# ASC 470-942: Debt — Financial Services—Depository and Lending Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/470/942/) 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): 2026-09-10T00:33:50.076Z to 2026-09-10T00:34:08.109Z Record version: sha256:5c747b2197ba1cdbcca4fbec2d135f44ce2fe878efcad3eb935922982e3632e6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942: Debt — Financial Services—Depository and Lending ### Machine-generated study aids ```json { "summary": "This Subtopic gives industry-specific presentation and disclosure rules for the borrowings and long-term obligations of depository and lending institutions. Significant categories of borrowings must appear as separate balance sheet line items (or one line with note detail of components), mortgage transfers treated as secured borrowings under Topic 860 must be shown as debt separately from advances, other notes payable and subordinated debt, and notes must describe the principal terms of each debt agreement. Fair value estimates of deposit liabilities must exclude core deposit intangibles.", "key_points": [ "Significant categories of borrowings shall be presented as separate line items in the liability section of the balance sheet, or as a single line item with note disclosure of the components; alternatively, debt may be presented by priority (senior or subordinated) if significant categories of borrowings are separately disclosed (470-942-45-1).", "Transfers of mortgages accounted for as secured borrowings under Topic 860 are classified as debt of the issuing institution, and such mortgage-backed bonds must be classified separately from advances, other notes payable, and subordinated debt (470-942-45-2).", "In estimating the fair value of deposit liabilities, the value of long-term depositor relationships (core deposit intangibles) shall not be considered, because those are separate intangible assets rather than financial instruments (470-942-50-1).", "Accounting and reporting for long-term obligations is the same for financial institutions as for other entities; an unclassified balance sheet need not split current versus long-term portions, and Topic 440 requires disclosure of future payments on long-term borrowings (470-942-50-2).", "Notes must describe the principal terms of debt agreements, including title/nature, interest rate (fixed or floating), payment terms and maturity dates, collateral, conversion or redemption features, senior or subordinated status, and restrictive covenants such as dividend restrictions (470-942-50-3)." ], "categories": [ "Presentation", "Disclosure", "Industry-specific", "Fair value" ], "audience_level": "intermediate", "student_note": "Exam traps here are the two industry twists: mortgage transfers failing sale treatment under Topic 860 become debt shown separately from advances and subordinated debt, and core deposit intangibles are never folded into the fair value of deposit liabilities. Students often assume banks get relief from normal long-term debt reporting — they do not, except that an unclassified balance sheet avoids a current/noncurrent split.", "related_topics": [ "942-10", "860", "440", "470-10", "825", "942-405" ], "key_concepts": [ "significant categories of borrowings", "senior and subordinated debt", "secured borrowing", "mortgage-backed bonds", "core deposit intangibles", "fair value of deposit liabilities", "unclassified balance sheet", "restrictive covenants" ] } ``` Source downloaded (UTC): 2026-09-10T00:33:50.076Z to 2026-09-10T00:33:50.076Z Record version: sha256:386c0683a75ee458e654d2982616a6b1dfd9ba24c5c79b875dd1154d8aa0b96c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/470/942/#00-status) SEC content: no ##### [470-942-00-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:33:50.076Z to 2026-09-10T00:33:50.076Z Record version: sha256:8cc30e4e85b3aed809bbece2196ab0e9e90768fdbc738eefa047b2b8cb79ccf8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
942-470-50-1AmendedAccounting Standards Update No. 2016-0101/05/2016
