{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/405/942/","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":"405-942","topic":"405","title":"Financial Services—Depository and Lending","area":"Liabilities","paragraphs":17,"summary":"This Subtopic governs how depository and lending institutions recognize, measure, present, and disclose deposit liabilities and short-sale obligations. Deposit liabilities are recognized when deposits are received (not when funds are collected), with deposit float recorded as both an asset and a liability, and credit unions must present member share/savings accounts unequivocally as liabilities. Short sales (\"securities sold, not yet purchased\") are reported as liabilities measured at fair value through income, with interest on short positions accrued as interest expense.","concepts":["deposit liabilities","deposit float","securities sold, not yet purchased","short sales","member share accounts","redeemable preferred stock of a subsidiary","uninsured time deposits","credit union presentation"],"categories":["Recognition","Presentation","Disclosure","Industry-specific"],"level":"intermediate","topic_title":"Liabilities","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"405-942-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
942-405-50-1 Amended Maintenance Update 2018-02 (PDF) 02/02/2018
942-405-50-1 Amended Maintenance Update 2014-07 (PDF) 03/17/2014
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n942-405-50-1 | Amended | Maintenance Update 2018-02 | 02/02/2018 |\n942-405-50-1 | Amende…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8dfee8bd6d1b0afef7de509c638256e6ca99f9d8bd6b35755f359cee2da31fe8","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:26.642Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478192","source_sha256":"f9b3d70e7e0966010f0ccc38dda26ea921c73e7272e55ac79b28d8bfb0b92722"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c0fa16b1876e724311d98493cc8219815c41518686f141d6bc276e315da06e1f","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:26.642Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478192","source_sha256":"f9b3d70e7e0966010f0ccc38dda26ea921c73e7272e55ac79b28d8bfb0b92722"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d158c4e68e1f4c3f7f4a8f87e17fd073c6b676ca65772ebe258566870a74e438","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:26.642Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478192","source_sha256":"f9b3d70e7e0966010f0ccc38dda26ea921c73e7272e55ac79b28d8bfb0b92722"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"405-942-05-1","para":"05-1","html":"
This Subtopic provides disclosure and implementation guidance for deposit liabilities by financial institutions.
","snippet":"This Subtopic provides disclosure and implementation guidance for deposit liabilities by financial institutions.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d6d8a3f0ad6b998d0d9cc62d1ca48c04cd3eb3eced4a8eeb7b41c3f53666a938","downloaded_from":"2026-09-10T00:18:29.423Z","last_downloaded_at":"2026-09-10T00:18:29.423Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478571","source_sha256":"b3500df157a032a34d19f751322fc11cd0490faa371ead43fe02b7d4ee5a2137"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8b85f1bc2d51ae83cd65de2febd4120ea6f7c0d976adfe2ac0121b95efd6b0f1","downloaded_from":"2026-09-10T00:18:29.423Z","last_downloaded_at":"2026-09-10T00:18:29.423Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478571","source_sha256":"b3500df157a032a34d19f751322fc11cd0490faa371ead43fe02b7d4ee5a2137"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e8c876a6bad90713df74e5cea4efe6218b58ab0d758ba0e6fd86824a283fcbd8","downloaded_from":"2026-09-10T00:18:29.423Z","last_downloaded_at":"2026-09-10T00:18:29.423Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478571","source_sha256":"b3500df157a032a34d19f751322fc11cd0490faa371ead43fe02b7d4ee5a2137"}},{"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":"405-942-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 942-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 942-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:59db736c161636ee1a299e74a1bc6536b8f3ca224e5ac1310a518152acb270e3","downloaded_from":"2026-09-10T00:18:33.266Z","last_downloaded_at":"2026-09-10T00:18:33.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477872","source_sha256":"4989c3a151b841363ea585c8befd6149c3f5a76a7cabb05141ac5ee064599940"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a13072d36773985f1d2bead9eafb54c24335af97258542c6f1c66ef49de57fec","downloaded_from":"2026-09-10T00:18:33.266Z","last_downloaded_at":"2026-09-10T00:18:33.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477872","source_sha256":"4989c3a151b841363ea585c8befd6149c3f5a76a7cabb05141ac5ee064599940"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6dfba4cafa0268bb3ee19ac3797ddfd8aa6e91c26e157175f1d2f46b8fdea795","downloaded_from":"2026-09-10T00:18:33.266Z","last_downloaded_at":"2026-09-10T00:18:33.266Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477872","source_sha256":"4989c3a151b841363ea585c8befd6149c3f5a76a7cabb05141ac5ee064599940"}},{"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":"
The obligations incurred in short sales shall be reported as liabilities. Such liabilities are generally called securities sold, not yet purchased.
