{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/405/942/#55-implementation-guidance-and-illustrations","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":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"405-942-55-1","para":"55-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_F5CE9A7A-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">For a credit union to be in compliance with the Codification, it must be unequivocal on the face of the statement of financial condition that savings accounts are a liability. </span></span> </div> </div>","snippet":"For a credit union to be in compliance with the Codification, it must be unequivocal on the face of the statement of financial condition that savings accounts are a liability.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0fbdbeddd42a20e41f8ba298a9617abfe38fc24d57b5ef312ef44f13602658c6","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}},{"citation":"405-942-55-2","para":"55-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_F5CE9BA4-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A credit union statement of financial condition shall either: </span></span> <ol class=\"ol-norm\"> <li class=\"li-norm\"><span class=\"linum\">a</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CE9C92-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Present savings accounts as the first item in the liabilities and equity section </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">b</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CE9D8B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Include savings accounts within a captioned subtotal for total liabilities. </span></span> </div> </li> </ol> </div> </div>","snippet":"A credit union statement of financial condition shall either:\n(a) Present savings accounts as the first item in the liabilities and equity section\n(b) Include savings accounts within a captioned subtotal for total liabil…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2832ace07f2ae86d30a147aa9b9b4b5fd0071350ecdc830464cac90064aa94e4","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:49a87f6d59f0bf5300a00a2ebfd0b5c14d5b182fc6d35f441b91cf5c29e82bec","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"405-942-55-3","para":"55-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_F5CE9E73-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">This Example provides an illustration in which it is unequivocal on the face of the statement of financial condition that savings accounts are a liability. </span></span> <ul class=\"ul simple\" id=\"d3e64242-112819__GUID-BB4AB6B8-768B-465B-BAA6-6752B720BABF\"> <li class=\"li\" id=\"d3e64242-112819__SL6329039-112819\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CE9F99-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"> Sample Credit Union </span></span> </div> </li> <li class=\"li\" id=\"d3e64242-112819__SL6329040-112819\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CEA09E-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Statements of Financial Condition </span></span> </div> </li> <li class=\"li\" id=\"d3e64242-112819__SL6329041-112819\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CEA1A6-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">December 31, 19X2 and 19X1 </span></span> </div> </li> <li class=\"li\" id=\"d3e64242-112819__SL6329042-112819\"> <div class=\"p\"> <div class=\"fig figure fignone\" id=\"d3e64242-112819__tbl-d3e64268\"> <img src=\"/asc-img/GUID-CE3952D1-9416-499F-9162-573F003055AB-low.gif\" altsource=\"GUID-CE3952D1-9416-499F-9162-573F003055AB-low.gif\" alt=\" \" loading=\"lazy\"> <span class=\"sfragment\" id=\"sfr_F5CEA60C-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span> <div class=\"figcaption\"> 19X2 19X1 Assets \"Loans to members, net of allowance for loan losses (Note 3)\" \" $44,800,000 \" \" $40,900,000 \" Cash \" 700,000 \" \" 800,000 \" Investments (Notes 2 and 6) \" 5,000,000 \" \" 7,000,000 \" Accrued interest receivable \" 100,000 \" \" 70,000 \" Property and equipment (Note 4) \" 1,050,000 \" \" 900,000 \" \"Central liquidity facility stock, at cost\" \" 250,000 \" \" 250,000 \" Other assets \" 50,000 \" \" 40,000 \" Total assets \" $51,950,000 \" \" $49,960,000 \" Liabilities and Equity Savings accounts (Note 5) \" $42,600,000 \" \" $42,460,000 \" Borrowed funds (Note 6) \" 5,000,000 \" \" 4,000,000 \" Accrued and other liabilities \" 800,000 \" \" 500,000 \" Commitments and contingent liabilities (Note 9) - - Total liabilities \" 48,400,000 \" \" 46,960,000 \" \"Retained earnings, substantially restricted (Note 7)\" \" 3,550,000 \" \" 3,000,000 \" Total liabilities and equity \" $51,950,000 \" \" $49,960,000 \" </div></div> </div> </li> <li class=\"li\" id=\"d3e64242-112819__SL6329043-112819\"> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_F5CEA702-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The accompanying notes are an integral part of these financial statements. [For purposes of these illustrations, the notes to financial statements have not been included in this or the following Example.] </span></span> </div> </li> </ul> </div> </div>","snippet":"This Example provides an illustration in which it is unequivocal on the face of the statement of financial condition that savings accounts are a liability.