traded in the National Market System of the National Association of Securities Dealers Automated Quotations [NASDAQ] Stock Market)—ordinarily is not difficult, because quotations of completed transactions are published daily, or price quotations are readily obtainable from financial reporting services or individual broker-dealers.
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A security traded in an active market on the valuation date shall be valued at the last quoted sales price.
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In general, the discussion of valuation of securities in this Subtopic also applies to foreign securities. Portfolio securities that are traded primarily on foreign securities exchanges shall be valued at the functional currency (usually the U.S. dollar equivalent) values for such securities on their exchanges.
","snippet":"In general, the discussion of valuation of securities in this Subtopic also applies to foreign securities. Portfolio securities that are traded primarily on foreign securities exchanges shall be valued at the functional …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a637a7e983215a451a62b1af374ef7782c73ac78345cfdf8723a9e0e7da1ce9a","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:84f166ec4cff7f9e12224d30d7f4961e46a2ca691b808d65e6455afd204a1978","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"Dividends","paragraphs":[{"citation":"320-946-35-5","para":"35-5","html":"
Dividends on investment securities shall be recorded on the ex-dividend date. Distributions that represent returns of capital shall be credited to investment cost rather than to investment income.
","snippet":"Dividends on investment securities shall be recorded on the ex-dividend date. Distributions that represent returns of capital shall be credited to investment cost rather than to investment income.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:66770f39c3118258553a1e02f8ee6be41f2992b6536a294d08d017f628b42594","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-6","para":"35-6","html":"
Stock splits and stock dividends in shares of the same class as the shares owned are not income to the investment company. However, dividends for which the recipient has the choice to receive cash or stock are usually recognized as investment income in the amount of the cash option, because in such cases cash is usually the best evidence of fair value of the stock.
","snippet":"Stock splits and stock dividends in shares of the same class as the shares owned are not income to the investment company. However, dividends for which the recipient has the choice to receive cash or stock are usually re…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:89045adb54f00ad80d4dd121ffadb6a8f14f91e1114ff28278e190b09319fbae","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-7","para":"35-7","html":"
Other noncash dividends shall be recognized as investment income at the fair value of the property received.
","snippet":"Other noncash dividends shall be recognized as investment income at the fair value of the property received.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b8653577cb1c0dcdcd70c90973be4d082fefc9017d9771dfd6af39268151e4eb","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-8","para":"35-8","html":"
Stock rights (that is, subscription rights) received shall be allocated a prorated portion of the cost basis of the related investment; however, allocation is not required if the fair value of the rights is 15 percent or less of the fair value of the investment company's holdings.
","snippet":"Stock rights (that is, subscription rights) received shall be allocated a prorated portion of the cost basis of the related investment; however, allocation is not required if the fair value of the rights is 15 percent or…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a9baad2b9d61f9a8cdee646b5eed338bd84255809d556da36a1c2eac7750089","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-9","para":"35-9","html":"
Cash dividends declared on stocks for which the securities portfolio reflects a short position as of the record date shall be recognized as an expense on the ex-dividend date.
","snippet":"Cash dividends declared on stocks for which the securities portfolio reflects a short position as of the record date shall be recognized as an expense on the ex-dividend date.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4a848e1191699b13682143c64a7f720fc855be204cfbdd0761c9c3dd361e48f4","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:28a1130a66f9454c074ad846af2ee0147213be838babf09a6b6ef0f6bcba4c37","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"High-Yield Debt Securities","paragraphs":[{"citation":"320-946-35-10","para":"35-10","html":"
An investment company shall use the interest method (see paragraph 835-30-35-2) to determine interest income on payment-in-kind bonds.
","snippet":"An investment company shall use the interest method (see paragraph 835-30-35-2) to determine interest income on payment-in-kind bonds.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d492a9f13c19695b2be462df212293242d11eafafce8d52c07ae38551dc13f3","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-11","para":"35-11","html":"
To the extent that interest income to be received in the form of baby bonds is not expected to be realized, a reserve against income shall be established. Specifically, the investment company shall determine periodically that the total amount of interest income recorded as receivable, plus the initial cost of the underlying payment-in-kind bond, does not exceed the fair value of those assets.
","snippet":"To the extent that interest income to be received in the form of baby bonds is not expected to be realized, a reserve against income shall be established. Specifically, the investment company shall determine periodically…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:35049c1f458e5dde0f0fc0ed667bce040e1029cf23de1bf207fb5b36d5f37b2f","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-12","para":"35-12","html":"
Income on step bonds should be recognized using the interest method (see paragraph 835-30-35-2).
