{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/946/10/","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","number":"946-10","topic":"946","title":"Overall","area":"Industry","paragraphs":74,"summary":"ASC 946-10 sets the scope of the Financial Services—Investment Companies Topic by defining which entities qualify as investment companies and therefore apply the Topic's specialized (fair value) accounting and reporting. Any entity regulated under the Investment Company Act of 1940 is automatically an investment company (946-10-15-4); all others must possess the two fundamental characteristics in 946-10-15-6 and are assessed against five typical characteristics in 946-10-15-7, applying judgment when a typical characteristic is absent. Status is determined at formation and reassessed only upon a change in purpose and design (or loss of 1940 Act regulation), with prescribed prospective or cumulative-effect accounting and disclosure for a change in status.","concepts":["investment company assessment","fundamental characteristics","typical characteristics","exit strategy","fair value basis management","master-feeder structure","change in investment company status","investment company act of 1940"],"categories":["Industry-specific","Recognition","Disclosure","Fair value"],"level":"intermediate","topic_title":"Financial Services—Investment Companies","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"946-10-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
12b-1 Superseded Accounting Standards Update No. 2013-08 06/07/2013
Affiliate Amended Maintenance Update 2018-12 (PDF) 09/10/2018
Affiliate Added Accounting Standards Update No. 2013-08 06/07/2013
Closed-End Funds Superseded Accounting Standards Update No. 2013-08 06/07/2013
Contingent-Deferred Sales Load Superseded Accounting Standards Update No. 2013-08 06/07/2013
Front-End Load Added Accounting Standards Update No. 2014-06 03/14/2014
Investment Company Superseded Accounting Standards Update No. 2013-08 06/07/2013
Net Asset Value per Share Added Accounting Standards Update No. 2013-08 06/07/2013
Parent Added Accounting Standards Update No. 2013-08 06/07/2013
946-10-05-1 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-05-2 through 05-6 Superseded Accounting Standards Update No. 2013-08 06/07/2013
946-10-05-5 Amended Accounting Standards Update No. 2014-06 03/14/2014
946-10-15-1 through 15-6
 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-15-7 through 15-9
 Added Accounting Standards Update No. 2013-08 06/07/2013
946-10-25-1 through 25-3
 Added Accounting Standards Update No. 2013-08 06/07/2013
946-10-50-1 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-50-2 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-50-3 Added Accounting Standards Update No. 2013-08 06/07/2013
946-10-55-1 through 55-45
 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-55-46 through 55-71 Superseded Accounting Standards Update No. 2013-08 06/07/2013
946-10-65-1 Amended Accounting Standards Update No. 2013-08 06/07/2013
946-10-65-2 Added Accounting Standards Update No. 2013-08 06/07/2013
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n12b-1 | Superseded | Accounting Standards Update No. 2013-08 | 06/07/2013 |\nAffiliate | …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9b6ab39fff352eda941f8f055928e367bb405650e46540ec5804ecf2135866aa","downloaded_from":"2026-09-10T02:18:44.566Z","last_downloaded_at":"2026-09-10T02:18:44.566Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480572","source_sha256":"0ce43c2afdebba5139aa9b1f92734accf9b76f6f62c4768abc0aab3d097d1788"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3f476b828353d33a1b6d0e047eaaa3ca9204aef2c9ba467f452805bfa041a847","downloaded_from":"2026-09-10T02:18:44.566Z","last_downloaded_at":"2026-09-10T02:18:44.566Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480572","source_sha256":"0ce43c2afdebba5139aa9b1f92734accf9b76f6f62c4768abc0aab3d097d1788"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ca798e65d24871d4bb0223cdf95f8d601cc5511b361406e3f5ac81505567784a","downloaded_from":"2026-09-10T02:18:44.566Z","last_downloaded_at":"2026-09-10T02:18:44.566Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480572","source_sha256":"0ce43c2afdebba5139aa9b1f92734accf9b76f6f62c4768abc0aab3d097d1788"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"946-10-05-1","para":"05-1","html":"
The Financial Services—Investment Companies Topic includes the following Subtopics:
  1. a
    Overall
  2. b
    Investment Company Activities
  3. c
    Presentation of Financial Statements
  4. d
    Balance Sheet
  5. e
    Income Statement
  6. f
    Statement of Cash Flows
  7. g
    Notes to Financial Statements
  8. h
    Cash and Cash Equivalents
  9. i
    Receivables
  10. j
    Investments—Debt and Equity Securities
  11. k
    Investments—Equity Method and Joint Ventures
  12. kk
    Investments—Other
  13. l
    Liabilities
  14. m
    Equity
  15. n
    Revenue Recognition
  16. o
    Income Taxes
  17. p
    Consolidation
  18. q
    Foreign Currency Matters.