\nSample Credit Union\nStatements of Financial Condition\nDecember 3…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:18d8bedb225a19726f49fad884ee36a113da21fa7943958d7806084d4fff15d0","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}},{"citation":"405-942-55-4","para":"55-4","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Example provides an illustration in which it is unequivocal on the face of the statement of financial condition that savings accounts are a liability.<ul class=\"ul simple\" id=\"d3e64277-112819__GUID-439944BF-74AC-40FD-820E-84B0F21C41C3\"><li class=\"li\" id=\"d3e64277-112819__SL6329044-112819\"><div class=\"p\"><span class=\"sfragment\" id=\"sfr_F5CEA812-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Sample Credit Union </span></span></div></li><li class=\"li\" id=\"d3e64277-112819__SL6329045-112819\"><div class=\"p\"><span class=\"sfragment\" id=\"sfr_F5CEA903-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Statements of Financial Condition </span></span></div></li><li class=\"li\" id=\"d3e64277-112819__SL6329046-112819\"><div class=\"p\"><span class=\"sfragment\" id=\"sfr_F5CEA9D4-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">December 31, 19X2 and 19X1 </span></span></div></li><li class=\"li\" id=\"d3e64277-112819__SL6329047-112819\"><div class=\"p\"><div class=\"fig figure fignone\" id=\"d3e64277-112819__tbl-d3e64316\"><img src=\"/asc-img/GUID-42A27AE9-EE96-425A-AC63-1B9CDDA73B00-low.gif\" altsource=\"GUID-42A27AE9-EE96-425A-AC63-1B9CDDA73B00-low.gif\" loading=\"lazy\"><span class=\"sfragment\" id=\"sfr_F5CEAD3D-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"></span></span><div class=\"figcaption\"> 19X2 19X1 Assets \"Loans to members, net of allowance for loan losses (Note 3)\" \" $44,800,000 \" \" $40,900,000 \" Cash \" 700,000 \" \" 800,000 \" Investments (Notes 2 and 6) \" 5,000,000 \" \" 7,000,000 \" Accrued interest receivable \" 100,000 \" \" 70,000 \" Property and equipment (Note 4) \" 1,050,000 \" \" 900,000 \" \"Central liquidity facility stock, at cost\" \" 250,000 \" \" 250,000 \" Other assets \" 50,000 \" \" 40,000 \" Total assets \" $51,950,000 \" \" $49,960,000 \" Liabilities and Equity Borrowed funds (Note 6) \" $5,000,000 \" \" $4,000,000 \" Accrued and other liabilities \" 800,000 \" \" 500,000 \" Commitments and contingent liabilities (Note 9) - - Liabilities excluding savings accounts \" 5,800,000 \" \" 4,500,000 \" Savings accounts (Note 5) \" 42,600,000 \" \" 42,460,000 \" Total liabilities \" 48,400,000 \" \" 46,960,000 \" \"Retained earnings, substantially restricted (Note 7)\" \" 3,550,000 \" \" 3,000,000 \" Total liabilities and equity \" $51,950,000 \" \" $49,960,000 \" </div></div></div></li><li class=\"li\" id=\"d3e64277-112819__SL6329048-112819\"><div class=\"p\"><span class=\"sfragment\" id=\"sfr_F5CEAE0B-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The accompanying notes are an integral part of these financial statements. </span></span></div></li></ul></div> </div>","snippet":"This Example provides an illustration in which it is unequivocal on the face of the statement of financial condition that savings accounts are a liability.\nSample Credit Union\nStatements of Financial Condition\nDecember 3…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b76983f18980ca76c183bd5d8800e4dde0f050b0e0574fc6abcff3c7fd4ac93e","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2a69f9d8203f1979733c0358217b62dbf5465390b779fccb3179bc41d8d04a95","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5045bdf379628ab5ca8f00883e0cd5e16137ecc55e9ed67525c91f24f4a77e8e","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5045bdf379628ab5ca8f00883e0cd5e16137ecc55e9ed67525c91f24f4a77e8e","downloaded_from":"2026-09-10T00:18:51.823Z","last_downloaded_at":"2026-09-10T00:18:51.823Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477683","source_sha256":"ad3516eb9fb40e8faa0abc84dcb165bbfa7e54943e2492bade7301ae6c2f112b"}}