","snippet":"Income on step bonds should be recognized using the interest method (see paragraph 835-30-35-2).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d101f06347789e23b1165c383e28562e1439a585607beb6c7f601db86ffaef8","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-13","para":"35-13","html":"
To the extent that interest income is not expected to be realized, a reserve against income shall be established. Specifically, the sum of the acquisition amount of the bond and the discount to be amortized shall not exceed the undiscounted future cash collections that are both reasonably estimable and probable.
","snippet":"To the extent that interest income is not expected to be realized, a reserve against income shall be established. Specifically, the sum of the acquisition amount of the bond and the discount to be amortized shall not exc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:307ffcff16e04366c8435bfb9a0dbb688232bb99d82eb22937ca0db13efb81f2","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:29cbdc23ffe21abd146c127151acfd2ea72ddf9bacd5e035544ae384d2133877","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"Expenditures in Support of Defaulted Debt Securities","paragraphs":[{"citation":"320-946-35-14","para":"35-14","html":"
All capital infusions shall be recorded as additions to the cost bases of related securities.
","snippet":"All capital infusions shall be recorded as additions to the cost bases of related securities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7878476d058cee6e3bebb84c769841215d769fe8759b7a6792d176febf3c5296","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-15","para":"35-15","html":"
Workout expenditures that are incurred as part of negotiations of the terms and requirements of capital infusions, or that are expected to result in the restructuring of or a plan of reorganization for an investment shall be recorded as realized losses.
","snippet":"Workout expenditures that are incurred as part of negotiations of the terms and requirements of capital infusions, or that are expected to result in the restructuring of or a plan of reorganization for an investment shal…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0bfd93b1456179d069f70f3da667fec9c1d66e25508e14c96c761bb1d6a24715","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-16","para":"35-16","html":"
Ongoing expenditures to protect or enhance an investment, or expenditures incurred to pursue other claims or legal actions, shall be treated as operating expenses.
","snippet":"Ongoing expenditures to protect or enhance an investment, or expenditures incurred to pursue other claims or legal actions, shall be treated as operating expenses.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:14702d3387b5d0064fb1d1eab340d0a25c8865f736ef1c77d7bd2ad9448b339c","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c03cdcf8ac1123561a0976fdbfcbf6eb340f0ca5c05ae2d07c11a5f29d42ad9","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"Interest Receivable Purchased on Defaulted Debt Securities","paragraphs":[{"citation":"320-946-35-17","para":"35-17","html":"
The portion of interest receivable on defaulted debt securities written off that was recognized as interest income shall be treated as a reduction of interest income.
","snippet":"The portion of interest receivable on defaulted debt securities written off that was recognized as interest income shall be treated as a reduction of interest income.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5cc604f354609c5e33f70b7e594d0da29a9fc7ee4de80b366655a6bdb4fedf48","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-18","para":"35-18","html":"
Writeoffs of purchased interest should be reported as both of the following:
  1. a
    Increases to the cost basis of the security
  2. b
    Unrealized losses until the security is sold.
","snippet":"Writeoffs of purchased interest should be reported as both of the following:\n(a) Increases to the cost basis of the security\n(b) Unrealized losses until the security is sold.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:35b906f5f34be006bbc3043f2bb167f7cd0b8b7c2eb08d8c7f078f8ccfbb94c2","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"citation":"320-946-35-19","para":"35-19","html":"
Those reserves shall be recorded when they become probable and estimable in accordance with the guidance in Subtopic 450-20.
","snippet":"Those reserves shall be recorded when they become probable and estimable in accordance with the guidance in Subtopic 450-20.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:86b0405de46dcaf4a4cbcb468627184cfdac03722c06c4ab4662fb6298d6fe3a","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:af5f62b5174e9e14b078693b1b1b87eb6fec7feb1a2a2e68b75a0f3740c439b2","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"Premiums and Discounts","paragraphs":[{"citation":"320-946-35-20","para":"35-20","html":"
Premiums and discounts shall be amortized using the interest method. The amortization of premiums on purchased callable debt securities that have explicit, noncontingent call features that are callable at fixed prices on preset dates shall be consistent with the guidance in paragraph 310-20-35-33.