","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":"
See paragraph 815-10-55-57 for additional guidance concerning short sales.
","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":"
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 the process of collection and are currently not available for withdrawal (deposit float) shall be recorded as assets and liabilities. Deposits shall not be recorded based solely on collections.
","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":"
Credit unions and corporate credit unions shall report unequivocally all member deposit accounts, including member shares, as liabilities in the statement of financial condition.
","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"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Short Sales of Securities","paragraphs":[{"citation":"405-942-35-1","para":"35-1","html":"
The obligations incurred in short sales shall be subsequently measured at fair value through the income statement at each reporting date. Interest on the short positions shall be accrued periodically and reported as interest expense.
","snippet":"The obligations incurred in short sales shall be subsequently measured at fair value through the income statement at each reporting date. Interest on the short positions shall be accrued periodically and reported as inte…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e76d4721fc7ffc3b9d7ee98501ca8a014a5029ce62362b9cf9ad761a2063d6e7","downloaded_from":"2026-09-10T00:18:42.712Z","last_downloaded_at":"2026-09-10T00:18:42.712Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478592","source_sha256":"0fa23bd8e59768462cdfd39a2aa3b44e3819e30317aad5a7f36253021dc77daf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7debfd0bc05701541a715d9b3500c222bf84d5263d1b3b18a5783e6016df26ef","downloaded_from":"2026-09-10T00:18:42.712Z","last_downloaded_at":"2026-09-10T00:18:42.712Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478592","source_sha256":"0fa23bd8e59768462cdfd39a2aa3b44e3819e30317aad5a7f36253021dc77daf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4ec2f820be2daf1f5bcc75599407033ab15f1f076a13cabc90d5eb9512893941","downloaded_from":"2026-09-10T00:18:42.712Z","last_downloaded_at":"2026-09-10T00:18:42.712Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478592","source_sha256":"0fa23bd8e59768462cdfd39a2aa3b44e3819e30317aad5a7f36253021dc77daf"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":"Short Sales of Securities","paragraphs":[{"citation":"405-942-45-1","para":"45-1","html":"
The fair value adjustment on short sales of securities shall be classified in the income statement with gains and losses on securities.
","snippet":"The fair value adjustment on short sales of securities shall be classified in the income statement with gains and losses on securities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2638a4b9a518b6fe95be6b549c5976f6f7a791509bacf2353a7baf056b59d883","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:491da17a8a55d8a511afdfbab707a58c2d45858f1b42e4e0fbdd29a36bfa1a27","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}},{"block":null,"heading":"Redeemable Preferred Stock Dividends","paragraphs":[{"citation":"405-942-45-2","para":"45-2","html":"
For redeemable preferred stock of a subsidiary accounted for as a liability in a parent's consolidated financial statements, dividends shall be included in the determination of income as interest expense. For redeemable preferred stock of a subsidiary accounted for as a noncontrolling interest in a subsidiary in a parent's consolidated financial statements, the dividends shall be presented as noncontrolling interest in income of a subsidiary. For redeemable preferred stock of a parent treated as capital, but displayed in the balance sheet as mezzanine capital, dividends shall be included in the statement of changes in shareholders' equity.
","snippet":"For redeemable preferred stock of a subsidiary accounted for as a liability in a parent's consolidated financial statements, dividends shall be included in the determination of income as interest expense. For redeemable …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0a241250fe6d71f733e30c438df20cf0a51a726fdfc82e277ddea3c43ecff65e","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:82d4b7c62cb3ac179b754ad89dbacacac2ed88d50d06351c7d3b1aa1ed59368d","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}},{"block":null,"heading":"Member Deposits","paragraphs":[{"citation":"405-942-45-3","para":"45-3","html":"
The statement of financial condition of credit unions and corporate credit unions shall either:
  1. a
    Present deposit accounts as the first item in the liabilities and equity section
  2. b
    Include deposit accounts within a captioned subtotal for total liabilities.
An unclassified presentation whereby all liabilities and equity are shown together under one subheading and savings accounts are presented as the last item before retained earnings shall not be an acceptable presentation.
