# ASC 810-946-45: Consolidation — Financial Services—Investment Companies — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/810/946/#45-other-presentation-matters)

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## ASC 810-946-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/810/946/#45-other-presentation-matters)

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##### [810-946-45-1](https://asc.understandingaccounting.org/asc/810/946/#810-946-45-1)

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[Paragraph superseded by Accounting Standards Update No. 2013-08](https://asc.understandingaccounting.org/updates/asu-2013-08/).

#### Application of Consolidation Guidance

##### [810-946-45-2](https://asc.understandingaccounting.org/asc/810/946/#810-946-45-2)

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Except as discussed in the following paragraph, consolidation by an investment company of an investee that is not an investment company is not appropriate. Rather, those controlling financial interests held by an investment company shall be measured in accordance with guidance in Subtopic 946-320, which requires investments in debt and equity securities to be subsequently measured at [fair value](https://asc.understandingaccounting.org/glossary/f/#fair-value "The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.").

##### [810-946-45-3](https://asc.understandingaccounting.org/asc/810/946/#810-946-45-3)

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An exception to the general principle in the preceding paragraph occurs if the investment company has an investment in an operating entity that provides services to the investment company, for example, an investment adviser or transfer agent (see paragraph [946-10-55-5](https://asc.understandingaccounting.org/asc/946/10/#946-10-55-5)). In those cases, the purpose of the investment is to provide services to the investment company rather than to realize a gain on the sale of the investment. If an investment company holds a controlling financial interest in such an operating entity, the investment company should consolidate that investee, rather than measuring the investment at fair value.

##### [810-946-45-4](https://asc.understandingaccounting.org/asc/810/946/#810-946-45-4)

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[Paragraphs 946-810-45-4 through 45-24 superseded by Accounting Standards Update No. 2013-08](https://asc.understandingaccounting.org/asc/810/946/#810-946-45-4).