","snippet":"Premiums and discounts shall be amortized using the interest method. The amortization of premiums on purchased callable debt securities that have explicit, noncontingent call features that are callable at fixed prices on…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:641b59af24c99c4c62a2ac6e88995a83e082248d7dcc13c9b92ee4ebd4fa9935","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:70539e4158b3252a600e3c3c2e35586c832f1b46b6930696ac8f96a0b8bf7a28","downloaded_from":"2026-09-09T23:36:47.298Z","last_downloaded_at":"2026-09-09T23:36:47.298Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478465","source_sha256":"c7e09e710e00990b1965a3028c371a6532fefb715d2adbfffe76baec1b4faf4c"}},{"block":null,"heading":"Proceeds from Litigation Awards","paragraphs":[{"citation":"320-946-35-21","para":"35-21","html":"
Proceeds from litigation relating to an investment security shall be accounted for as follows:
  1. a
    If the investment company holds the securities, the proceeds are accounted for as a reduction of cost.
  2. b
    If the investment company no longer holds the securities, the proceeds are accounted for as realized gains on security transactions.
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For presentation of investments in debt and equity securities as part of reporting financial position, see Section 946-210-45.
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For disclosures about investments in debt and equity securities as part of a schedule of investments, see Section 946-210-50.
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The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-320-S99-1 through S99-9
 Amended Accounting Standards Update No. 2019-07 07/26/2019
946-320-S99-5A through S99-5D
 Added Accounting Standards Update No. 2019-07 07/26/2019
946-320-S99-15 Superseded Accounting Standards Update No. 2010-22 08/19/2010
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See paragraph 946-320-S99-11, CFRR 404.03.a, for the recognition requirements for certain investment securities.
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See paragraph 946-320-S99-17, CFRR 404.04.a, for the recognition requirements for restricted securities.
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See paragraph 946-10-S99-3, Regulation S-X Rule 6-03(g), for the recognition requirements for dividend income.
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See paragraph 946-10-S99-3, Regulation S-X Rule 6-03(d), for the measurement requirements for qualified assets of face-amount certificate companies.
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See paragraph 946-320-S99-12, CFRR 404.03.b, for the valuation requirements for certain investment securities.
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See paragraph 946-320-S99-3, Regulation S-X Rule 12-12B, for the requirements of Schedule V—Open Option Contracts Written for management investment companies.
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See paragraph 946-320-S99-4, Regulation S-X Rule 12-12C, for the requirements of Schedule VI—Summary Schedule of Investments in Securities of Unaffiliated Issuers for management investment companies.
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See paragraph 946-320-S99-5, Regulation S-X Rule 12-13, for the requirements of Schedule II—Investments—Other than Securities for management investment companies.
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See paragraph 946-320-S99-6, Regulation S-X Rule 12-14, for the requirements of Schedule III—Investments in Advances to Affiliates for management investment companies.
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See paragraph 946-320-S99-7, Regulation S-X Rule 12-15, for the requirements of Summary of Investments—Other than Investments in Related Parties.
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See paragraph 946-320-S99-8, Regulation S-X Rule 12-21, for the requirements of Schedule I—Investments in Securities of Unaffiliated Issuers for face-amount certificate investment companies.
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See paragraph 946-320-S99-9, Regulation S-X Rule 12-22, for the requirements of Schedule II—Investments in and Advances to Affiliates and Income Thereon for face-amount certificate investment companies.
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See paragraph 946-320-S99-12, CFRR 404.03.b., for Commission guidance on determining \"value.\"
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The following is the text of Regulation S-X Rule 12-12, Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-12). [81 FR 82014, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-12, Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-12).\n[81 FR 82014, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b770028daa2d1bcd576f33bcb2ce6f6859b4cd62f08b2dfa84a012317da53e1d","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-2","para":"S99-2","html":"
The following is the text of Regulation S-X Rule 12-12A, Investments—Securities Sold Short (17 CFR 210.12-12A). [81 FR 82015, Nov. 18, 2016]
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The following is the text of Regulation S-X Rule 12-12B, Summary Schedule of Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-12B). [81 FR 82015, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-12B, Summary Schedule of Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-12B).\n[81 FR 82015, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:29563e35da6d1a0eb464af7479bdf35a775bdaf52946bba24ca7ceaca05466a6","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-4","para":"S99-4","html":"
The following is the text of Regulation S-X Rule 12-12C (17 CFR 210.12-12C).
