{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/325/965/","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":"325-965","topic":"325","title":"Plan Accounting—Health and Welfare Benefit Plans","area":"Assets","paragraphs":40,"summary":"ASC 325-965 (parallel to 965-325) governs how health and welfare benefit plans measure, present, and disclose their investments and insurance contracts. The core rule is that plan investments are reported at fair value less costs to sell, if significant, at the financial statement date, except that insurance contracts are presented as reported in the plan's ERISA Form 5500 filing (fair value or contract value) and fully benefit-responsive investment contracts of defined contribution plans are measured at contract value. Presentation is by general type of investment, with specified disclosures for benefit-responsive contracts and for plan interests in master trusts.","concepts":["health and welfare benefit plan","fair value less costs to sell","fully benefit-responsive investment contract","contract value","insurance contract","master trust interest","net assets available for benefits","defined contribution plan"],"categories":["Subsequent measurement","Fair value","Disclosure","Industry-specific"],"level":"advanced","topic_title":"Investments—Other","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-965-00-1","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\" id=\"SL29650816-165590\"> <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\"> <strong class=\"ph b\">Benefit-Responsive Investment Contract</strong> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/b/#benefits\" class=\"term\" title=\"The monetary or in-kind benefits or benefit coverage to which participants may be entitled under a pension plan or a health and welfare plan (which can include active, terminated, and retired employees or their dependents or beneficiaries). Examples of benefits may include, but are not limited to, health care benefits, life insurance, legal, educational, and advisory services, pension benefits, disability benefits, death benefits, and benefits due to termination of employment.\"><span>Benefits</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/b/#benefits\" class=\"term\" title=\"The monetary or in-kind benefits or benefit coverage to which participants may be entitled under a pension plan or a health and welfare plan (which can include active, terminated, and retired employees or their dependents or beneficiaries). Examples of benefits may include, but are not limited to, health care benefits, life insurance, legal, educational, and advisory services, pension benefits, disability benefits, death benefits, and benefits due to termination of employment.\"><span>Benefits</span></a> (3rd def.)</td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <strong class=\"ph b\">Contract Value of a Fully Benefit-Responsive Investment Contract</strong> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/c/#contract-value-of-a-fully-benefit-responsive-investment-contract\" class=\"term\" title=\"The contract value of a fully benefit-responsive investment contract held by a defined contribution health and welfare benefit plan is the amount a participant would receive if he or she were to initiate transactions under the terms of the ongoing plan.\"><span>Contract Value of a Fully Benefit-Responsive Investment Contract</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/d/#defined-benefit-plan\" class=\"term\" title=\"A defined benefit plan provides participants with a determinable benefit based on a formula provided for in the plan. Defined benefit health and welfare plans—Defined benefit health and welfare plans specify a determinable benefit, which may be in the form of a reimbursement to the covered plan participant or a direct payment to providers or third-party insurers for the cost of specified services. Such plans may also include benefits that are payable as a lump sum, such as death benefits. The level of benefits may be defined or limited based on factors such as age, years of service, and salary. Contributions may be determined by the plan's actuary or be based on premiums, actual claims paid, hours worked, or other factors determined by the plan sponsor. Even when a plan is funded pursuant to agreements that specify a fixed rate of employer contributions (for example, a collectively bargained multiemployer plan), such a plan may nevertheless be a defined benefit health and welfare plan if its substance is to provide a defined benefit. Defined benefit pension plan—A pension plan that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as age, years of service, or compensation. Any pension plan that is not a defined contribution pension plan is, for purposes of Subtopic 715-30, a defined benefit pension plan. Defined benefit postretirement plan—A plan that defines postretirement benefits in terms of monetary amounts (for example, $100,000 of life insurance) or benefit coverage to be provided (for example, up to $200 per day for hospitalization, or 80 percent of the cost of specified surgical procedures). Any postretirement benefit plan that is not a defined contribution postretirement plan is, for purposes of Subtopic 715-60, a defined benefit postretirement plan. (Specified monetary amounts and benefit coverage are collectively referred to as benefits.)\"><span>Defined Benefit Plan</span></a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/glossary/d/#defined-contribution-plan\" class=\"term\" title=\"A plan that provides an individual account for each participant and provides benefits that are based on all of the following: amounts contributed to the participant's account by the employer or employee; investment experience; and any forfeitures allocated to the account, less any administrative expenses charged to the plan. Defined contribution health and welfare plans—Defined contribution health and welfare plans maintain an individual account for each plan participant. They have terms that specify the means of determining the contributions to participants' accounts, rather than the amount of benefits the participants are to receive. The benefits a plan participant will receive are limited to the amount contributed to the participant's account, investment experience, expenses, and any forfeitures allocated to the participant's account. These plans also include flexible spending arrangements. Defined contribution postretirement plan—A plan that provides postretirement benefits in return for services rendered, provides an individual account for each plan participant, and specifies how contributions to the individual's account are to be determined rather than specifies the amount of benefits the individual is to receive. Under a defined contribution postretirement plan, the benefits a plan participant will receive depend solely on the amount contributed to the plan participant's account, the returns earned on investments of those contributions, and the forfeitures of other plan participants' benefits that may be allocated to that plan participant's account.\"><span>Defined Contribution Plan</span></a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <strong class=\"ph b\">Fair Value</strong> (2nd def.)</td> <td class=\"entry\">Superseded</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=\"/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> (3rd def.)</td> <td class=\"entry\">Added</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=\"/glossary/n/#net-assets-available-for-benefits\" class=\"term\" title=\"The difference between a plan's assets and its liabilities. For purposes of this definition, a plan's liabilities do not include participants' accumulated plan benefits.\"><span>Net Assets Available for Benefits</span></a> </td> <td class=\"entry\">Added</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=\"/glossary/p/#plan-assets\" class=\"term\" title=\"Assets—usually stocks, bonds, and other investments (except certain insurance contracts as noted in paragraph 715-60-35-109)—that have been segregated and restricted (usually in a trust) to be used for a health and welfare plan (which can include active, terminated, and retired employees or their dependents or beneficiaries). The amount of plan assets includes amounts contributed by the employer, and by plan participants for a contributory plan, and amounts earned from investing the contributions, less benefits, income taxes, and other expenses incurred. Plan assets ordinarily cannot be withdrawn by the employer except under certain circumstances when a plan has assets in excess of obligations and the employer has taken certain steps to satisfy existing obligations. Securities of the employer held by the plan are includable in plan assets provided they are transferable. Assets not segregated in a trust, or otherwise effectively restricted, so that they cannot be used by the employer for other purposes are not plan assets, even though the employer may intend that those assets be used to provide health and welfare benefits, which may include postretirement benefits. Those assets shall be accounted for in the same manner as other employer assets of a similar nature and with similar restrictions. If a plan has liabilities other than for benefits, those nonbenefit obligations are considered as reductions of plan assets. Amounts accrued by the employer but not yet paid to the plan are not plan assets. If a trust arrangement explicitly provides that segregated assets are available to satisfy claims of creditors in bankruptcy, such a provision would effectively permit those assets to be used for other purposes at the discretion of the employer. It is not necessary to determine that a trust is bankruptcy-proof for the assets of the trust to qualify as plan assets. However, assets held in a trust that explicitly provides that such assets are available to the general creditors of the employer in the event of the employer's bankruptcy would not qualify as plan assets.