# ASC 720-942-05: Other Expenses — Financial Services—Depository and Lending — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 720-942-05: 05 Overview and Background

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##### [720-942-05-1](https://asc.understandingaccounting.org/asc/720/942/#720-942-05-1)

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This Subtopic addresses the recognition of assessments by the Financing Corporation.

##### [720-942-05-2](https://asc.understandingaccounting.org/asc/720/942/#720-942-05-2)

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On September 30, 1996, the Deposit Insurance Funds Act of 1996 was enacted. The Act authorizes the Financing Corporation (FICO) to impose an assessment on institutions with deposits assessable by the Deposit Insurance Fund to share in the cost of financing outstanding FICO bonds.