","snippet":"The following is the text of Regulation S-X Rule 12-12C (17 CFR 210.12-12C).\n[Reserved]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cb5907ff0e165a3feb0601814e3f718fe53228c5d591d5e48974394ff6d67b68","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-5","para":"S99-5","html":"
The following is the text of Regulation S-X Rule 12-13, Open Option Contracts Written (17 CFR 210.12-13). [81 FR 82016, Nov. 18, 2016]
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The following is the text of Regulation S-X Rule 12-13A, Open Futures Contracts (17 CFR 210.12-13A).[81 FR 82017, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-13A, Open Futures Contracts (17 CFR 210.12-13A).\n[81 FR 82017, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ee91943c9961d593c96feb11c9f872f8e4361e093e228acdf2ce8ae661f994f9","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-5B","para":"S99-5B","html":"
The following is the text of Regulation S-X Rule 12-13B, Open Forward Foreign Currency Contracts (17 CFR 210.12-13B).[81 FR 82017, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-13B, Open Forward Foreign Currency Contracts (17 CFR 210.12-13B).\n[81 FR 82017, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5a2794ee4d975bcba8ad1c7b5b103cbdd49fab34853697747ecc4ed5d403c120","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-5C","para":"S99-5C","html":"
The following is the text of Regulation S-X Rule 12-13C, Open Swap Contracts (17 CFR 210.12-13C). [81 FR 82017, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-13C, Open Swap Contracts (17 CFR 210.12-13C).\n[81 FR 82017, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dedc34629300f48a9aa10bfec04a018786d9899749076779ce9d4fcfd3e8ff6f","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-5D","para":"S99-5D","html":"
The following is the text of Regulation S-X Rule 12-13D, Investments Other Than Those Presented in §§210.12-12, 12-12A, 12-12B, 12-13, 12-13A, 12-13B, and 12-13C (17 CFR 210.12-13D). [81 FR 82018, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-13D, Investments Other Than Those Presented in §§210.12-12, 12-12A, 12-12B, 12-13, 12-13A, 12-13B, and 12-13C (17 CFR 210.12-13D).\n[81 FR 82018, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3777abb71b7e332b8472b823f8a084b7ebdd196bc41a39537bd85add9cc5efd3","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-6","para":"S99-6","html":"
The following is the text of Regulation S-X Rule 12-14, Investments in and Advances to Affiliates (17 CFR 210.12-14). [81 FR 82018, Nov. 18, 2016]
","snippet":"The following is the text of Regulation S-X Rule 12-14, Investments in and Advances to Affiliates (17 CFR 210.12-14).\n[81 FR 82018, Nov. 18, 2016]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5dc6e63cf6d8b4db3bdac3bf496791bd909b66ce3e5e8af04ccfda92af2dc370","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-7","para":"S99-7","html":"
The following is the text of Regulation S-X Rule 12-15, Summary of Investments—Other than Investments in Related Parties (17 CFR 210.12-15). [46 FR 54337, Nov. 2, 1981]
","snippet":"The following is the text of Regulation S-X Rule 12-15, Summary of Investments—Other than Investments in Related Parties (17 CFR 210.12-15).\n[46 FR 54337, Nov. 2, 1981]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2ad6211e3fbc55952035b5c3fe148356b899b543b875dcad1a627a898f083e0b","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-8","para":"S99-8","html":"
The following is the text of Regulation S-X Rule 12-21, Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-21). [47 FR 56844, Dec. 21, 1982, as amended at 83 FR 50208, Oct. 4, 2018]
","snippet":"The following is the text of Regulation S-X Rule 12-21, Investments in Securities of Unaffiliated Issuers (17 CFR 210.12-21).\n[47 FR 56844, Dec. 21, 1982, as amended at 83 FR 50208, Oct. 4, 2018]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f602d515e026ca406160387360b92a2f10f72e70c4400f952cf60cedd055f944","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-9","para":"S99-9","html":"
The following is the text of Regulation S-X Rule 12-22, Investments in and Advances to Affiliates and Income Thereon (17 CFR 210.12-22). [59 FR 65637, Dec. 20, 1994, as amended at 83 FR 50208, Oct. 4, 2018]
","snippet":"The following is the text of Regulation S-X Rule 12-22, Investments in and Advances to Affiliates and Income Thereon (17 CFR 210.12-22).\n[59 FR 65637, Dec. 20, 1994, as amended at 83 FR 50208, Oct. 4, 2018]","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b1b381603a491eb17e24970d8e3d8e3b3e4c9f43650ecba2794dbd844b18f1a8","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-9A","para":"S99-9A","html":"
The following is the text of CFRR 404.02, Accounting for Interest Collected on Defaulted Bonds.