\"><span>Plan Assets</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\"> <a href=\"/glossary/p/#plan-assets\" class=\"term\" title=\"Assets—usually stocks, bonds, and other investments (except certain insurance contracts as noted in paragraph 715-60-35-109)—that have been segregated and restricted (usually in a trust) to be used for a health and welfare plan (which can include active, terminated, and retired employees or their dependents or beneficiaries). The amount of plan assets includes amounts contributed by the employer, and by plan participants for a contributory plan, and amounts earned from investing the contributions, less benefits, income taxes, and other expenses incurred. Plan assets ordinarily cannot be withdrawn by the employer except under certain circumstances when a plan has assets in excess of obligations and the employer has taken certain steps to satisfy existing obligations. Securities of the employer held by the plan are includable in plan assets provided they are transferable. Assets not segregated in a trust, or otherwise effectively restricted, so that they cannot be used by the employer for other purposes are not plan assets, even though the employer may intend that those assets be used to provide health and welfare benefits, which may include postretirement benefits. Those assets shall be accounted for in the same manner as other employer assets of a similar nature and with similar restrictions. If a plan has liabilities other than for benefits, those nonbenefit obligations are considered as reductions of plan assets. Amounts accrued by the employer but not yet paid to the plan are not plan assets. If a trust arrangement explicitly provides that segregated assets are available to satisfy claims of creditors in bankruptcy, such a provision would effectively permit those assets to be used for other purposes at the discretion of the employer. It is not necessary to determine that a trust is bankruptcy-proof for the assets of the trust to qualify as plan assets. However, assets held in a trust that explicitly provides that such assets are available to the general creditors of the employer in the event of the employer's bankruptcy would not qualify as plan assets.\"><span>Plan Assets</span></a> (1st def.)</td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</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/325/965/#325-965-05-2\" class=\"xref\">965-325-05-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-1\" class=\"xref\">965-325-35-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-1\" class=\"xref\">965-325-35-1</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/325/965/#325-965-35-1A\" class=\"xref\">965-325-35-1A</a> </td> <td class=\"entry\">Added</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/325/965/#325-965-35-2A\" class=\"xref\">965-325-35-2A</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part III)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-6\" class=\"xref\">965-325-35-6</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-6\" class=\"xref\">965-325-35-6</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-8\" class=\"xref\">965-325-35-8</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-35-9\" class=\"xref\">965-325-35-9</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-45-2\" class=\"xref\">965-325-45-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part II)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-45-2\" class=\"xref\">965-325-45-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-45-2\" class=\"xref\">965-325-45-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2013-08/\" class=\"xref\">Accounting Standards Update No. 2013-08</a> </td> <td class=\"entry\">06/07/2013</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-45-2\" class=\"xref\">965-325-45-2</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/325/965/#325-965-50-1\" class=\"xref\">965-325-50-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part II)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-1\" class=\"xref\">965-325-50-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-1\" class=\"xref\">965-325-50-1</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/325/965/#325-965-50-1A\" class=\"xref\">965-325-50-1A</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part II)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-1A\" class=\"xref\">965-325-50-1A</a> </td> <td class=\"entry\">Added</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/325/965/#325-965-50-1B\" class=\"xref\">965-325-50-1B</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part III)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-1C\" class=\"xref\">965-325-50-1C</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part III)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-2\" class=\"xref\">965-325-50-2</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-3\" class=\"xref\">965-325-50-3</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-3\" class=\"xref\">965-325-50-3</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a> </td> <td class=\"entry\">03/14/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-50-4\" class=\"xref\">965-325-50-4</a> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part II)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <div class=\"xref-range displayInline\"><a href=\"/asc/325/965/#325-965-50-5\" class=\"xref\">965-325-50-5 through 50-9</a></div> </td> <td class=\"entry\">Added</td> <td class=\"entry\"> <a href=\"/updates/asu-2017-06/\" class=\"xref\">Accounting Standards Update No. 2017-06</a> </td> <td class=\"entry\">02/27/2017</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-55-1\" class=\"xref\">965-325-55-1</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/325/965/#325-965-55-3\" class=\"xref\">965-325-55-3</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part I)</td> <td class=\"entry\">07/31/2015</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/325/965/#325-965-55-8\" class=\"xref\">965-325-55-8</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Accounting Standards Update No. 2015-12</a> (Part II)</td> <td class=\"entry\">07/31/2015</td> </tr> </table> </div> </div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nBenefit-Responsive Investment Contract | Superseded | Accounting Standards Update No. 20…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:565d3490991e0edfcdc5070efe551a8b8fef290bb80501bc120f30c90214b6fb","downloaded_from":"2026-09-09T23:48:36.902Z","last_downloaded_at":"2026-09-09T23:48:36.902Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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timestamps","source_key":"1943274/2147478703","source_sha256":"8974f2df2ad7d3b6b521192012a95129b8c14a15794ba6c2b4d6687f0772f43d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c250104dddd4618cfce3eed640f6010c1b0d36bd8aa2a16be19311aef907419e","downloaded_from":"2026-09-09T23:48:36.902Z","last_downloaded_at":"2026-09-09T23:48:36.902Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478703","source_sha256":"8974f2df2ad7d3b6b521192012a95129b8c14a15794ba6c2b4d6687f0772f43d"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-965-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_2322FF5A-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">This Subtopic provides guidance on investment and insurance contracts for <a href=\"/glossary/h/#health-and-welfare-benefit-plans\" class=\"term\" title=\"Health and welfare benefit plans include plans that provide the following: Any of the following benefits: Medical, dental, visual, psychiatric, or long-term health care Life insurance (offered separately from a pension plan) Certain severance benefits Accidental death or dismemberment benefits. Benefits for unemployment, disability, vacations, or holidays Other benefits such as apprenticeships, tuition assistance, day care, dependent care, housing subsidies, or legal services.\"><span>health and welfare benefit plans</span></a>. </span></span></div></div>","snippet":"This Subtopic provides guidance on investment and insurance contracts for health and welfare benefit plans.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f1460ab6ec09fe34042c770cf01051d999e5ec66f1bd0e5a8538b44b0dfec383","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}},{"citation":"325-965-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_232300BE-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/glossary/d/#defined-benefit-plan\" class=\"term\" title=\"A defined benefit plan provides participants with a determinable benefit based on a formula provided for in the plan. Defined benefit health and welfare plans—Defined benefit health and welfare plans specify a determinable benefit, which may be in the form of a reimbursement to the covered plan participant or a direct payment to providers or third-party insurers for the cost of specified services. Such plans may also include benefits that are payable as a lump sum, such as death benefits. The level of benefits may be defined or limited based on factors such as age, years of service, and salary. Contributions may be determined by the plan's actuary or be based on premiums, actual claims paid, hours worked, or other factors determined by the plan sponsor. Even when a plan is funded pursuant to agreements that specify a fixed rate of employer contributions (for example, a collectively bargained multiemployer plan), such a plan may nevertheless be a defined benefit health and welfare plan if its substance is to provide a defined benefit. Defined benefit pension plan—A pension plan that defines an amount of pension benefit to be provided, usually as a function of one or more factors such as age, years of service, or compensation. Any pension plan that is not a defined contribution pension plan is, for purposes of Subtopic 715-30, a defined benefit pension plan. Defined benefit postretirement plan—A plan that defines postretirement benefits in terms of monetary amounts (for example, $100,000 of life insurance) or benefit coverage to be provided (for example, up to $200 per day for hospitalization, or 80 percent of the cost of specified surgical procedures). Any postretirement benefit plan that is not a defined contribution postretirement plan is, for purposes of Subtopic 715-60, a defined benefit postretirement plan. (Specified monetary amounts and benefit coverage are collectively referred to as benefits.)