Source downloaded (UTC): 2026-09-10T00:33:52.398Z to 2026-09-10T00:33:52.398Z Record version: sha256:37f4d7239aecd34cd1c9cdf149f1ba0a022009237a305fd797220e9cb810f985 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/470/942/#05-overview-and-background) SEC content: no ##### [470-942-05-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:33:52.398Z to 2026-09-10T00:33:52.398Z Record version: sha256:9a4275b888e149edd2cc8c3cbe03201741c47ae8ab402b033029902d706b1467 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides disclosure and presentation guidance concerning certain borrowings and long-term obligations of financial institutions. Source downloaded (UTC): 2026-09-10T00:33:54.167Z to 2026-09-10T00:33:54.167Z Record version: sha256:987a0da17ca095b1e52a8b61d41b407feea447f09bae30836f5d160181060919 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/470/942/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [470-942-15-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:33:54.167Z to 2026-09-10T00:33:54.167Z Record version: sha256:e0d149a1aca00b68beb16ad881e4e716005a0de36fba5116fcd7c28789f39f13 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 942-10-15. Source downloaded (UTC): 2026-09-10T00:33:56.896Z to 2026-09-10T00:33:56.896Z Record version: sha256:5d4ea23e6eefe51adb4e5ff170d96d09f71f1825aef364061d7b67360c00ab67 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/470/942/#45-other-presentation-matters) SEC content: no #### Borrowings ##### [470-942-45-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-45-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:33:56.896Z to 2026-09-10T00:33:56.896Z Record version: sha256:14aefaf18143e12c8833280927f4e7fc1a89d2565e6b97c95fa5e1f10dcd0bcb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Significant categories of borrowings shall be presented as separate line items in the liability section of the balance sheet, or as a single line item with appropriate note disclosure of components. Institutions may, alternatively, present debt based on the debt's priority (that is, senior or subordinated) if they also provide separate disclosure of significant categories of borrowings. #### Secured Borrowings ##### [470-942-45-2](https://asc.understandingaccounting.org/asc/470/942/#470-942-45-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:33:56.896Z to 2026-09-10T00:33:56.896Z Record version: sha256:2b467a01213451ca571f633f6dac2818b3c5eae4143adc297328a66721264684 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Transfers of mortgages accounted for under Topic 860 as secured borrowings of the issuing institution shall be classified as debt on the institution's balance sheet. Such mortgage-backed bonds shall be classified separately from advances, other notes payable, and subordinated debt. Source downloaded (UTC): 2026-09-10T00:34:00.254Z to 2026-09-10T00:34:00.254Z Record version: sha256:db156b6b434ea9def4d8b3f947e7c455583fdb014111c25dbd51e2c3cdc2f530 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/470/942/#50-disclosure) SEC content: no #### Fair Value of Deposit Liabilities ##### [470-942-50-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:00.254Z to 2026-09-10T00:34:00.254Z Record version: sha256:6af90c926bb1acb1217935daf137c5ed775b9164f2c591db0d09c59ec1c2c869 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. In estimating the fair value of deposit liabilities, a financial entity shall not take into account the value of its long-term relationships with depositors, commonly known as core deposit intangibles, which are separate intangible assets, not financial instruments. #### Long-Term Obligations ##### [470-942-50-2](https://asc.understandingaccounting.org/asc/470/942/#470-942-50-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:00.254Z to 2026-09-10T00:34:00.254Z Record version: sha256:646c319c698db35fe62dc343981c0e1755b3d777ba135cbcc7be7a9ca08550b0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Accounting and reporting requirements for long-term obligations are the same for financial institutions as for other entities. If the financial institution has an unclassified balance sheet, there is no need to separate balances into current and long-term portions. Topic 440 requires disclosure of future payments on long-term borrowings. #### Debt ##### [470-942-50-3](https://asc.understandingaccounting.org/asc/470/942/#470-942-50-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:00.254Z to 2026-09-10T00:34:00.254Z Record version: sha256:084e80e7fa26da30aae09b579d58151027bb5cf4efd59d4d009609b910c5baf5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For debt, the notes to the financial statements shall describe the principal terms of the respective agreements including