","snippet":"The Financial Services—Investment Companies Topic includes the following Subtopics:\n(a) Overall\n(b) Investment Company Activities\n(c) Presentation of Financial Statements\n(d) Balance Sheet\n(e) Income Statement\n(f) Statem…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dc08335842acce0add80b5a3ae5fbc18a7d2d33d0f990017e5962e8e38185f53","downloaded_from":"2026-09-10T02:18:47.675Z","last_downloaded_at":"2026-09-10T02:18:47.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480541","source_sha256":"5c47412c8f78ae3d75356cc6d021ba32aee5c2ec342a62549126578f9f55f236"}},{"citation":"946-10-05-2","para":"05-2","html":"
Paragraphs 946-10-05-2 through 05-6 superseded by Accounting Standards Update No. 2013-08.
","snippet":"Paragraphs 946-10-05-2 through 05-6 superseded by Accounting Standards Update No. 2013-08.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7142ef60a9ed9f17128206a118385351c471e3351d9bd9ed09e181881f2be7e7","downloaded_from":"2026-09-10T02:18:47.675Z","last_downloaded_at":"2026-09-10T02:18:47.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480541","source_sha256":"5c47412c8f78ae3d75356cc6d021ba32aee5c2ec342a62549126578f9f55f236"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9dc62db71b3539a5f88666207212919d4f7040f1c71ac194bc6ece9a7570387b","downloaded_from":"2026-09-10T02:18:47.675Z","last_downloaded_at":"2026-09-10T02:18:47.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480541","source_sha256":"5c47412c8f78ae3d75356cc6d021ba32aee5c2ec342a62549126578f9f55f236"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cf84ecd6f1412a77122a757a77857e59b412d41a904b1c370da59a3e3fef66d1","downloaded_from":"2026-09-10T02:18:47.675Z","last_downloaded_at":"2026-09-10T02:18:47.675Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480541","source_sha256":"5c47412c8f78ae3d75356cc6d021ba32aee5c2ec342a62549126578f9f55f236"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"946-10-15-1","para":"15-1","html":"
The Financial Services—Investment Companies Topic only provides incremental industry-specific guidance for the entities that meet the assessment of investment company status described in this Scope Section, with the exception of Subtopic 946-605, which has its own discrete scope. Entities within the scope of this Topic also shall comply with the applicable guidance not included in this Topic. The Scope Section of the Overall Subtopic establishes the pervasive scope for all Subtopics of the Financial Services—Investment Companies Topic. Unless explicitly addressed within specific Subtopics, the following scope guidance applies to all Subtopics of the Financial Services—Investment Companies Topic, with the exception of Subtopic 946-605.
","snippet":"The Financial Services—Investment Companies Topic only provides incremental industry-specific guidance for the entities that meet the assessment of investment company status described in this Scope Section, with the exce…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:186fdd05d3d030d1a11e4c308684f686020fcbbe16175ed99ee51177df6eba4f","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:820b4d7a88b8061a01f5e4091d88696a4cc82e48f30f29e71d441b08367a016b","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"block":null,"heading":"Entities","paragraphs":[{"citation":"946-10-15-2","para":"15-2","html":"
The accounting principles discussed in this Topic apply to all investment companies. An investment company as discussed in this Topic is an entity that meets the assessment described in paragraphs
946-10-15-4 through 15-9
.