\"><span>Defined benefit plans</span></a> provide participants with a determinable benefit based on a formula provided for in the plans, whereas <a href=\"/glossary/d/#defined-contribution-plan\" class=\"term\" title=\"A plan that provides an individual account for each participant and provides benefits that are based on all of the following: amounts contributed to the participant's account by the employer or employee; investment experience; and any forfeitures allocated to the account, less any administrative expenses charged to the plan. Defined contribution health and welfare plans—Defined contribution health and welfare plans maintain an individual account for each plan participant. They have terms that specify the means of determining the contributions to participants' accounts, rather than the amount of benefits the participants are to receive. The benefits a plan participant will receive are limited to the amount contributed to the participant's account, investment experience, expenses, and any forfeitures allocated to the participant's account. These plans also include flexible spending arrangements. Defined contribution postretirement plan—A plan that provides postretirement benefits in return for services rendered, provides an individual account for each plan participant, and specifies how contributions to the individual's account are to be determined rather than specifies the amount of benefits the individual is to receive. Under a defined contribution postretirement plan, the benefits a plan participant will receive depend solely on the amount contributed to the plan participant's account, the returns earned on investments of those contributions, and the forfeitures of other plan participants' benefits that may be allocated to that plan participant's account.\"><span>defined contribution plans</span></a> provide benefits based on amounts contributed to an employee's individual account plus or minus all of the following: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_232301F4-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Forfeitures </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2323031B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investment experience </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23230438-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Administrative expenses. </span></span></div></li></ol></div></div>","snippet":"Defined benefit plans provide participants with a determinable benefit based on a formula provided for in the plans, whereas defined contribution plans provide benefits based on amounts contributed to an employee's indiv…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:07b28e6216ccd6f12a66a6cdd384dc69a1d2dcc9a63212772d03c22f2392d688","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}},{"citation":"325-965-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_2323054A-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">In such defined contribution plans, plan participants have a vested interest in monitoring the financial condition and operations of the plan since they bear investment risk under these plans, and plan transactions can directly affect their benefits (for example, investment mix, and risk and return). </span></span></div></div>","snippet":"In such defined contribution plans, plan participants have a vested interest in monitoring the financial condition and operations of the plan since they bear investment risk under these plans, and plan transactions can d…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4b0dd20c557a31ec55e36cf99f903144d6aced653a3860dc1977d710c00bcaa3","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}},{"citation":"325-965-05-4","para":"05-4","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23230656-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The Internal Revenue Code generally requires that all investment experience under defined contribution plans be allocated to individual account balances. </span></span></div></div>","snippet":"The Internal Revenue Code generally requires that all investment experience under defined contribution plans be allocated to individual account balances.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:77b68ab8f74f5beed34ecf66f528a8d69979dd6b81e3e9b0b0d4cf9313197609","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1b844fe50365f273929c07b28b55c4c225a1d47f9d498efa748d7d83a16e9b6a","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2a2338c42aec145e5ce6d5104eb09bddc3c24e98d7f9c25852511d677a578d1","downloaded_from":"2026-09-09T23:48:38.968Z","last_downloaded_at":"2026-09-09T23:48:38.968Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477913","source_sha256":"22bd036dbae1813ebd60bc64f891ef545e57be43bdd114d8fee3ad3cb7cd8214"}},{"number":"10","label":"10 Objectives","anchor":"10-objectives","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-965-10-1","para":"10-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_232E3076-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Plan assets of <a href=\"/glossary/h/#health-and-welfare-benefit-plans\" class=\"term\" title=\"Health and welfare benefit plans include plans that provide the following: Any of the following benefits: Medical, dental, visual, psychiatric, or long-term health care Life insurance (offered separately from a pension plan) Certain severance benefits Accidental death or dismemberment benefits. Benefits for unemployment, disability, vacations, or holidays Other benefits such as apprenticeships, tuition assistance, day care, dependent care, housing subsidies, or legal services.\"><span>health and welfare benefit plans</span></a> shall be measured and reported at values that are meaningful to financial statement users, including plan participants. </span></span></div></div>","snippet":"Plan assets of health and welfare benefit plans shall be measured and reported at values that are meaningful to financial statement users, including plan participants.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c9e7f333f7d0a3985d126a05a5e3a2c1ebed49051f95d6e17ed35b356e606c14","downloaded_from":"2026-09-09T23:48:40.710Z","last_downloaded_at":"2026-09-09T23:48:40.710Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477830","source_sha256":"06fb3780ee8c0dd58640a4e0e1dd3750bddb84955179127cfed93ea944720d38"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a759d5171b979788899aee8839ca05a4346c242e513e302f121c38965f1f631f","downloaded_from":"2026-09-09T23:48:40.710Z","last_downloaded_at":"2026-09-09T23:48:40.710Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477830","source_sha256":"06fb3780ee8c0dd58640a4e0e1dd3750bddb84955179127cfed93ea944720d38"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6a897243842aa2444bed4f08ca1eb0f70b11730d350f331d36ba6751e4c13a53","downloaded_from":"2026-09-09T23:48:40.710Z","last_downloaded_at":"2026-09-09T23:48:40.710Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477830","source_sha256":"06fb3780ee8c0dd58640a4e0e1dd3750bddb84955179127cfed93ea944720d38"}},{"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":"325-965-15-1","para":"15-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section <a altsource=\"GUID-F76BAC6A-F007-47F7-B1AC-06A654CF8A37.ditamap\" class=\"ditamap\">965-10-15</a>.</div></div>","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 965-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:38b6724deaa58f3a6793e39ae1c666a6c5510b2a46f5c51a2ec35a027b788a1e","downloaded_from":"2026-09-09T23:48:44.472Z","last_downloaded_at":"2026-09-09T23:48:44.472Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477873","source_sha256":"d895b1737431811078fc6572997ba182efe92c3cdf19d50b83262bf57ba01cc9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9bdff0cdb02ae5d8e753691ba721bccf9e9d7f9f7ce99da1305cb16ad9b6594d","downloaded_from":"2026-09-09T23:48:44.472Z","last_downloaded_at":"2026-09-09T23:48:44.472Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477873","source_sha256":"d895b1737431811078fc6572997ba182efe92c3cdf19d50b83262bf57ba01cc9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:add015af9309fadb4cfdab2bf6a855261257022ffc0314fa7490dfd77d2b3478","downloaded_from":"2026-09-09T23:48:44.472Z","last_downloaded_at":"2026-09-09T23:48:44.472Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477873","source_sha256":"d895b1737431811078fc6572997ba182efe92c3cdf19d50b83262bf57ba01cc9"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Reporting at Fair Value","paragraphs":[{"citation":"325-965-35-1","para":"35-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE05B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Plan investments, whether they are in the form of equity or debt securities, real estate, or other investments </span></span> <span class=\"sfragment\" id=\"sfr_235AE1BC-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">(excluding insurance contracts and <a href=\"/glossary/f/#fully-benefit-responsive-investment-contract\" class=\"term\" title=\"An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness.\"><span>fully benefit-responsive investment contracts</span></a> [see paragraph <a href=\"/asc/325/965/#325-965-35-3\" class=\"xref\">965-325-35-3</a> for special provisions on the valuation of insurance contracts and paragraph <a href=\"/asc/325/965/#325-965-35-8\" class=\"xref\">965-325-35-8</a> for special provisions on the valuation of fully benefit-responsive investment contracts]), </span></span> <span class=\"sfragment\" id=\"sfr_235AE2C3-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">shall be reported at their <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> less costs to sell, if significant, at the financial statement date. </span></span> </div> </div>","snippet":"Plan investments, whether they are in the form of equity or debt securities, real estate, or other investments (excluding insurance contracts and fully benefit-responsive investment contracts [see paragraph 965-325-35-3 …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5afe78c24fbef4b4d837e1603ea8105507f3e78d00958db197c5fc26d41dc3c8","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-1A","para":"35-1A","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE394-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If significant, the fair value of an investment shall be reduced by brokerage commissions and other costs normally incurred in a sale.</span></span> </div> </div>","snippet":"If significant, the fair value of an investment shall be reduced by brokerage commissions and other costs normally incurred in a sale.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b0446115217ef653ffbfa8cc9e00063a9f353514d7f43b278e959c7e75f50628","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-2","para":"35-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE477-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investment contracts held by defined benefit <a href=\"/glossary/h/#health-and-welfare-benefit-plans\" class=\"term\" title=\"Health and welfare benefit plans include plans that provide the following: Any of the following benefits: Medical, dental, visual, psychiatric, or long-term health care Life insurance (offered separately from a pension plan) Certain severance benefits Accidental death or dismemberment benefits. Benefits for unemployment, disability, vacations, or holidays Other benefits such as apprenticeships, tuition assistance, day care, dependent care, housing subsidies, or legal services.