","snippet":"The statement of financial condition of credit unions and corporate credit unions shall either:\n(a) Present deposit accounts as the first item in the liabilities and equity section\n(b) Include deposit accounts within a c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bd26888a9120f27e370a69aacd51666c8311e329414865d564ca9e232ceb0aa1","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}},{"citation":"405-942-45-4","para":"45-4","html":"
The interest paid or accrued on these accounts, commonly referred to as dividends, shall be reported as an expense on the statement of income, and the amount of interest payable to members shall be included as a liability in the statement of financial condition.
","snippet":"The interest paid or accrued on these accounts, commonly referred to as dividends, shall be reported as an expense on the statement of income, and the amount of interest payable to members shall be included as a liabilit…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f2df08cac4fa2576badadac62aaea2da66e305cff087cd1c367efd3bb0caedfe","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:149afaf688534438855d08c2b5d148e70c646399e95b7c8ee5938acd71948d26","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b3e9ec3c03c0dc16fbf8920b159a5bc88c27a589d45de17c2e989159714a656","downloaded_from":"2026-09-10T00:18:44.394Z","last_downloaded_at":"2026-09-10T00:18:44.394Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477787","source_sha256":"0fb2257cc38cd18a38c75824f27229b83aaf22d8df43c25a73bf83e7e52cf25d"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":"Deposits","paragraphs":[{"citation":"405-942-50-1","para":"50-1","html":"
Disclosures about deposit liabilities shall include all of the following:
  1. a
    The aggregate amount of time deposit accounts (including certificates of deposit) in denominations that meet or exceed the insured limit at the balance sheet date
  2. b
    Securities, mortgage loans, or other financial instruments that serve as collateral for deposits, that are otherwise not disclosed under Topic 860
  3. c
    The aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance-sheet date
  4. d
    Deposits that are received on terms other than those available in the normal course of business.
","snippet":"Disclosures about deposit liabilities shall include all of the following:\n(a) The aggregate amount of time deposit accounts (including certificates of deposit) in denominations that meet or exceed the insured limit at th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:706c668bfb80248803f60aafa21bc2c7ab19c29a6eed6022b1ab7006b5b1fe60","downloaded_from":"2026-09-10T00:18:48.452Z","last_downloaded_at":"2026-09-10T00:18:48.452Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478353","source_sha256":"1ef7a7146161993eab6b98a076dced2a98623eeec0324857e05214c0b5ad3ea8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5f0030ac0b67e8a0b71323bfea01cf8cf89bf1f6cd3f00055f706e80d2b91648","downloaded_from":"2026-09-10T00:18:48.452Z","last_downloaded_at":"2026-09-10T00:18:48.452Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478353","source_sha256":"1ef7a7146161993eab6b98a076dced2a98623eeec0324857e05214c0b5ad3ea8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c070bef8ec479951f3cf3adb00d6cd13728145a7c10717f0bfcfe117f1e23669","downloaded_from":"2026-09-10T00:18:48.452Z","last_downloaded_at":"2026-09-10T00:18:48.452Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478353","source_sha256":"1ef7a7146161993eab6b98a076dced2a98623eeec0324857e05214c0b5ad3ea8"}},{"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":"
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.
","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":"
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.
","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":"
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.
","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":"
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.