  1. a
    Subparagraph superseded by Accounting Standards Update No. 2013-08.
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2013-08.
  3. c
    Subparagraph superseded by Accounting Standards Update No. 2013-08.
  4. d
    Subparagraph superseded by Accounting Standards Update No. 2013-08.
","snippet":"The accounting principles discussed in this Topic apply to all investment companies. An investment company as discussed in this Topic is an entity that meets the assessment described in paragraphs 946-10-15-4 through 15-…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:85da428719cbf8f531850a7c3ff20be96d53926e62d0e4f808605e57cbca4990","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-3","para":"15-3","html":"
The guidance in this Topic does not apply to real estate investment trusts.
","snippet":"The guidance in this Topic does not apply to real estate investment trusts.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7b56c958f54fc8741c6410ea9696f4d098d874fd8b2f466aef3fd6862ba431b8","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-4","para":"15-4","html":"
An entity regulated under the Investment Company Act of 1940 is an investment company under this Topic.
","snippet":"An entity regulated under the Investment Company Act of 1940 is an investment company under this Topic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7cdc19aceb80d2e6458f9e553be88acbf16b472fcfb2ded0f5f0b346bbf6fe2a","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-5","para":"15-5","html":"
An entity that is not regulated under the Investment Company Act of 1940 shall assess all the characteristics of an investment company in paragraphs
946-10-15-6 through 15-7
to determine whether it is an investment company. The entity shall consider its purpose and design when making that assessment.
","snippet":"An entity that is not regulated under the Investment Company Act of 1940 shall assess all the characteristics of an investment company in paragraphs 946-10-15-6 through 15-7 to determine whether it is an investment compa…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2b1cd322ac329714e343bf55db530ee32c7e26eca220a07c800f4260fefaee0","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-6","para":"15-6","html":"
An investment company has the following fundamental characteristics:
  1. a
    It is an entity that does both of the following:
    1. 1
      Obtains funds from one or more investors and provides the investor(s) with investment management services
    2. 2
      Commits to its investor(s) that its business purpose and only substantive activities are investing the funds solely for returns from capital appreciation, investment income, or both.
  2. b
    The entity or its affiliates do not obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests or that are other than capital appreciation or investment income.
","snippet":"An investment company has the following fundamental characteristics:\n(a) It is an entity that does both of the following:\n(1) Obtains funds from one or more investors and provides the investor(s) with investment manageme…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae423181411eec9cd35d8d585ff318eb667d2b7edb8bfa409d549d48fbe9f777","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-7","para":"15-7","html":"
An investment company also has the following typical characteristics:
  1. a
    It has more than one investment.
  2. b
    It has more than one investor.
  3. c
    It has investors that are not related parties of the parent (if there is a parent) or the investment manager.
  4. d
    It has ownership interests in the form of equity or partnership interests.
  5. e
    It manages substantially all of its investments on a fair value basis.
","snippet":"An investment company also has the following typical characteristics:\n(a) It has more than one investment.\n(b) It has more than one investor.\n(c) It has investors that are not related parties of the parent (if there is a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:729fe5100cc8d1e1d16008a7b6e2944085a766b14a215285caa08287f929700e","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-8","para":"15-8","html":"
To be an investment company, an entity shall possess the fundamental characteristics in paragraph 946-10-15-6. Typically, an investment company also has all of the characteristics in paragraph 946-10-15-7. However, the absence of one or more of those typical characteristics does not necessarily preclude an entity from being an investment company. If an entity does not possess one or more of the typical characteristics, it shall apply judgment and determine, considering all facts and circumstances, how its activities continue to be consistent (or are not consistent) with those of an investment company.