","snippet":"The following is the text of CFRR 404.02, Accounting for Interest Collected on Defaulted Bonds.\nASR 36:\nA question has been raised as to the treatment by an investment company of interest collected on defaulted bonds app…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2d1b4d0c613fb48dbf3518a2681559a033b84dc91dd61eb7e1c81fb69e083cac","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-10","para":"S99-10","html":"
The following is the text of CFRR 404.03 Accounting, Valuation and Disclosure of Investment Securities.
","snippet":"The following is the text of CFRR 404.03 Accounting, Valuation and Disclosure of Investment Securities.\n[The Commission has periodically published its views as to the appropriate method of accounting for and valuation of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:812b836ee17addd48267c9fb336201a1516bc255ce662bb6b8f41c85db3f0c78","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-11","para":"S99-11","html":"
The following is the text of CFRR 404.03.a. General.
","snippet":"The following is the text of CFRR 404.03.a. General.\nASR 118:\nThe statement of assets and liabilities of a registered investment company comprises, for the most part, not only investments in securities which are held by …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:908819ba8ae2f901cab22739668f28d4d192ae3bc304d8760ff85601961cdc1d","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-12","para":"S99-12","html":"
The following is the text of CFRR 404.03.b. Valuation of Securities.
","snippet":"The following is the text of CFRR 404.03.b. Valuation of Securities.\ni. Introduction\nASR 118:\nUnder Article 6 of Regulation S-X, the statement of assets and liabilities of open-end investment companies must reflect all a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dda49725d2b9cd56a1f197bb62bd2d514aa62b4435e9e6684b299757b1d97e15","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-13","para":"S99-13","html":"
The following is the text of CFRR 404.03.c. Auditing Security Valuations.
","snippet":"The following is the text of CFRR 404.03.c. Auditing Security Valuations.\nASR 118:\nIn the case of securities for which market quotations are readily available, the independent accounts should independently verify all the…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8cdb1732f60c2618263e4f7f3d4634486f9727b199687dcbefdd14be4f72a237","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-14","para":"S99-14","html":"
The following is the text of CFRR 404.03.d. Investments in Affiliates or Affiliated Persons.
","snippet":"The following is the text of CFRR 404.03.d. Investments in Affiliates or Affiliated Persons.\nASR 118.\nVarious rules of Regulation S-X require that the financial statements of an investment company state separately invest…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1fd5884346f89585974cb4c8cd705cda22364c35d885205162e7d1188821dd45","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-15","para":"S99-15","html":"
Paragraph superseded by Accounting Standards Update No. 2010-22.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2010-22.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae7fbd057e29b81ab320ff6a68f47a554ac8f991f412c61747c86acff0c4c1ef","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-16","para":"S99-16","html":"
The following is the text of CFRR 404.04 \"Restricted\" Securities.
","snippet":"The following is the text of CFRR 404.04 \"Restricted\" Securities.\nASR 113:\nSection 4(2) of the Securities Act exempts from the registration requirements of that Act \"transactions by an issuer not involving any public off…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b687535249fc4f23b406643446a4aeb75bb91fcb5c1f06a0ffb257c562e20d80","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-17","para":"S99-17","html":"
The following is the text of CFRR 404.04.a. The Problem of Valuation.
","snippet":"The following is the text of CFRR 404.04.a. The Problem of Valuation.\nASR 113:\nIt is critically important that an investment company properly value its portfolio securities. It is obvious, for example, that any distortio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c52a4a1e5cd3e9261faeba32ca095a2e2886afe137f9fe07f72c149af4a3dcf6","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-18","para":"S99-18","html":"
The following is the text of CFRR 404.04.b. The Problem of Portfolio Management.
","snippet":"The following is the text of CFRR 404.04.b. The Problem of Portfolio Management.\nASR 113:\nIn addition to valuation, restricted securities present special problems of portfolio management.\nThe concept of the Securities Ac…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7bf1067f992ac9fe7aa748b909efbebe0f1c63d45b2114cc03ffcba9f98b6479","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-19","para":"S99-19","html":"
The following is the text of CFRR 404.04.c. The Problem of Disclosure.