","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"}}],"enrichment":{"summary":"This Subtopic governs how depository and lending institutions recognize, measure, present, and disclose deposit liabilities and short-sale obligations. Deposit liabilities are recognized when deposits are received (not when funds are collected), with deposit float recorded as both an asset and a liability, and credit unions must present member share/savings accounts unequivocally as liabilities. Short sales (\"securities sold, not yet purchased\") are reported as liabilities measured at fair value through income, with interest on short positions accrued as interest expense.","key_points":["Obligations incurred in short sales are reported as liabilities, generally called securities sold, not yet purchased (405-942-25-1), with additional guidance in 815-10-55-57.","Short-sale obligations are subsequently measured at fair value through the income statement at each reporting date with interest accrued as interest expense (405-942-35-1); the fair value adjustment is classified with gains and losses on securities (405-942-45-1).","A deposit liability is recognized when deposits are received, not when the institution collects the funds; deposit float (checks in process of collection, not available for withdrawal) is recorded as both an asset and a liability, and deposits are not recorded based solely on collections (405-942-25-3).","Credit unions and corporate credit unions must report all member deposit accounts, including member shares, unequivocally as liabilities on the statement of financial condition (405-942-25-4; 405-942-55-1).","Credit union statements of financial condition must either present deposit/savings accounts as the first item in the liabilities and equity section or include them within a captioned total-liabilities subtotal; an unclassified presentation showing savings accounts last before retained earnings is unacceptable (405-942-45-3; 405-942-55-2).","Interest on member accounts (commonly called dividends) is reported as expense in the statement of income, and interest payable to members is included as a liability (405-942-45-4).","Required deposit disclosures include aggregate time deposits (including CDs) at or above the insured limit, instruments pledged as collateral for deposits not otherwise disclosed under Topic 860, demand deposits reclassified as loans such as overdrafts, and deposits received on terms other than those available in the normal course of business (405-942-50-1)."],"categories":["Recognition","Presentation","Disclosure","Industry-specific"],"audience_level":"intermediate","student_note":"Two traps: deposits become liabilities when received, not when the check clears (float sits on both sides of the balance sheet), and credit union \"shares\"/savings accounts are liabilities despite the equity-sounding label and the \"dividend\" terminology used for interest paid on them.","related_topics":["942-10","815-10","860","480","825","942-405"],"key_concepts":["deposit liabilities","deposit float","securities sold, not yet purchased","short sales","member share accounts","redeemable preferred stock of a subsidiary","uninsured time deposits","credit union presentation"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:68cb219bf67df7afc5f4cda86be97f0ae621dc38a9923abf33b8627ed4319192","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:55.779Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"470-942","title":"Financial Services—Depository and Lending","topic_title":"Debt","score":0.8292,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:940bc518543471a7dd962ab9cb5a4e2cfb348b814228e3affb00e8e1592fe8b2","downloaded_from":"2026-09-10T00:33:50.076Z","last_downloaded_at":"2026-09-10T00:34:08.109Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-942","title":"Financial Services—Depository and Lending","topic_title":"Balance Sheet","score":0.779,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:faec2b55ab010d79767d5043d2c3910745cc23dd549e1fc64df3f6c4f7b01a68","downloaded_from":"2026-09-09T23:00:23.086Z","last_downloaded_at":"2026-09-09T23:00:53.507Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"505-942","title":"Financial Services—Depository and Lending","topic_title":"Equity","score":0.74,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cf1219d5a6c31ebce25e08e44994766608f54d73a761798990dc67ce22e66cc8","downloaded_from":"2026-09-10T00:40:10.981Z","last_downloaded_at":"2026-09-10T00:40:23.477Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-946","title":"Financial Services—Investment Companies","topic_title":"Liabilities","score":0.7341,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4eef86bb093e7f818c701360318755a68c22ccf42cf3a37ab74edbf6b94fddc2","downloaded_from":"2026-09-10T00:19:12.218Z","last_downloaded_at":"2026-09-10T00:19:18.650Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"825-942","title":"Financial Services—Depository and Lending","topic_title":"Financial Instruments","score":0.7255,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d353d874bae729fd4477823722e84adc15f1486cfb7d32237426a940969f0328","downloaded_from":"2026-09-10T01:45:12.222Z","last_downloaded_at":"2026-09-10T01:45:24.858Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"860-30","title":"Secured Borrowing and Collateral","topic_title":"Transfers and Servicing","score":0.7201,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1c363bf0a1d6a13461b9dac35d92a176678701b52f61101b64ff667889311f93","downloaded_from":"2026-09-10T02:06:50.852Z","last_downloaded_at":"2026-09-10T02:07:35.766Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"405-940","title":"Financial Services—Brokers and Dealers","topic_title":"Liabilities","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b234a4cc8d9cc49d5df22fe17533603776585380427b004c50e1ff31554b1bbd","downloaded_from":"2026-09-10T00:18:03.082Z","last_downloaded_at":"2026-09-10T00:18:22.655Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"405-944","title":"Financial Services—Insurance","topic_title":"Liabilities","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19c34d49d59bf17559dc0510caa617101049aea867484cf242f21682ee829418","downloaded_from":"2026-09-10T00:18:57.648Z","last_downloaded_at":"2026-09-10T00:19:09.841Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:366213912088da9e3d9b3727343eac31a2ceafcd7ca96f09f2fcb311b6f91171","downloaded_from":"2026-09-10T00:18:26.642Z","last_downloaded_at":"2026-09-10T00:18:55.779Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}