{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/605/942/","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":"605-942","topic":"605","title":"Financial Services—Depository and Lending","area":"Revenue","paragraphs":7,"summary":"ASC 605-942 was the industry-specific revenue recognition guidance for depository and lending institutions (financial services) under the legacy ASC 605 model. Every paragraph in its Overview (05), Scope (15), and Recognition (25) sections was superseded by ASU 2014-09, so the subtopic contains no operative guidance. 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class=\"entry\"> <strong class=\"ph b\">Action</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Accounting Standards Update</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Date</strong> </td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/942/#605-942-05-1\" class=\"xref\">942-605-05-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/942/#605-942-05-2\" class=\"xref\">942-605-05-2</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/942/#605-942-15-1\" 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Every paragraph in its Overview (05), Scope (15), and Recognition (25) sections was superseded by ASU 2014-09, so the subtopic contains no operative guidance. Revenue from contracts with customers for banks and lenders is now addressed under ASC 606 (with financial-instrument-related income remaining in ASC 310, 320, 815, 825, 942, etc.).","key_points":["All content of ASC 605-942 (paragraphs 605-942-05-1 through 05-2, 15-1, and 25-1 through 25-3) was superseded by Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.","Because no paragraphs remain operative, ASC 605-942 imposes no recognition, measurement, or disclosure requirements on depository and lending institutions.","Revenue recognition for in-scope customer contracts of depository and lending entities is governed by ASC 606, and related contract cost guidance by ASC 340-40.","ASC 606-10-15-2 excludes financial instruments and other contractual rights or obligations within the scope of topics such as ASC 310, 320, 405, 815, 825, and 860, so interest income and many lending-related revenues fall outside ASC 606.","Remaining industry guidance for these entities resides in ASC 942 (Financial Services—Depository and Lending), including ASC 942-605 for the current revenue guidance location.","The superseded subtopic remains in the Codification only as a historical marker; entities that have adopted ASU 2014-09 may not apply it."],"categories":["Revenue","Industry-specific","Transition and effective dates","Recognition"],"audience_level":"intermediate","student_note":"Know that this subtopic is entirely superseded — citing it as live authority is the classic error; look to ASC 606 (and ASC 942-605) instead. 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