\"><span>health and welfare benefit plans</span></a> shall be reported at their fair values. </span></span> </div> </div>","snippet":"Investment contracts held by defined benefit health and welfare benefit plans shall be reported at their fair values.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9eeaecf563b76431a24ebebf6f476249dd59fb42b2f0769cdcd4a445824b51c1","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-2A","para":"35-2A","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE5B4-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If a plan's fiscal year-end does not coincide with a month-end, the plan may measure investments and investment-related accounts (for example, a liability for a pending trade with a broker) using the month-end that is closest to the plan's fiscal year-end. That election shall be applied consistently from year to year.</span></span> </div> </div>","snippet":"If a plan's fiscal year-end does not coincide with a month-end, the plan may measure investments and investment-related accounts (for example, a liability for a pending trade with a broker) using the month-end that is cl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:76c9d0dfa0ef7a32f86dea0bd4e4321007dc331d9cae676a3827eb9adf86a412","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8acf02354a03950fb14a107858c62e94f34554bde4f7e0d7a8d89c92f683fed6","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"block":null,"heading":"Insurance Contracts","paragraphs":[{"citation":"325-965-35-3","para":"35-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE6B8-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Insurance contracts, as defined by Subtopic <a altsource=\"GUID-F4341DED-0F5B-433D-8291-11B4BCC32084.ditamap\" class=\"ditamap\">944-20</a>, shall be presented in the same manner as specified in the annual report filed by the plan with certain governmental agencies pursuant to the Employee Retirement Income Security Act; that is, either at fair value or at amounts determined by the insurance entity (contract value). Plans not subject to the Employee Retirement Income Security Act shall present insurance contracts as if the plans were subject to the reporting requirements of the Act. </span></span> </div> </div>","snippet":"Insurance contracts, as defined by Subtopic 944-20, shall be presented in the same manner as specified in the annual report filed by the plan with certain governmental agencies pursuant to the Employee Retirement Income …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fbb53dbc3a51d439b7f714c2cd761af98d4aa7613c372ef3dff91ff94dd033bb","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-4","para":"35-4","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/944/20/#944-20-05-5\" class=\"xref\">944-20-05-5 through 05-7</a></div> for a discussion of the purpose, types, and a general characterization of insurance transactions.</div> </div>","snippet":"See paragraphs 944-20-05-5 through 05-7 for a discussion of the purpose, types, and a general characterization of insurance transactions.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d2325b88b0b609b7928ab0c967652509efb7a64a1fe17ead1411dd9b3348aa1","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-5","para":"35-5","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/944/20/#944-20-15-16\" class=\"xref\">944-20-15-16 through 15-19</a></div> for a discussion of certain types of insurance contracts, including long-duration contracts that do not subject the insurance entities to mortality or morbidity risks (investment contracts) and annuity contracts.</div> </div>","snippet":"See paragraphs 944-20-15-16 through 15-19 for a discussion of certain types of insurance contracts, including long-duration contracts that do not subject the insurance entities to mortality or morbidity risks (investment…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6a81424095750edb631b9bb87e3d4ef08ae1c7dc202d68f93060f64ccf74249b","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c6fd3d4e305852ac920f296ac0522286796272934bdeb1faf73dccf21a79db05","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"block":null,"heading":"Investment Contracts","paragraphs":[{"citation":"325-965-35-6","para":"35-6","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE7A9-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If a plan holds multiple contracts, each contract shall be evaluated individually for benefit responsiveness. </span></span> <span class=\"sfragment\" id=\"sfr_235AE874-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Contracts that provide for prospective interest adjustments may still be fully benefit-responsive provided that the terms of the contracts specify that the crediting interest rate cannot be less than zero. </span></span> </div> </div>","snippet":"If a plan holds multiple contracts, each contract shall be evaluated individually for benefit responsiveness. Contracts that provide for prospective interest adjustments may still be fully benefit-responsive provided tha…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:49c9bfb5c85eb37c953c00f413832eb62cc121af32d71e84fcc8a0ed429ffedd","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-7","para":"35-7","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AE94E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Section <a altsource=\"GUID-DF857C9F-B563-4EFA-BB7E-15481387624B.ditamap\" class=\"ditamap\">965-325-55</a> includes implementation guidance for the application of the definition of fully benefit-responsive for defined contribution health and welfare plan investments. </span></span> </div> </div>","snippet":"Section 965-325-55 includes implementation guidance for the application of the definition of fully benefit-responsive for defined contribution health and welfare plan investments.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:53d6aa5951e244eb710e272204a0d8307095cd8edf9505bce0032c855e75f259","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-8","para":"35-8","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_235AEA1D-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution health and welfare benefit plan attributable to fully benefit-responsive investment contracts. </span></span> </div> </div>","snippet":"Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution health and welfare benefit plan attributable to fully benefit-responsive investment contracts.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:74e27bd2f4cf51292eeec59b1143e55d8d90027c21c914fd8c3dbd3c65a58fba","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"citation":"325-965-35-9","para":"35-9","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <a href=\"/updates/asu-2015-12/\" class=\"xref\">Paragraph superseded by Accounting Standards Update No. 2015-12</a> (Part I).</div> </div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2015-12 (Part I).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7425261792dbcc776382a8c223984c6fced2b30d04430030fc1abb0fd14cd400","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7f4d27bae3043e106919da506ade46d761a03735b0f2593045d98cc5ac1f3c38","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bac5359b97b65d96cd26dfa3cead1e62d15bd6130be042eb5de9f5a2b157ac6f","downloaded_from":"2026-09-09T23:48:49.384Z","last_downloaded_at":"2026-09-09T23:48:49.384Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479182","source_sha256":"62ca736da6609c1a87d6e41e3b8f22c8c14e7af4a903ef9360a5a8eba96f5d1f"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-965-45-1","para":"45-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23779F8F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Information regarding a plan's investments shall be presented in enough detail to identify the types of investments and shall indicate whether reported fair values have been measured by quoted prices in an active market or have been determined otherwise (paragraph <a href=\"/asc/325/965/#325-965-50-2\" class=\"xref\">965-325-50-2</a> specifies additional disclosures related to investments). </span></span></div></div>","snippet":"Information regarding a plan's investments shall be presented in enough detail to identify the types of investments and shall indicate whether reported fair values have been measured by quoted prices in an active market …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a7543e7b25c167a881909f3c614c66a6b4e205aef79e21152f551a3b154751df","downloaded_from":"2026-09-09T23:48:51.726Z","last_downloaded_at":"2026-09-09T23:48:51.726Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478947","source_sha256":"1c47e926421d502b372202378299f8cf1fa2bc05b6e46e6c521a9754790a63d5"}},{"citation":"325-965-45-2","para":"45-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_2377A117-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investments measured using fair value in the statement of net assets available for benefits or in the notes shall be presented by general type, including the following: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A26C-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Registered investment companies (also known as mutual funds) </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A3AA-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Government securities </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A4FA-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Short-term securities </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A650-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Corporate bonds </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A794-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Common stocks </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377A916-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Mortgages </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">g</span><div class=\"p\"><a href=\"/updates/asu-2012-04/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2012-04</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_2377AA5E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Real estate. </span></span></div></li></ol><span class=\"sfragment\" id=\"sfr_2377AB90-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">For the presentation of <a href=\"/glossary/f/#fully-benefit-responsive-investment-contract\" class=\"term\" title=\"An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness.