{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/340/940/#35-subsequent-measurement","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"340","topic_title":"Other Assets and Deferred Costs","subtopic":"340-940","subtopic_title":"Financial Services—Brokers and Dealers","section":{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Exchange Memberships","paragraphs":[{"citation":"340-940-35-1","para":"35-1","html":" An exchange membership recognized under paragraph 940-340-25-1 as an ownership interest in the exchange shall be measured subsequently at cost less impairment. Impairment shall be measured in accordance with paragraphs . An exchange membership recognized under paragraph 940-340-25-1 as a contributed interest shall be measured subsequently at fair value with the related subordinated liability measured subsequently at an equal and offsetting amount. Underwriting expenses deferred under the guidance in paragraph 940-340-25-3 shall be recognized at the time the related revenues are recorded. In the event that the transaction is not completed and the securities are not issued, the entities that have agreed to participate in the costs associated with the underwriting shall write those costs off to expense.