# ASC 940-10: Financial Services—Brokers and Dealers — Overall Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/940/10/) 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): 2026-09-10T02:13:18.477Z to 2026-09-10T02:13:26.049Z Record version: sha256:33924ded31ee988cc276e0b92878c3f3de0fdfb36f7e8cbf7cd472fb04ebd548 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 940-10: Financial Services—Brokers and Dealers — Overall ### Machine-generated study aids ```json { "summary": "ASC 940-10 is the Overall subtopic of the Financial Services—Brokers and Dealers Topic, which lists the Topic's constituent subtopics (Broker-Dealer Activities, Receivables, Investments, Other Assets and Deferred Costs, Liabilities, Consolidation, and Fair Value Measurements) and sets its scope. The Topic applies to all entities that are brokers and dealers in securities and supplies only incremental industry-specific guidance; broker-dealers must still follow all other applicable GAAP outside the Topic.", "key_points": [ "The Topic contains Subtopics relating specifically to broker-dealers, including Overall, Broker-Dealer Activities, Receivables, Investments—Debt and Equity Securities, Investments—All Other, Other Assets and Deferred Costs, Liabilities, Consolidation, and Fair Value Measurements (940-10-05-1).", "One listed subparagraph of the subtopic list was superseded by ASU 2014-09 (revenue recognition) (940-10-05-1(h)).", "Each Subtopic provides its own background on the guidance it contains (940-10-05-2).", "The Subtopics provide only incremental industry-specific guidance for entities defined in the Scope Sections; those entities must also comply with applicable guidance not included in the Topic (940-10-15-1).", "The Topic's scope covers all entities that are brokers and dealers in securities (broker-dealers) (940-10-15-2)." ], "categories": [ "Industry-specific", "Financial instruments", "Fair value" ], "audience_level": "introductory", "student_note": "This is a navigational/scope subtopic: the key takeaway is that broker-dealer guidance is layered on top of, not instead of, general GAAP. A common misunderstanding is assuming ASC 940 is a self-contained accounting model for broker-dealers.", "related_topics": [ "940-20", "940-320", "940-405", "940-810", "940-820", "606" ], "key_concepts": [ "broker-dealer", "industry-specific guidance", "incremental guidance", "scope", "securities brokers and dealers", "subtopic organization" ] } ``` Source downloaded (UTC): 2026-09-10T02:13:18.477Z to 2026-09-10T02:13:18.477Z Record version: sha256:a48a08c815e2ac9ba7304fee3dad25326ee7cfe982835a51f296e49cef778821 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 940-10-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/940/10/#00-status) SEC content: no ##### [940-10-00-1](https://asc.understandingaccounting.org/asc/940/10/#940-10-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:13:18.477Z to 2026-09-10T02:13:18.477Z Record version: sha256:0401c56aeae71f1d77c80b135e75a1cd4c55f0f58fc5cbe86cf2941c09f13f45 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
940-10-05-1AmendedAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-10T02:13:20.368Z to 2026-09-10T02:13:20.368Z Record version: sha256:9b27b989f937c30081a04b193c162c6f103d8799bfffe321369c074aa7b18191 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 940-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/940/10/#05-overview-and-background) SEC content: no ##### [940-10-05-1](https://asc.understandingaccounting.org/asc/940/10/#940-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:13:20.368Z to 2026-09-10T02:13:20.368Z Record version: sha256:427a71afaeecfdda58d7c97546384101a864bf0b2551afd2e46b45de1543b8a3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Financial Services—Brokers and Dealers Topic includes the following Subtopics relating specifically to brokers and dealers in securities (broker-dealers): 1. a Overall 2. b Broker-Dealer Activities 3. c Receivables 4. d Investments—Debt and Equity Securities 5. e Investments—All Other 6. f Other Assets and Deferred Costs 7. g Liabilities 8. h [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). 9. i Consolidation 10. j Fair Value Measurements. ##### [940-10-05-2](https://asc.understandingaccounting.org/asc/940/10/#940-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:13:20.368Z to 2026-09-10T02:13:20.368Z Record version: sha256:3284c46e133c0156ea722c0e288111f273c6306a67415f58c814e427f3cffbab Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Each Subtopic provides background on the guidance provided. Source downloaded (UTC): 2026-09-10T02:13:22.546Z to 2026-09-10T02:13:22.546Z Record version: sha256:03faa317ef03e05eb25c10fd67855e6ac01906c0f029713d2938a431a73cf25a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 940-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/940/10/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [940-10-15-1](https://asc.understandingaccounting.org/asc/940/10/#940-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:13:22.546Z to 2026-09-10T02:13:22.546Z Record version: sha256:49a243a6c5c795bdb03160771bc8ff1411db05114bbdb46cc17390dea5ef5f7f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Subtopics within the Financial Services—Brokers and Dealers Topic only provide incremental industry-specific guidance for the entities defined in this Scope Section, or as further defined in the Scope Sections of the individual Subtopics. Entities within the scope of this Topic shall also comply with the applicable guidance not included in this Topic. #### Entities ##### [940-10-15-2](https://asc.understandingaccounting.org/asc/940/10/#940-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:13:22.546Z to 2026-09-10T02:13:22.546Z Record version: sha256:8d3065aaee5aeaf69809c948f6d7b57a1605c7d77b3106524deedfb98d4a2bbe Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Financial Services—Brokers and Dealers Topic provides guidance for all entities that are brokers and dealers in securities (broker-dealers).