\"><span>fully benefit-responsive investment contracts</span></a>, which are measured at contract value, see paragraphs <a href=\"/asc/325/965/#325-965-35-8\" class=\"xref\">965-325-35-8</a> and <a href=\"/asc/325/965/#325-965-50-2\" class=\"xref\">965-325-50-2</a>.</span></span></div></div>","snippet":"Investments measured using fair value in the statement of net assets available for benefits or in the notes shall be presented by general type, including the following:\n(a) Registered investment companies (also known as …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b26e9d1b7eb4b10cb60d940ad0730e709e3d3dd1add833d208df13d564e7bb3c","downloaded_from":"2026-09-09T23:48:51.726Z","last_downloaded_at":"2026-09-09T23:48:51.726Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478947","source_sha256":"1c47e926421d502b372202378299f8cf1fa2bc05b6e46e6c521a9754790a63d5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:99fba6e1d3614ca3f6d1bf38a3cf3e1916145f5d572a999125171e321f634026","downloaded_from":"2026-09-09T23:48:51.726Z","last_downloaded_at":"2026-09-09T23:48:51.726Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478947","source_sha256":"1c47e926421d502b372202378299f8cf1fa2bc05b6e46e6c521a9754790a63d5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:526e6bbc0fba3db9da70c563c7e44b4ef19187d6bd2cbc16a131873925314306","downloaded_from":"2026-09-09T23:48:51.726Z","last_downloaded_at":"2026-09-09T23:48:51.726Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478947","source_sha256":"1c47e926421d502b372202378299f8cf1fa2bc05b6e46e6c521a9754790a63d5"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"325-965-50-1","para":"50-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6BEF9-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Disclosure of a <a href=\"/glossary/h/#health-and-welfare-benefit-plans\" class=\"term\" title=\"Health and welfare benefit plans include plans that provide the following: Any of the following benefits: Medical, dental, visual, psychiatric, or long-term health care Life insurance (offered separately from a pension plan) Certain severance benefits Accidental death or dismemberment benefits. Benefits for unemployment, disability, vacations, or holidays Other benefits such as apprenticeships, tuition assistance, day care, dependent care, housing subsidies, or legal services.\"><span>health and welfare benefit plan's</span></a> accounting policies shall include </span></span><span class=\"sfragment\" id=\"sfr_23B6C035-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">a description of the valuation techniques and inputs used to measure the <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><span class=\"sfragment\" id=\"sfr_23B6C13F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">less costs to sell, if significant, of investments (as required by Section <a altsource=\"GUID-D5B858F0-29B8-404C-A786-802DBC30034A.ditamap\" class=\"ditamap\">820-10-50</a>) and a description of the methods and significant assumptions used to measure the reported value of insurance contracts. </span></span><span class=\"sfragment\" id=\"sfr_23B6C221-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">However, health and welfare benefit plans are exempt from the requirements in paragraph <a href=\"/asc/820/10/#820-10-50-2B\" class=\"xref\">820-10-50-2B(a)</a> to disaggregate assets by nature, characteristics, and risks. The disclosures of information by classes of assets required by Section <a altsource=\"GUID-D5B858F0-29B8-404C-A786-802DBC30034A.ditamap\" class=\"ditamap\">820-10-50</a> shall be provided by general type of plan assets consistent with paragraph <a href=\"/asc/325/965/#325-965-45-2\" class=\"xref\">965-325-45-2</a>.</span></span></div></div>","snippet":"Disclosure of a health and welfare benefit plan's accounting policies shall include a description of the valuation techniques and inputs used to measure the fair value less costs to sell, if significant, of investments (…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ca87c2a6355e74102d8f4f261bc2347498b56bcccabc9d08a730adc8a4d29b2","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-1A","para":"50-1A","html":"<div class=\"asc-body\"><div class=\"norm-text\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Paragraph superseded by Accounting Standards Update No. 2015-12</a> (Part II).</div></div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2015-12 (Part II).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f485a497584ad0db283f74e40d186747dbd2d398aee2b70a265eb79cf8aaaca5","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-1B","para":"50-1B","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6C321-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If applicable, a plan shall disclose the accounting policy election to measure investments and investment-related accounts using the month-end that is closest to the plan's fiscal year-end in accordance with paragraph <a href=\"/asc/325/965/#325-965-35-2A\" class=\"xref\">965-325-35-2A</a> and the month-end measurement date.</span></span></div></div>","snippet":"If applicable, a plan shall disclose the accounting policy election to measure investments and investment-related accounts using the month-end that is closest to the plan's fiscal year-end in accordance with paragraph 96…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6af4cb05d232053d667981c4abf8e80f68a4974a5457b8ced9f3612459e3131","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-1C","para":"50-1C","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6C41E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If a plan measures investments and investment-related accounts in accordance with paragraph <a href=\"/asc/325/965/#325-965-35-2A\" class=\"xref\">965-325-35-2A</a> and contributions, distributions, and/or significant events (such as a plan amendment, a merger, or a termination) occur between the month-end date used to measure investments and investment-related accounts and the plan's fiscal year-end, the plan shall disclose the amounts of those contributions, distributions, and/or significant events.</span></span></div></div>","snippet":"If a plan measures investments and investment-related accounts in accordance with paragraph 965-325-35-2A and contributions, distributions, and/or significant events (such as a plan amendment, a merger, or a termination)…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:150c6a65fc7834ff0463eabff8e6556303c12e482ae68cb3f17ef0a5db847f45","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:57a623abc816ecc87b7fc444e0eccd5624cda4f3c682bc3ae9ad4a547feb403d","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"block":null,"heading":"Fully Benefit-Responsive Investment Contracts","paragraphs":[{"citation":"325-965-50-2","para":"50-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">Health and welfare plans shall disclose the following in connection with <a href=\"/glossary/f/#fully-benefit-responsive-investment-contract\" class=\"term\" title=\"An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness.\"><span>fully benefit-responsive investment contracts</span></a>, in the aggregate:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6C56F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A description of </span></span><span class=\"sfragment\" id=\"sfr_23B6C6A5-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">the nature of those investment contracts (including how they operate) by the type of investment contract (for example, synthetic investment contracts or traditional investment contracts). </span></span></div><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">1</span><div class=\"p\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2015-12</a>. (Part I).</div></li><li class=\"li-norm\"><span class=\"linum\">2</span><div class=\"p\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2015-12</a>. (Part I).</div></li><li class=\"li-norm\"><span class=\"linum\">3</span><div class=\"p\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2015-12</a>. (Part I).</div></li></ol></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2015-12</a>. (Part I).</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2015-12</a>. (Part I).</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6C822-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A description of the events that limit the ability of the plan to transact at contract value with the issuer, </span></span><span class=\"sfragment\" id=\"sfr_23B6C983-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">including a statement that the occurrence of each of those events that would limit the plan's ability to transact at contract value with participants in the plan is not probable of occurring </span></span><span class=\"sfragment\" id=\"sfr_23B6CAC5-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">(the term <em class=\"ph i\">probable</em> is used in this Subtopic consistent with its use in Topic <a altsource=\"GUID-1271E23D-73B8-4EFD-8F2E-276D1D0ECC8F.ditamap\" class=\"ditamap\">450</a>). Such events might include, among others, all of the following: </span></span></div><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">1</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6CC0E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Premature termination of the contracts by the plan </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">2</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6CD0E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Plant closings </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">3</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6CDF2-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Layoffs </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">4</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6CEF6-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Plan termination </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">5</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D03E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Bankruptcy </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">6</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D182-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Mergers </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">7</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D2A7-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Early retirement incentives. </span></span></div></li></ol></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D39B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A description of the events and circumstances that would allow issuers to terminate fully benefit-responsive investment contracts with the plan and settle at an amount different from contract value. </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D49E-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The total contract value of each type of investment contract (for example, synthetic investment contracts or traditional investment contracts). </span></span></div></li></ol></div></div>","snippet":"Health and welfare plans shall disclose the following in connection with fully benefit-responsive investment contracts, in the aggregate:\n(a) A description of the nature of those investment contracts (including how they …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:87e3622e1feea67d95936a14793d47fc2433a9dbdd50dd335e9849ac1f5c810d","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-3","para":"50-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><a href=\"/updates/asu-2015-12/\" class=\"xref\">Paragraph superseded by Accounting Standards Update No. 2015-12</a> (Part I).