{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/325/40/#00-status","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":"325","topic_title":"Investments—Other","subtopic":"325-40","subtopic_title":"Beneficial Interests in Securitized Financial Assets","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-40-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" frame=\"all\" id=\"SL6773833-161569\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><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=\"/glossary/b/#beneficial-interests\" class=\"term\" title=\"Rights to receive all or portions of specified cash inflows received by a trust or other entity, including, but not limited to, all of the following: Senior and subordinated shares of interest, principal, or other cash inflows to be passed-through or paid-through Premiums due to guarantors Commercial paper obligations Residual interests, whether in the form of debt or equity.\"><span>Beneficial Interests</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/glossary/d/#debt-security\" class=\"term\" title=\"Any security representing a creditor relationship with an entity. The term debt security also includes all of the following: Preferred stock that by its terms either must be redeemed by the issuing entity or is redeemable at the option of the investor A collateralized mortgage obligation (or other instrument) that is issued in equity form but is required to be accounted for as a nonequity instrument regardless of how that instrument is classified (that is, whether equity or debt) in the issuer's statement of financial position U.S. Treasury securities U.S. government agency securities Municipal securities Corporate bonds Convertible debt Commercial paper All securitized debt instruments, such as collateralized mortgage obligations and real estate mortgage investment conduits Interest-only and principal-only strips. The term debt security excludes all of the following: Option contracts Financial futures contracts Forward contracts Lease contracts Receivables that do not meet the definition of security and, so, are not debt securities, for example: Trade accounts receivable arising from sales on credit by industrial or commercial entities Loans receivable arising from consumer, commercial, and real estate lending activities of financial institutions.\"><span>Debt Security</span></a> (1st def.)</td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a></td><td class=\"entry\">12/14/2016</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Financial Asset</strong> (1st def.)</td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a></td><td class=\"entry\">12/14/2016</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Financial Asset</strong> (1st def.)</td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/f/#financial-asset\" class=\"term\" title=\"Cash, evidence of an ownership interest in an entity, or a contract that conveys to one entity a right to do either of the following: Receive cash or another financial instrument from a second entity Exchange other financial instruments on potentially favorable terms with the second entity.\"><span>Financial Asset</span></a> (2nd def.)</td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a></td><td class=\"entry\">12/14/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/p/#purchased-financial-assets-with-credit-deterioration\" class=\"term\" title=\"Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer's assessment. See paragraph 326-20-55-5 for more information on the meaning of similar risk characteristics for assets measured on an amortized cost basis.\"><span>Purchased Financial Assets with Credit Deterioration</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-19/\" class=\"xref\">Accounting Standards Update No. 2016-19</a></td><td class=\"entry\">12/14/2016</td></tr><tr><td class=\"entry\"><a href=\"/glossary/p/#purchased-financial-assets-with-credit-deterioration\" class=\"term\" title=\"Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an acquirer's assessment. See paragraph 326-20-55-5 for more information on the meaning of similar risk characteristics for assets measured on an amortized cost basis.\"><span>Purchased Financial Assets with Credit Deterioration</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</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/325/40/#325-40-05-1\" class=\"xref\">325-40-05-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-15-2\" class=\"xref\">325-40-15-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-15-3\" class=\"xref\">325-40-15-3</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-15-4\" class=\"xref\">325-40-15-4</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-15-5\" class=\"xref\">325-40-15-5</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2012-04/\" class=\"xref\">Accounting Standards Update No. 2012-04</a></td><td class=\"entry\">10/01/2012</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-15-6\" class=\"xref\">325-40-15-6</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-01/\" class=\"xref\">Accounting Standards Update No. 2016-01</a></td><td class=\"entry\">01/05/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-25-2\" class=\"xref\">325-40-25-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-25-2\" class=\"xref\">325-40-25-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-01/\" class=\"xref\">Accounting Standards Update No. 2016-01</a></td><td class=\"entry\">01/05/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-30-1\" class=\"xref\">325-40-30-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-30-1A\" class=\"xref\">325-40-30-1A</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-30-2\" class=\"xref\">325-40-30-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-30-4\" class=\"xref\">325-40-30-4</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-1\" class=\"xref\">325-40-35-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2025-12/\" class=\"xref\">Accounting Standards Update No. 2025-12</a></td><td class=\"entry\">12/17/2025</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-2\" class=\"xref\">325-40-35-2</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-2\" class=\"xref\">325-40-35-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-01/\" class=\"xref\">Accounting Standards Update No. 2016-01</a></td><td class=\"entry\">01/05/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-3\" class=\"xref\">325-40-35-3</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/325/40/#325-40-35-4\" class=\"xref\">325-40-35-4 through 35-4B</a></div></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2025-12/\" class=\"xref\">Accounting Standards Update No. 2025-12</a></td><td class=\"entry\">12/17/2025</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-4\" class=\"xref\">325-40-35-4</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><div class=\"xref-range displayInline\"><a href=\"/asc/325/40/#325-40-35-4A\" class=\"xref\">325-40-35-4A through 35-4C</a></div></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-6\" class=\"xref\">325-40-35-6</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-6A\" class=\"xref\">325-40-35-6A</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-7\" class=\"xref\">325-40-35-7</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-8\" class=\"xref\">325-40-35-8</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-9\" class=\"xref\">325-40-35-9</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-10\" class=\"xref\">325-40-35-10</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2025-12/\" class=\"xref\">Accounting Standards Update No. 2025-12</a></td><td class=\"entry\">12/17/2025</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-10\" class=\"xref\">325-40-35-10</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-10A\" class=\"xref\">325-40-35-10A</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-10B\" class=\"xref\">325-40-35-10B</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-11\" class=\"xref\">325-40-35-11</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-12\" class=\"xref\">325-40-35-12</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-13\" class=\"xref\">325-40-35-13</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-14\" class=\"xref\">325-40-35-14</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-14\" class=\"xref\">325-40-35-14</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-35-15\" class=\"xref\">325-40-35-15</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-55-1\" class=\"xref\">325-40-55-1</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2016-13/\" class=\"xref\">Accounting Standards Update No. 2016-13</a></td><td class=\"entry\">06/16/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-55-1\" class=\"xref\">325-40-55-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-10/\" class=\"xref\">Accounting Standards Update No. 2015-10</a></td><td class=\"entry\">06/12/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/40/#325-40-55-2\" class=\"xref\">325-40-55-2 through 55-25</a></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2009-16/\" class=\"xref\">Accounting Standards Update No. 2009-16</a></td><td class=\"entry\">12/23/2009</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nBeneficial Interests | Amended | Accounting Standards Update No. 2009-16 | 12/23/2009 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