# ASC 405-942-55: Liabilities — Financial Services—Depository and Lending — 55 Implementation Guidance and Illustrations Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/405/942/#55-implementation-guidance-and-illustrations) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:18:51.823Z to 2026-09-10T00:18:51.823Z Record version: sha256:5045bdf379628ab5ca8f00883e0cd5e16137ecc55e9ed67525c91f24f4a77e8e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 405-942-55: 55 Implementation Guidance and Illustrations [Read section](https://asc.understandingaccounting.org/asc/405/942/#55-implementation-guidance-and-illustrations) SEC content: no #### Implementation Guidance ##### [405-942-55-1](https://asc.understandingaccounting.org/asc/405/942/#405-942-55-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:18:51.823Z to 2026-09-10T00:18:51.823Z Record version: sha256:0fbdbeddd42a20e41f8ba298a9617abfe38fc24d57b5ef312ef44f13602658c6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. ##### [405-942-55-2](https://asc.understandingaccounting.org/asc/405/942/#405-942-55-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:18:51.823Z to 2026-09-10T00:18:51.823Z Record version: sha256:2832ace07f2ae86d30a147aa9b9b4b5fd0071350ecdc830464cac90064aa94e4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. A credit union statement of financial condition shall either: 1. a Present savings accounts as the first item in the liabilities and equity section 2. b Include savings accounts within a captioned subtotal for total liabilities. #### Illustrations ##### [405-942-55-3](https://asc.understandingaccounting.org/asc/405/942/#405-942-55-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:18:51.823Z to 2026-09-10T00:18:51.823Z Record version: sha256:18d8bedb225a19726f49fad884ee36a113da21fa7943958d7806084d4fff15d0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. - Sample Credit Union - Statements of Financial Condition - December 31, 19X2 and 19X1 - ![ ](https://asc.understandingaccounting.org/asc-img/GUID-CE3952D1-9416-499F-9162-573F003055AB-low.gif) 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 " - The accompanying notes are an integral part of these financial statements. \[For purposes of these illustrations, the notes to financial statements have not been included in this or the following Example.\] ##### [405-942-55-4](https://asc.understandingaccounting.org/asc/405/942/#405-942-55-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:18:51.823Z to 2026-09-10T00:18:51.823Z Record version: sha256:b76983f18980ca76c183bd5d8800e4dde0f050b0e0574fc6abcff3c7fd4ac93e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. - Sample Credit Union - Statements of Financial Condition - December 31, 19X2 and 19X1 - ![](https://asc.understandingaccounting.org/asc-img/GUID-42A27AE9-EE96-425A-AC63-1B9CDDA73B00-low.gif) 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 " - The accompanying notes are an integral part of these financial statements.