</div></div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2015-12 (Part I).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c5dbaa2f8b9a23800e5e1fb305c1f42fa6a92061ec36080d6cb46d1d300be680","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:48fae391020ff2d87eb1486e9aceca3b7376ac79000ddeef048f6111433e60a7","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"block":null,"heading":"Investments Measured Using the Net Asset Value per Share Practical Expedient","paragraphs":[{"citation":"325-965-50-4","para":"50-4","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6D586-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If an investment is measured using the net asset value per share (or its equivalent) practical expedient in paragraph <a href=\"/asc/820/10/#820-10-35-59\" class=\"xref\">820-10-35-59</a> and that investment is in a fund that files U.S. Department of Labor Form 5500 as a direct filing entity, disclosure of that investment's significant investment strategy, as discussed in paragraph <a href=\"/asc/820/10/#820-10-50-6A\" class=\"xref\">820-10-50-6A(a)</a>, is not required. </span></span></div></div>","snippet":"If an investment is measured using the net asset value per share (or its equivalent) practical expedient in paragraph 820-10-35-59 and that investment is in a fund that files U.S. Department of Labor Form 5500 as a direc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cf5c7230e814f7cbae3ee5213a17ce169194b24a93831edb58e38717293fee4a","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db62769c2b036e839c668974c9aa0f417c687612aad19c758d3a5513c766d7cb","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"block":null,"heading":"Interests in Master Trusts","paragraphs":[{"citation":"325-965-50-5","para":"50-5","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6D69C-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A plan shall disclose the following in the notes to financial statements for each period for which a statement of changes in net assets available for benefits is presented: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D770-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Net appreciation or depreciation in the fair value of investments of the master trust. Net appreciation or depreciation includes realized gains and losses on investments that were both purchased and sold during the period as well as unrealized appreciation or depreciation of the investments held at year-end.</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D834-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Investment income (exclusive of (a)).</span></span></div></li></ol></div></div>","snippet":"A plan shall disclose the following in the notes to financial statements for each period for which a statement of changes in net assets available for benefits is presented:\n(a) Net appreciation or depreciation in the fai…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2c265f863e40c8eb67d268ab9cfe1f509743d3e9399ed035946ad86fcb680855","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-6","para":"50-6","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6D90B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A plan also shall include in the notes to financial statements both of the following:</span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6D9D4-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Description of the basis used to allocate both of the following:</span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">1</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DA98-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Net assets</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">2</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DB7B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Total investment income. See paragraph <a href=\"/asc/325/965/#325-965-50-5\" class=\"xref\">965-325-50-5</a> for the components of total investment income.</span></span></div></li></ol></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DC91-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">For a plan with an undivided interest in the master trust (that is, when the plan has a proportionate, rather than specific, interest in the master trust), its percentage interest in the master trust as of the date of each statement of net assets available for benefits presented.</span></span></div></li></ol></div></div>","snippet":"A plan also shall include in the notes to financial statements both of the following:\n(a) Description of the basis used to allocate both of the following:\n(1) Net assets\n(2) Total investment income. See paragraph 965-325…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7956785f40fc153c0e1b57fb6b4c8bf88464e2ae4ed6847e048c09e08ecf17cb","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-7","para":"50-7","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6DD84-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">In the notes to financial statements a plan shall include the investments of a master trust measured using fair value presented by general type of investment, such as the following, as of the date of each statement of net assets available for benefits presented:</span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DE49-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Registered investment companies (for example, mutual funds)</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DEFF-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Government securities</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6DFB5-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Common-collective trusts</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E069-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Pooled separate accounts</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E11C-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Short-term securities</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E1D1-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Corporate bonds</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">g</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E285-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Common stocks</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E340-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Mortgages</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">i</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E3FC-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Real estate.</span></span></div></li></ol><span class=\"sfragment\" id=\"sfr_23B6E4B7-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">For the presentation of <a href=\"/glossary/f/#fully-benefit-responsive-investment-contract\" class=\"term\" title=\"An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness.\"><span>fully benefit-responsive investment contracts</span></a>, which are measured at contract value, see paragraphs <a href=\"/asc/325/965/#325-965-35-8\" class=\"xref\">965-325-35-8</a> and <a href=\"/asc/325/965/#325-965-50-2\" class=\"xref\">965-325-50-2</a>.</span></span></div></div>","snippet":"In the notes to financial statements a plan shall include the investments of a master trust measured using fair value presented by general type of investment, such as the following, as of the date of each statement of ne…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2325cb9f12dd3a2cabc310b51d8f5f6c3b144562597c52e2d70151a82fad2d46","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-8","para":"50-8","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6E575-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A plan shall disclose the dollar amount of its interest in each general type of investment held by the master trust, consistent with the disclosure required by paragraph <a href=\"/asc/325/965/#325-965-50-7\" class=\"xref\">965-325-50-7</a>. See paragraph <a href=\"/asc/325/962/#325-962-55-18\" class=\"xref\">962-325-55-18</a> for an example of this disclosure.</span></span></div></div>","snippet":"A plan shall disclose the dollar amount of its interest in each general type of investment held by the master trust, consistent with the disclosure required by paragraph 965-325-50-7. See paragraph 962-325-55-18 for an e…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:47f1bbd7d5f9102fc9900cb91adc59ea46eb2ae2e888469a29ba046e85287ecd","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"citation":"325-965-50-9","para":"50-9","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_23B6E632-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A plan also shall disclose the master trust's other assets and liabilities and the dollar amount of the plan's interest in each of those other assets and liabilities. Examples of those balances include the following:</span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E6E0-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Amounts due from brokers for securities sold</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E7CE-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Amounts due to brokers for securities purchased</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E877-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Receivables relating to derivatives</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E922-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Payables relating to derivatives</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6E9D3-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Accrued interest and dividends</span></span></div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_23B6EA91-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Accrued expenses.