","snippet":"The following is the text of CFRR 404.04.c. The Problem of Disclosure.\nASR 113:\nSection 8(b)(1)(D) of the Investment Company Act requires that an investment company include, in its registration statement filed with the C…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:73338de4ffc5091222040011306c7b542804599fb586ce70e4ffb86fc68c0086","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-20","para":"S99-20","html":"
The following is the text of CFRR 404.05, Money Market Funds.
","snippet":"The following is the text of CFRR 404.05, Money Market Funds.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a4e78fa6cafca4234d39e7de6772083776d81f5071f18bc5f35e3c6373ace7a","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-21","para":"S99-21","html":"
The following is the text of CFRR 404.05.a., Introduction.
","snippet":"The following is the text of CFRR 404.05.a., Introduction.\nASR 219:\nThe Commission issued an interpretation of a rule adopted under the Investment Company Act indicating, generally, that it shall be considered inappropri…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ea5996cdac0c657daebf8ccf4aef5e2b7c60edff96d5f3fa18d2b77cd8dd8a3","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}},{"citation":"320-946-S99-22","para":"S99-22","html":"
The following is the text of CFRR 404.05.b., Interpretation with Respect to Valuation of Debt Instruments by Money Market Funds and Certain Other Open-End Investment Companies. FN*
","snippet":"The following is the text of CFRR 404.05.b., Interpretation with Respect to Valuation of Debt Instruments by Money Market Funds and Certain Other Open-End Investment Companies. FN*\nFN* In Investment Company Release 12206…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5d218927aacf74fbca04259d88d3f3d2e29b5fcd733b949b31bd9963be4390f4","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:33a4aad99daf7579d091b28262e3f11ab35bcece4cda02973e2c748dc288027c","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4e5a369bf9c1a5829c08227a142c018f778972f34698b037dba9e8c70ab2e8f2","downloaded_from":"2026-09-09T23:37:20.253Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477271","source_sha256":"2a5aa1739b0ed42de5d38a765b7da432ae76efe24853260c48dddd35e472b0d9"}}],"enrichment":{"summary":"This Subtopic governs how an investment company (a fund) accounts for its portfolio of debt and equity securities, with special attention to high-yield debt securities such as zero-coupon, step, and payment-in-kind (PIK) bonds. Core rules: record purchases and sales on trade date, initially measure at transaction price including commissions, subsequently measure at fair value, recognize interest on step and PIK bonds using the interest method (with reserves when income is not expected to be realized), and record dividends on the ex-dividend date. It also prescribes the treatment of capital infusions, workout expenditures, and writeoffs of purchased versus accrued interest.","key_points":["Security purchases and sales are recorded as of the trade date; transactions outside conventional channels (private placements, tender offers) are recorded when the company obtains a right to demand the securities or proceeds and incurs the corresponding obligation (320-946-25-1 through 25-3).","Dividend income and liabilities for dividends to shareholders are recorded on the ex-dividend date, not the declaration, record, or payable date; returns of capital are credited to investment cost (320-946-25-4; 35-5).","Investments are initially measured at transaction price including commissions and other purchase charges, and subsequently measured at fair value, with actively traded securities valued at the last quoted sales price (320-946-30-1; 35-1; 35-3).","Interest income on payment-in-kind bonds and step bonds is determined using the interest method (835-30-35-2), and premiums and discounts are amortized using the interest method (320-946-35-10; 35-12; 35-20).","A reserve against income must be established to the extent interest income is not expected to be realized: for PIK bonds, recorded interest receivable plus the bond's initial cost may not exceed fair value; for step bonds, acquisition amount plus discount to be amortized may not exceed undiscounted future cash collections that are reasonably estimable and probable (320-946-35-11; 35-13; 30-4; reserves per 450-20, 35-19).","Written-off interest that had been recognized as interest income reduces interest income, while writeoffs of purchased interest increase the security's cost basis and are unrealized losses until the security is sold (320-946-35-17; 35-18).","Capital infusions are added to cost basis, restructuring/workout expenditures are realized losses, ongoing protective or claim-pursuit costs are operating expenses, and cost and realized gains/losses use specific identification or average cost applied to all investments (320-946-35-14 through 35-16; 40-1)."],"categories":["Recognition","Initial measurement","Subsequent measurement","Industry-specific"],"audience_level":"advanced","student_note":"This is industry guidance for funds: unlike ordinary ASC 320 classification into trading/AFS/HTM, investment companies carry everything at fair value, so the hard questions are income recognition on non-cash-pay bonds and how to characterize workout costs and interest writeoffs. 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