{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/325/940/","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":"325-940","topic":"325","title":"Financial Services—Brokers and Dealers","area":"Assets","paragraphs":9,"summary":"This subtopic tells broker-dealers in securities how to account for equity investments or financing they provide to another entity as part of a financial-restructuring transaction, including investments made through a \"bridge entity\" formed to pool funds from several sources. Such investments (and related receivables and debt and equity securities) are measured initially at fair value (325-940-30-1) and subsequently at fair value (325-940-35-1). 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Specifically, a broker-dealer may make investments in the form of equity or provide financing to another…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ad5a9ff32cb90546368a97c2c73f35d828a65ce7e3177479d7477fba7231572","downloaded_from":"2026-09-09T23:45:28.689Z","last_downloaded_at":"2026-09-09T23:45:28.689Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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same Scope and Scope exceptions as outlined in the Overall Subtopic (see Section <a altsource=\"GUID-72584C21-EC5A-4D7A-A57B-641241493286.ditamap\" class=\"ditamap\">940-10-15</a>) with specific qualifications noted below.</div></div>","snippet":"This Subtopic follows the same Scope and Scope exceptions as outlined in the Overall Subtopic (see Section 940-10-15) with specific qualifications noted below.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b8e83ad4c9f988f8b9733fde48c972f635511454ffe009f48e0d93b9cc232202","downloaded_from":"2026-09-09T23:45:30.549Z","last_downloaded_at":"2026-09-09T23:45:30.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479028","source_sha256":"30b3fe642f3aa8b9e624c19b6448d69c656fb8a92a50ee50fb2baf93964799f4"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:be64361000649bb3fef063b084d1298d981b9bf0f01281daeb696f83f431fad1","downloaded_from":"2026-09-09T23:45:30.549Z","last_downloaded_at":"2026-09-09T23:45:30.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479028","source_sha256":"30b3fe642f3aa8b9e624c19b6448d69c656fb8a92a50ee50fb2baf93964799f4"}},{"block":null,"heading":"Other Considerations","paragraphs":[{"citation":"325-940-15-2","para":"15-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">Receivables and investments in debt and equity securities that are part of a financial-restructuring transaction (as described in paragraphs <a href=\"/asc/325/940/#325-940-05-1\" class=\"xref\">940-325-05-1</a>, <a href=\"/asc/325/940/#325-940-30-1\" class=\"xref\">940-325-30-1</a> and <a href=\"/asc/325/940/#325-940-35-1\" class=\"xref\">940-325-35-1</a>) are subject to the related guidance in this Subtopic.</div></div>","snippet":"Receivables and investments in debt and equity securities that are part of a financial-restructuring transaction (as described in paragraphs 940-325-05-1, 940-325-30-1 and 940-325-35-1) are subject to the related guidanc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ba14abc2a3968503e8c3f262ff6718dd341ae6c589b93c5cab0578c1b9bbddfd","downloaded_from":"2026-09-09T23:45:30.549Z","last_downloaded_at":"2026-09-09T23:45:30.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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class=\"sfragment\" id=\"sfr_EE74DC25-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investments in the form of equity or financing provided to another entity in connection with financial-restructuring transactions </span></span><span class=\"sfragment\" id=\"sfr_EE74DD1A-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">shall be measured initially at <a href=\"/glossary/f/#fair-value\" class=\"term\" title=\"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.\"><span>fair value</span></a>. </span></span></div></div>","snippet":"Investments in the form of equity or financing provided to another entity in connection with financial-restructuring transactions shall be measured initially at fair value.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:31f16a553950bad897f7f74a142ebd61d6656a1eed17439639b46c737e6ff0ce","downloaded_from":"2026-09-09T23:45:34.867Z","last_downloaded_at":"2026-09-09T23:45:34.867Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477894","source_sha256":"c8438d204e293345ee13887c59509ba8ff26a92a04659f935f8142e68eb60711"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe45c54dcea288958788826f42d6f6e5e6bd286d536cca43802c3831a354f4e4","downloaded_from":"2026-09-09T23:45:34.867Z","last_downloaded_at":"2026-09-09T23:45:34.867Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_EE80625B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investments in the form of equity or financing provided to another entity in connection with financial-restructuring transactions </span></span><span class=\"sfragment\" id=\"sfr_EE8063CC-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">shall be measured subsequently at <a href=\"/glossary/f/#fair-value\" class=\"term\" title=\"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.\"><span>fair value</span></a>. </span></span></div></div>","snippet":"Investments in the form of equity or financing provided to another entity in connection with financial-restructuring transactions shall be measured subsequently at fair value.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5f5cdd74d3dbbb159bb0e21aeb045a77d4553e9682f58a5acd86639a6ce02f14","downloaded_from":"2026-09-09T23:45:37.617Z","last_downloaded_at":"2026-09-09T23:45:37.617Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477397","source_sha256":"aff077b10f63d29af78f27b49095818d3bf0dfe106c6cd5c68177915e233f80e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b311cf87729334a565e26e3ad0b7908adef9fa48053ac7d9038b5d6335ec1ab","downloaded_from":"2026-09-09T23:45:37.617Z","last_downloaded_at":"2026-09-09T23:45:37.617Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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consolidation of majority-owned investee entities, see paragraph <a href=\"/asc/810/940/#810-940-45-1\" class=\"xref\">940-810-45-1</a>.