ASC Topic 942
Financial Services—Depository and Lending
Source downloaded: .Record version 3cd9a56b2cc5. Effective date must be checked in the source.
ASC 942-10 is the Overall subtopic of the Financial Services—Depository and Lending Topic; it fixes the Topic's scope and shows how its other subtopics (balance sheet, income statement, receivables, investments, income taxes, business combinations, consolidation, and more) are organized (942-10-05-1). The Topic covers banks, credit unions, finance and mortgage companies, savings institutions, bank and savings and loan holding companies, U.S.-regulated branches and agencies of foreign banks, and similar entities reporting under U.S. GAAP (942-10-15-2(a)-(i)), with "financial institution" defined at 942-10-15-3. The single most important idea is that Topic 942 supplies only incremental, industry-specific overlays — in-scope entities must still apply all otherwise applicable GAAP (942-10-15-1). Note that the Equity subparagraph 942-10-05-1(o) was superseded by ASU 2014-09.
Subtopics
- 10Overall18 ¶
ASC 942-10 is the Overall subtopic that sets the scope and organization of the Financial Services—Depository and Lending Topic. It identifies the Subtopics (balance sheet, income statement, receivables, investments, income taxes, business combinations, consolidation, etc.) that supply incremental, industry-specific guidance for depository and lending institutions, and lists the entities covered — banks, credit unions, finance and mortgage companies, savings institutions, bank and S&L holding companies, and U.S.-regulated branches/agencies of foreign banks. Entities in scope must still follow all otherwise applicable GAAP; Topic 942 only adds industry overlays.