# ASC 605-942: Revenue Recognition — Financial Services—Depository and Lending Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/605/942/) 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): 2026-09-10T00:49:05.144Z to 2026-09-10T00:49:14.292Z Record version: sha256:1f11a590798fb696888994a8a9c25b9744e8e6b3f733301ca4374036bf087896 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-942: Revenue Recognition — Financial Services—Depository and Lending ### Machine-generated study aids ```json { "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 Every paragraph in its Overview (05), Scope (15), and Recognition (25) sections was superseded by ASU 2014-09, so the subtopic contains no operative guidance. 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"key_points": [ "All content of ASC 605-942 (paragraphs 605-942-05-1 through 05-2, 15-1, and 25-1 through 25-3) was superseded by Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers.", "Because no paragraphs remain operative, ASC 605-942 imposes no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(Financial Services—Depository and Lending), including ASC 942-605 for the current revenue guidance location.", "The superseded subtopic remains in the Codification only as a historical marker; entities that have adopted ASU 2014-09 may not apply it."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. Also remember that much bank revenue (interest, loan fees, investment gains) is scope-excluded from ASC 606 because it arises from financial instruments.", "related_topics": [ "606", "340-40", "942", "942-605", "310", "825" ], "key_concepts": [ "superseded guidance", "revenue recognition", "depository and lending institutions", "industry-specific guidance", "scope exclusion for financial instruments", "transition to asc 606" ] } ``` Source downloaded (UTC): 2026-09-10T00:49:05.144Z to 2026-09-10T00:49:05.144Z Record version: sha256:18d891e93edf62a5e3e6a58ab9eb7a6eada237efd5b73db51235abb5614bb9ac Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-942-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/605/942/#00-status) SEC content: no ##### [605-942-00-1](https://asc.understandingaccounting.org/asc/605/942/#605-942-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:05.144Z to 2026-09-10T00:49:05.144Z Record version: sha256:d781545694984b8e4100f9fa02451bf86fa9024c22c8208139832e9ea7a60c8e 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
942-605-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
942-605-05-2SupersededAccounting Standards Update No. 2014-0905/28/2014
942-605-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
942-605-25-1 through 25-3
SupersededAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-10T00:49:07.043Z to 2026-09-10T00:49:07.043Z Record version: sha256:5d0e9f555322dd61a4ed9c757151932e3268a3ddf57179be297e9daa6a9f28a5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-942-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/605/942/#05-overview-and-background) SEC content: no ##### [605-942-05-1](https://asc.understandingaccounting.org/asc/605/942/#605-942-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:07.043Z to 2026-09-10T00:49:07.043Z Record version: sha256:fc596c2f2faf4b932fa297bf2dadff9504f61b848ad23baee9bb220b4e0f729e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-942-05-2](https://asc.understandingaccounting.org/asc/605/942/#605-942-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:07.043Z to 2026-09-10T00:49:07.043Z Record version: sha256:39522292c689703636bf8954891db013199129e5a42acb63da5383c682e0175f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:49:10.719Z to 2026-09-10T00:49:10.719Z Record version: sha256:bf8423ebdb0812e1296b5be2aafd92b4b34a6360a74258e3009106a03c92bad2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-942-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/605/942/#15-scope-and-scope-exceptions) SEC content: no ##### [605-942-15-1](https://asc.understandingaccounting.org/asc/605/942/#605-942-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:10.719Z to 2026-09-10T00:49:10.719Z Record version: sha256:4b24e0e15cb5806e14f0091a1a0f5a12f63a85de08e69306154b6b5035f16281 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:49:14.292Z to 2026-09-10T00:49:14.292Z Record version: sha256:e5e6e832601a70adbedfe19df377ccd78e8a820f82f34750d40519f2c94019de Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-942-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/605/942/#25-recognition) SEC content: no ##### [605-942-25-1](https://asc.understandingaccounting.org/asc/605/942/#605-942-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:14.292Z to 2026-09-10T00:49:14.292Z Record version: sha256:f2275f4389b632c5f973d944e7d3302d12dd4e0e271d2b2fcb6f15139ea3ab87 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-942-25-2](https://asc.understandingaccounting.org/asc/605/942/#605-942-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:14.292Z to 2026-09-10T00:49:14.292Z Record version: sha256:8a9b13966c2162042606d280a0ca6e91ac8d7d2bd76e6ef0a36da8aa0821f386 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-942-25-3](https://asc.understandingaccounting.org/asc/605/942/#605-942-25-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:49:14.292Z to 2026-09-10T00:49:14.292Z Record version: sha256:21008bb0d14a4d5a976cfb3cda6523fbb281b1e8215702f6a6c817bf649c0f00 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).