</div></div>","snippet":"For guidance on consolidation of majority-owned investee entities, see paragraph 940-810-45-1.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f07a8e5b45dd9db07ced5860795428bd6f478f9dbee14daa55c322747640a926","downloaded_from":"2026-09-09T23:45:40.810Z","last_downloaded_at":"2026-09-09T23:45:40.810Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL6569703-165799\"><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=\"/asc/325/940/#325-940-S35-1\" class=\"xref\">940-325-S35-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2009-10/\" class=\"xref\">Accounting Standards Update No. 2009-10</a></td><td class=\"entry\">09/18/2009</td></tr><tr><td class=\"entry\"><a href=\"/asc/325/940/#325-940-S99-1\" class=\"xref\">940-325-S99-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2009-10/\" class=\"xref\">Accounting Standards Update No. 2009-10</a></td><td class=\"entry\">09/18/2009</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n940-325-S35-1 | Added | Accounting Standards Update No. 2009-10 | 09/18/2009 |\n940-325-S…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e8e7f7cbf801e5adafa5366537b6b848e234934d905705d1deeafff7303355c","downloaded_from":"2026-09-09T23:45:42.825Z","last_downloaded_at":"2026-09-09T23:45:42.825Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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acc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:940464bc32677c1a9e8b93dd176af269a117e0389ec220e032f26b911441e6e5","downloaded_from":"2026-09-09T23:45:46.919Z","last_downloaded_at":"2026-09-09T23:45:46.919Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478419","source_sha256":"968fbc90a521749104d8383ff3366df5574239778b1b53be64fa98efd0e94f21"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4a18c59aadc670c041216e0cb8b681f86a6d24c1a33597e354762e28a74bb67a","downloaded_from":"2026-09-09T23:45:46.919Z","last_downloaded_at":"2026-09-09T23:45:46.919Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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class=\"sfragment\" id=\"sfr_EEB0C2B1-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The guidance prohibiting mark-to-market accounting for nonderivative energy trading contracts (see paragraph <a href=\"/asc/330/932/#330-932-35-1\" class=\"xref\">932-330-35-1</a>) is equally applicable to brokers and dealers, as the Guide for brokers and dealers in securities does not afford brokers and dealers special treatment in that regard. </span></span></div></div>","snippet":"The guidance prohibiting mark-to-market accounting for nonderivative energy trading contracts (see paragraph 932-330-35-1) is equally applicable to brokers and dealers, as the Guide for brokers and dealers in securities 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funds from several sources. Such investments (and related receivables and debt and equity securities) are measured initially at fair value (325-940-30-1) and subsequently at fair value (325-940-35-1). Consolidation of majority-owned investees is addressed by the broker-dealer consolidation guidance in 940-810-45-1.","key_points":["The subtopic applies to broker-dealers in securities that make equity investments in, or provide financing to, another entity in connection with financial-restructuring transactions (325-940-05-1).","Investments may be direct or made through a 'bridge entity' organized to accumulate funds from several sources sufficient to make the investment (325-940-05-1).","Scope follows the broker-dealer Overall Subtopic (940-10-15), and receivables and investments in debt and equity securities that are part of a financial-restructuring transaction fall under this guidance (325-940-15-1; 325-940-15-2).","Initial measurement of such equity or financing investments is at fair value (325-940-30-1).","Subsequent measurement of such investments is also at fair value—no cost or amortized-cost model applies (325-940-35-1).","For majority-owned investee entities, consolidation guidance is found at 940-810-45-1 (325-940-45-1)."],"categories":["Initial measurement","Subsequent measurement","Fair value","Industry-specific"],"audience_level":"intermediate","student_note":"The takeaway is simple but easy to miss: broker-dealer bridge investments in restructurings are carried at fair value both at inception and thereafter, unlike ordinary equity-method or cost-basis investments. A common misunderstanding is assuming a bridge loan is a receivable carried at amortized cost—here, if it is part of the financial-restructuring transaction, fair value governs, and majority ownership can still trigger consolidation under 940-810.","related_topics":["940-10","940-325","940-810","820","321","323"],"key_concepts":["broker-dealers in securities","financial-restructuring transaction","bridge entity","fair value measurement","equity investment","bridge financing","majority-owned investee","debt and equity securities"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9070a83648c8451fb40f5ef643aba0694ce9da4998236164b61960357add16ee","downloaded_from":"2026-09-09T23:45:28.689Z","last_downloaded_at":"2026-09-09T23:45:50.146Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"320-940","title":"Financial Services—Brokers and Dealers","topic_title":"Investments—Debt Securities","score":0.8128,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4369f403fa9317b6324846380317bd9b429773e2c2b8e5654e1610812c500fc1","downloaded_from":"2026-09-09T23:35:32.391Z","last_downloaded_at":"2026-09-09T23:35:58.415Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"325-946","title":"Financial Services—Investment 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timestamps"}},{"number":"325-10","title":"Overall","topic_title":"Investments—Other","score":0.7428,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:32114d99e2cc5cae144587f58b203f373b02504b9c1a5a68ad330254e1acf7e4","downloaded_from":"2026-09-09T23:43:19.294Z","last_downloaded_at":"2026-09-09T23:43:24.138Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"321-958","title":"Not-for-Profit Entities","topic_title":"Investments—Equity 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