{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/405/942/#25-recognition","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":"405","topic_title":"Liabilities","subtopic":"405-942","subtopic_title":"Financial Services—Depository and Lending","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Short Sales of Securities","paragraphs":[{"citation":"405-942-25-1","para":"25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_F5960AAB-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The obligations incurred in short sales shall be reported as liabilities. </span></span><span class=\"sfragment\" id=\"sfr_F5960C10-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> Such liabilities are generally called securities sold, not yet purchased. </span></span></div></div>","snippet":"The obligations incurred in short sales shall be reported as liabilities. Such liabilities are generally called securities sold, not yet purchased.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:95deb84a77b1421409f0ec6e778bc856614a6192782ab85963f6c200274ca84f","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}},{"citation":"405-942-25-2","para":"25-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_F5960D73-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">See paragraph <a href=\"/asc/815/10/#815-10-55-57\" class=\"xref\">815-10-55-57</a> for additional guidance concerning short sales. </span></span></div></div>","snippet":"See paragraph 815-10-55-57 for additional guidance concerning short sales.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f846b8a6818074c4774cb24966e9c8f6eb4d62e390cb01593e101b839b486ed","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:53b690d58975501b1278ef124c577c40e6569e7743efec87d3ef8bb4ae1f5d65","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}},{"block":null,"heading":"Deposits","paragraphs":[{"citation":"405-942-25-3","para":"25-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_F5960F15-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The institution's liability for deposits originates and shall be recognized at the time deposits are received rather than when the institution collects the funds. </span></span><span class=\"sfragment\" id=\"sfr_F596105B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Checks that are deposited by customers and that are in the process of collection and are currently not available for withdrawal (deposit float) shall be recorded as assets and liabilities. </span></span><span class=\"sfragment\" id=\"sfr_F59611A9-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Deposits shall not be recorded based solely on collections. </span></span></div></div>","snippet":"The institution's liability for deposits originates and shall be recognized at the time deposits are received rather than when the institution collects the funds. Checks that are deposited by customers and that are in th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e2c6ef6ec33f804b4e2c1863e06a308d4000ce4606e2de0e521b1ee41b334625","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a4da4d5fcda96f50b4735b55cfbc3577f102f2a82a12a699523ffab9d9d1d614","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}},{"block":null,"heading":"Member Deposits","paragraphs":[{"citation":"405-942-25-4","para":"25-4","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_F59612F6-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Credit unions and corporate credit unions </span></span><span class=\"sfragment\" id=\"sfr_F5961436-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">shall report unequivocally all member deposit accounts, including member shares, as liabilities in the statement of financial condition. </span></span></div></div>","snippet":"Credit unions and corporate credit unions shall report unequivocally all member deposit accounts, including member shares, as liabilities in the statement of financial condition.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:659d536c7dcd61e6e387b3e7889230b4de8fef2155dc0b0390fa18a0b2864a07","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:de5dc13a47e7ddebb57cb198f372b4be3f88a4a0b3e987058279105de76a6293","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:613eba49205b3d4450aaac28f6ada77e739f628d05d7db67c673cef41d6d7572","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:613eba49205b3d4450aaac28f6ada77e739f628d05d7db67c673cef41d6d7572","downloaded_from":"2026-09-10T00:18:38.996Z","last_downloaded_at":"2026-09-10T00:18:38.996Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478167","source_sha256":"2fdc47ea3862efded8ef8f22b906000d5e4849461dca2148cab1bb71abc2d968"}}