</span></span></div></li></ol><span class=\"sfragment\" id=\"sfr_23B6EB78-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">See paragraph <a href=\"/asc/325/962/#325-962-55-18\" class=\"xref\">962-325-55-18</a> for an example of this disclosure.</span></span></div></div>","snippet":"A plan also shall disclose the master trust's other assets and liabilities and the dollar amount of the plan's interest in each of those other assets and liabilities. Examples of those balances include the following:\n(a)…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0d95666adfc510f7a892a7237e769fe985939bc6f2791aaf5cd647eb8489a161","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a32d87a96fe0308dfaa3c95175cf06169e75d83828ea10bb728d770bc398787e","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c3882f0720c2ee2a0b4c5cc947f9e8089c6481448b7009547078e23d3417d0bc","downloaded_from":"2026-09-09T23:48:55.041Z","last_downloaded_at":"2026-09-09T23:48:55.041Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477492","source_sha256":"761fe260f9c51d3f93ac7f8b8044dc8d500f1d25b16c01353b32b207ed64a3f5"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"325-965-55-1","para":"55-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">Implementation guidance in Section <a altsource=\"GUID-0B738E42-F490-4D2E-BCF3-DC69B93B0482.ditamap\" class=\"ditamap\">962-325-55</a> illustrates the guidance in paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/325/965/#325-965-35-6\" class=\"xref\">965-325-35-6 through 35-8</a></div> for the application of <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> less costs to sell, if significant, and contract value reporting for health and welfare plan investments. <span class=\"sfragment\" id=\"sfr_23D287C2-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">In each situation, value is determined within the context of the objectives of financial statements for a <a href=\"/glossary/d/#defined-contribution-plan\" class=\"term\" title=\"A plan that provides an individual account for each participant and provides benefits that are based on all of the following: amounts contributed to the participant's account by the employer or employee; investment experience; and any forfeitures allocated to the account, less any administrative expenses charged to the plan. Defined contribution health and welfare plans—Defined contribution health and welfare plans maintain an individual account for each plan participant. They have terms that specify the means of determining the contributions to participants' accounts, rather than the amount of benefits the participants are to receive. The benefits a plan participant will receive are limited to the amount contributed to the participant's account, investment experience, expenses, and any forfeitures allocated to the participant's account. These plans also include flexible spending arrangements. Defined contribution postretirement plan—A plan that provides postretirement benefits in return for services rendered, provides an individual account for each plan participant, and specifies how contributions to the individual's account are to be determined rather than specifies the amount of benefits the individual is to receive. Under a defined contribution postretirement plan, the benefits a plan participant will receive depend solely on the amount contributed to the plan participant's account, the returns earned on investments of those contributions, and the forfeitures of other plan participants' benefits that may be allocated to that plan participant's account.\"><span>defined contribution plan</span></a>. The valuation must reflect the ability of the plan to pay benefits from the perspective of the participants. This value is then reflected on participants' statements to disclose the amount they can expect to receive when they exercise their rights to withdraw, borrow, or transfer funds under the terms of the plan. </span></span></div> </div>","snippet":"Implementation guidance in Section 962-325-55 illustrates the guidance in paragraphs 965-325-35-6 through 35-8 for the application of fair value less costs to sell, if significant, and contract value reporting for health…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4239593e912df8b9371bed17ca8bb819631f4e97b1464c03c9946216d50fb714","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-2","para":"55-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraph <a href=\"/asc/325/962/#325-962-55-3\" class=\"xref\">962-325-55-3</a> for implementation guidance on a five-year public bond (or portfolio of bonds) that is guaranteed by a third party to have a fixed value at the end of three years.</div> </div>","snippet":"See paragraph 962-325-55-3 for implementation guidance on a five-year public bond (or portfolio of bonds) that is guaranteed by a third party to have a fixed value at the end of three years.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:21395de4efaff423e3eb9557bbb33d4391517f2128dc28725c8c13ddac6c77ae","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-3","para":"55-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_23D288EE-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">See paragraphs <div class=\"xref-range displayInline\"><a href=\"/asc/325/962/#325-962-55-5\" class=\"xref\">962-325-55-5 through 55-7</a></div> for implementation guidance on a <a href=\"/glossary/f/#fully-benefit-responsive-investment-contract\" class=\"term\" title=\"An investment contract is considered fully benefit-responsive if all of the following criteria are met for that contract, analyzed on an individual basis: The investment contract is effected directly between the plan and the issuer and prohibits the plan from assigning or selling the contract or its proceeds to another party without the consent of the issuer. Either of the following conditions exists: The repayment of principal and interest credited to participants in the plan is a financial obligation of the issuer of the investment contract. Prospective interest crediting rate adjustments are provided to participants in the plan on a designated pool of investments held by the plan or the contract issuer, whereby a financially responsible third party, through a contract generally referred to as a wrapper, must provide assurance that the adjustments to the interest crediting rate will not result in a future interest crediting rate that is less than zero. If an event has occurred such that realization of full contract value for a particular investment contract is no longer probable (for example, a significant decline in creditworthiness of the contract issuer or wrapper provider), the investment contract shall no longer be considered fully benefit-responsive. The terms of the investment contract require all permitted participant-initiated transactions with the plan to occur at contract value with no conditions, limits, or restrictions. Permitted participant-initiated transactions are those transactions allowed by the plan, such as any of the following: Withdrawals for benefits Loans Transfers to other funds within the plan. An event that limits the ability of the plan to transact at contract value with the issuer and that also limits the ability of the plan to transact at contract value with the participants in the plan, such as any of the following, must be probable of not occurring: Premature termination of the contracts by the plan Plant closings Layoffs Plan termination Bankruptcy Mergers Early retirement incentives. The plan itself must allow participants reasonable access to their funds. If access to funds is substantially restricted by plan provisions, investment contracts held by those plans may not be considered to be fully benefit-responsive. For example, if plan participants are allowed access at contract value to all or a portion of their account balances only upon termination of their participation in the plan, it would not be considered reasonable access and, therefore, investment contracts held by that plan would generally not be deemed to be fully benefit-responsive. However, in plans with a single investment fund that allow reasonable access to assets by inactive participants, restrictions on access to assets by active participants consistent with the objective of the plan (for example, retirement or health and welfare benefits) will not affect the benefit responsiveness of the investment contracts held by those single-fund plans. Also, if a plan limits participants' access to their account balances to certain specified times during the plan year (for example, semiannually or quarterly) to control the administrative costs of the plan, that limitation generally would not affect the benefit responsiveness of the investment contracts held by that plan. In addition, administrative provisions that place short-term restrictions (for example, three or six months) on transfers to competing fixed-rate investment options to limit arbitrage among those investment options (equity wash provisions) would not affect a contract's benefit responsiveness.\"><span>fully benefit-responsive investment contract</span></a>.</span></span> </div> </div>","snippet":"See paragraphs 962-325-55-5 through 55-7 for implementation guidance on a fully benefit-responsive investment contract.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7559136cfc465014b3f583f3fc22f0584474c5b4d12fc42eaf2defa9fa43dc8e","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-4","para":"55-4","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraph <a href=\"/asc/325/962/#325-962-55-8\" class=\"xref\">962-325-55-8</a> for implementation guidance on a five-year, non-benefit-responsive investment contract that has no liquid market for trading.