but not limited to all of the following: 1. a The title or nature of the agreement, or both 2. b The interest rate (and whether it is fixed or floating) 3. c The payment terms and maturity date(s) 4. d Collateral 5. e Conversion or redemption features 6. f Whether it is senior or subordinated 7. g Restrictive covenants (such as dividend restrictions), if any. Source downloaded (UTC): 2026-09-10T00:34:04.850Z to 2026-09-10T00:34:04.850Z Record version: sha256:1effdda9ff6f88e29958c39cca2b94e5045d277d5d48c6d72d97f77115977d26 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-S45: SEC 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/470/942/#sec-45-other-presentation-matters) SEC content: yes #### Short-Term Borrowings ##### [470-942-S45-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-S45-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:04.850Z to 2026-09-10T00:34:04.850Z Record version: sha256:01058d1be76ea6c080a4b92c625337123d078ffd06cc3c4f5cb782c1a80ba8dd Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.13, for presentation requirements for short-term borrowings. #### Bank Acceptances Outstanding ##### [470-942-S45-2](https://asc.understandingaccounting.org/asc/470/942/#470-942-S45-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:04.850Z to 2026-09-10T00:34:04.850Z Record version: sha256:7609217d648d11df48ad71af424afac8c4777626810f5e624e94dc5a1b1b5893 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.14, for presentation requirements for bank acceptances outstanding. #### Other Liabilities ##### [470-942-S45-3](https://asc.understandingaccounting.org/asc/470/942/#470-942-S45-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:04.850Z to 2026-09-10T00:34:04.850Z Record version: sha256:06079bb5d514ed73ca5753f6c90194b6a0f9d3be870eb017fac1d10cd3f43a31 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.15, for presentation requirements for other liabilities. #### Long-Term Debt ##### [470-942-S45-4](https://asc.understandingaccounting.org/asc/470/942/#470-942-S45-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:04.850Z to 2026-09-10T00:34:04.850Z Record version: sha256:33f5392f6cacb628b649953dc37e0f329d92c84fd396fb6d784b3f75571737c2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.16, for presentation requirements for long-term debt. Source downloaded (UTC): 2026-09-10T00:34:08.109Z to 2026-09-10T00:34:08.109Z Record version: sha256:29443d8e3ada160099ff1a1e2b1ef09a75c65b1af251db57f4ba0b455691fcc0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 470-942-S50: SEC 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/470/942/#sec-50-disclosure) SEC content: yes #### Short-Term Borrowing ##### [470-942-S50-1](https://asc.understandingaccounting.org/asc/470/942/#470-942-S50-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:08.109Z to 2026-09-10T00:34:08.109Z Record version: sha256:70d00ad53ef4267ef2397491a8f6a23db3ece005f08003fe4645775f3b92aec8 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.13, for presentation requirements for short-term borrowings. #### Bank Acceptances Outstanding ##### [470-942-S50-2](https://asc.understandingaccounting.org/asc/470/942/#470-942-S50-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:08.109Z to 2026-09-10T00:34:08.109Z Record version: sha256:980c4408f34848ddbbe0844f165afb9fc2a0f674cccd6fbfc5ecbc3aeaf78e20 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.14, for presentation requirements for bank acceptances outstanding. #### Other Liabilities ##### [470-942-S50-3](https://asc.understandingaccounting.org/asc/470/942/#470-942-S50-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:08.109Z to 2026-09-10T00:34:08.109Z Record version: sha256:789cc412a5a16e5fe6d9e1a88fd2e7202caf17fd15afe3f48aee9e75fe1a8c3a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.15, for presentation requirements for other liabilities. #### Long-Term Debt ##### [470-942-S50-4](https://asc.understandingaccounting.org/asc/470/942/#470-942-S50-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:34:08.109Z to 2026-09-10T00:34:08.109Z Record version: sha256:a4a38edd4b966834e04322333734dd67b6e4cb4ca0e5ceec95b547ecff6df10d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See paragraph [942-210-S99-1](https://asc.understandingaccounting.org/asc/210/942/#210-942-S99-1), Regulation S-X Rule 9-03.16, for disclosure requirements for long-term debt.