</div> </div>","snippet":"See paragraph 962-325-55-8 for implementation guidance on a five-year, non-benefit-responsive investment contract that has no liquid market for trading.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:724515e09797a2f226bfe4ccc8029c002627eccf5862b74d638bcbcee985644a","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-5","para":"55-5","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraph <a href=\"/asc/325/962/#325-962-55-10\" class=\"xref\">962-325-55-10</a> for implementation guidance on a benefit-responsive participating separate account investment contract.</div> </div>","snippet":"See paragraph 962-325-55-10 for implementation guidance on a benefit-responsive participating separate account investment contract.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:12a692c037b9dcc578b370ed7f868995b02d9449db8da3b13fa367a1cd8648ca","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-6","para":"55-6","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraph <a href=\"/asc/325/962/#325-962-55-12\" class=\"xref\">962-325-55-12</a> for implementation guidance on a synthetic contract (managed type).</div> </div>","snippet":"See paragraph 962-325-55-12 for implementation guidance on a synthetic contract (managed type).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a0d2aa0c0f7c043867ac87d3ba9fe2ef6bf62b5a947c85ccfb9c1412a8e50c1","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"citation":"325-965-55-7","para":"55-7","html":"<div class=\"asc-body\"><div class=\"norm-text\">See paragraph <a href=\"/asc/325/962/#325-962-55-13\" class=\"xref\">962-325-55-13</a> for implementation guidance on a synthetic investment contract (repurchase type).</div> </div>","snippet":"See paragraph 962-325-55-13 for implementation guidance on a synthetic investment contract (repurchase type).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f9fcb622882ad2a72d81923a1356ff9eeddba5a18e26b05f02b18f170e19d758","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5295ae32784f564b34a27f9ee77ba4c50bbcea9d254f7247696a6e3b8af7ec8e","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"325-965-55-8","para":"55-8","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_23D28A53-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">See Example 2 (paragraph <a href=\"/asc/325/962/#325-962-55-17\" class=\"xref\">962-325-55-17</a>) for financial statements that illustrate certain applications of the provisions of this Subtopic that apply to the annual financial statements of a defined contribution plan. </span></span> </div> </div>","snippet":"See Example 2 (paragraph 962-325-55-17) for financial statements that illustrate certain applications of the provisions of this Subtopic that apply to the annual financial statements of a defined contribution plan.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c5d10411f317beca4614eaa1ce4f05d1a59beffce9f5a171760b9cdc5da1ee80","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bdf1c33c249167ec4b4296af2ac9ac5f180971ae50f1ed3aa1641230252358e9","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9b1c0f3a64bff96fadee9e05022071743806afd3deaee7054d5f3d184ab5ef64","downloaded_from":"2026-09-09T23:48:56.941Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477731","source_sha256":"d85bd821924cd09198fd770ba17c5155b0fca3342814cc02a13274c5dabdcde7"}}],"enrichment":{"summary":"ASC 325-965 (parallel to 965-325) governs how health and welfare benefit plans measure, present, and disclose their investments and insurance contracts. The core rule is that plan investments are reported at fair value less costs to sell, if significant, at the financial statement date, except that insurance contracts are presented as reported in the plan's ERISA Form 5500 filing (fair value or contract value) and fully benefit-responsive investment contracts of defined contribution plans are measured at contract value. Presentation is by general type of investment, with specified disclosures for benefit-responsive contracts and for plan interests in master trusts.","key_points":["Plan investments — equity and debt securities, real estate, and other investments other than insurance contracts and fully benefit-responsive investment contracts — are reported at fair value less costs to sell, if significant, reduced by brokerage commissions and other normal selling costs (325-965-35-1; 35-1A).","Insurance contracts as defined in Subtopic 944-20 are presented the same way as in the plan's ERISA annual report — either fair value or contract value determined by the insurance entity — and non-ERISA plans report as if subject to the Act (325-965-35-3); investment contracts held by defined benefit health and welfare plans are reported at fair value (325-965-35-2).","Contract value is the relevant measure for the portion of net assets available for benefits of a defined contribution health and welfare plan attributable to fully benefit-responsive investment contracts (325-965-35-8), with each contract evaluated individually and prospective-rate contracts still qualifying if the crediting rate cannot be less than zero (325-965-35-6).","A plan whose fiscal year-end is not a month-end may elect to measure investments and investment-related accounts as of the closest month-end, applied consistently, and must disclose the election, the measurement date, and any contributions, distributions, or significant events between that date and fiscal year-end (325-965-35-2A; 50-1B; 50-1C).","Investments measured at fair value must be presented by general type — registered investment companies, government securities, short-term securities, corporate bonds, common stocks, mortgages, real estate — and in enough detail to show whether fair values used quoted prices in an active market (325-965-45-1; 45-2).","For fully benefit-responsive investment contracts, the plan discloses in the aggregate the nature of the contracts by type, events limiting its ability to transact at contract value (with a statement that their occurrence is not probable), events allowing issuers to terminate at other than contract value, and total contract value of each type (325-965-50-2).","Master trust disclosures require net appreciation/depreciation in fair value and investment income, the basis for allocating net assets and investment income, the plan's percentage interest if undivided, master trust investments by general type, and the plan's dollar interest in each type and in other master trust assets and liabilities (325-965-50-5 through 50-9)."],"categories":["Subsequent measurement","Fair value","Disclosure","Industry-specific"],"audience_level":"advanced","student_note":"Exam traps here are the exceptions to fair value: insurance contracts follow whatever basis the plan uses on its Form 5500, and fully benefit-responsive investment contracts in defined contribution plans are carried at contract value (not fair value with an adjustment, which ASU 2015-12 eliminated). Also note the \"less costs to sell, if significant\" qualifier — health and welfare plan investments are not simply reported at fair value.","related_topics":["965-325","962-325","820-10","944-20","965-10","450"],"key_concepts":["health and welfare benefit plan","fair value less costs to sell","fully benefit-responsive investment contract","contract value","insurance contract","master trust interest","net assets available for benefits","defined contribution plan"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e155568631c29e735d844c4089d40c603116f441ac5f01f2bdd7d9414135f66e","downloaded_from":"2026-09-09T23:48:36.902Z","last_downloaded_at":"2026-09-09T23:48:56.941Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"325-960","title":"Plan Accounting—Defined Benefit Pension Plans","topic_title":"Investments—Other","score":0.9135,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d35f73947d9c8c3be13c4acd291e456bdd4bb2fafc0e505c3fe3d9adcd4b8787","downloaded_from":"2026-09-09T23:47:43.422Z","last_downloaded_at":"2026-09-09T23:48:09.782Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"965-30","title":"Plan Benefit Obligations","topic_title":"Plan Accounting—Health and Welfare Benefit Plans","score":0.7843,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a895d62e097b83995ae987d9a8a0bae6dcdd240c5be812ccda5a0e4bf465ef88","downloaded_from":"2026-09-10T02:25:01.968Z","last_downloaded_at":"2026-09-10T02:25:26.797Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"965-20","title":"Net Assets Available for Plan Benefits","topic_title":"Plan Accounting—Health and Welfare Benefit Plans","score":0.7825,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e83f79ef931b0c66bdb912acc72bef88b40cd7d96324044f2df9d0926c1a11bc","downloaded_from":"2026-09-10T02:24:33.713Z","last_downloaded_at":"2026-09-10T02:24:58.307Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"960-30","title":"Net Assets Available for Plan Benefits","topic_title":"Plan Accounting—Defined Benefit Pension Plans","score":0.7732,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e9d3e373b2788e0ce006dd7bc3e0f905ec52c8739a48c1494ff3f1f1426b47a","downloaded_from":"2026-09-10T02:23:06.305Z","last_downloaded_at":"2026-09-10T02:23:25.079Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"715-20","title":"Defined Benefit Plans—General","topic_title":"Compensation—Retirement Benefits","score":0.7708,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4b85208c7d850555ca5ebddff34aee653e1aa1112625f6568c89d580b4c66977","downloaded_from":"2026-09-10T00:59:02.764Z","last_downloaded_at":"2026-09-10T00:59:47.246Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"965-10","title":"Overall","topic_title":"Plan Accounting—Health and Welfare Benefit Plans","score":0.7647,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7d14eb6cb2f300ac193c9d3141a16dbe743bf6b9b9ba95e8d2c6f7e32dd4d3f6","downloaded_from":"2026-09-10T02:24:24.502Z","last_downloaded_at":"2026-09-10T02:24:31.271Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"325-962","title":"Plan Accounting—Defined Contribution Pension Plans","topic_title":"Investments—Other","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f7c87c259841679a898ee2efb31763300bf3dc742eb966793a474dda5fdc7cfe","downloaded_from":"2026-09-09T23:48:13.346Z","last_downloaded_at":"2026-09-09T23:48:34.441Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"326-10","title":"Overall","topic_title":"Financial Instruments—Credit 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