","snippet":"To be an investment company, an entity shall possess the fundamental characteristics in paragraph 946-10-15-6. Typically, an investment company also has all of the characteristics in paragraph 946-10-15-7. However, the a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c2e9b3dd69501e9237f1aced50feb18d05e944c7f97010105fdc33f92468acbb","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"citation":"946-10-15-9","para":"15-9","html":"
The implementation guidance in Section 946-10-55 is an integral part of assessing investment company status and provides additional guidance for that assessment.
","snippet":"The implementation guidance in Section 946-10-55 is an integral part of assessing investment company status and provides additional guidance for that assessment.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3a1111e7309e67e60950e0740a030e9998f90e95f6e08ad621525fb78ff27686","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5574f23d5acf2753f00f329d21227c01b8be34ac8d83fa6060135c85dbdee487","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ce4d3c5f28b6859abc67b1edae48dfc38107a199ea3a37dae8737fa10a1b3250","downloaded_from":"2026-09-10T02:18:51.337Z","last_downloaded_at":"2026-09-10T02:18:51.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480509","source_sha256":"9ad5375bc076453f233b8d5b5d1fb5901306704d7fc9a1a9a5b82795c66270a7"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Reassessment of Investment Company Status","paragraphs":[{"citation":"946-10-25-1","para":"25-1","html":"
The initial determination of whether an entity is an investment company within the scope of this Topic shall be made upon formation of the entity. An entity shall reassess whether it meets (or does not meet) the assessment of investment company status in paragraphs
946-10-15-4 through 15-9
only if there is a subsequent change in the purpose and design of the entity or if the entity is no longer regulated under the Investment Company Act of 1940.
","snippet":"The initial determination of whether an entity is an investment company within the scope of this Topic shall be made upon formation of the entity. An entity shall reassess whether it meets (or does not meet) the assessme…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e4e0e3bfdcc9f445f3041ae51c33bf08cd8c769a693b6ad2a3e96236fadd3ae5","downloaded_from":"2026-09-10T02:18:56.377Z","last_downloaded_at":"2026-09-10T02:18:56.377Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480448","source_sha256":"2014d07eea5aad3703c1ba2987efa2fe19315b6fd1d0d362c5c1d44ff694a35a"}},{"citation":"946-10-25-2","para":"25-2","html":"
An entity that is no longer an investment company under this Topic as a result of the reassessment of status shall discontinue applying the guidance in this Topic and shall account for the change in its status prospectively by accounting for its investments in accordance with other Topics as of the date of the change in status. The fair value of an investment at the date of the change in status shall be the investment's initial carrying amount.
","snippet":"An entity that is no longer an investment company under this Topic as a result of the reassessment of status shall discontinue applying the guidance in this Topic and shall account for the change in its status prospectiv…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b706408678806f40acfa0208056f61bc6bcb80ac3f9e7c0d45af762398c94925","downloaded_from":"2026-09-10T02:18:56.377Z","last_downloaded_at":"2026-09-10T02:18:56.377Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480448","source_sha256":"2014d07eea5aad3703c1ba2987efa2fe19315b6fd1d0d362c5c1d44ff694a35a"}},{"citation":"946-10-25-3","para":"25-3","html":"
An entity that subsequently is an investment company under this Topic as result of the reassessment of status shall account for the effect of the change in status from the date of the change in status. The effect of applying this Topic shall be recognized as a cumulative-effect adjustment to net assets at the date of the change in status. The cumulative-effect adjustment shall be included in the net asset value at the beginning of the period in the per-share information included in the financial highlights. The adjustment to net assets represents both of the following:
  1. a
    The difference between the fair value and the carrying amount of the entity's investees (or parent's portion of the assets minus liabilities for consolidated investments) at the date of the change in status
  2. b
    Any amounts previously recognized in accumulated other comprehensive income.
","snippet":"An entity that subsequently is an investment company under this Topic as result of the reassessment of status shall account for the effect of the change in status from the date of the change in status. The effect of appl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fd38ef822bbabc2f349e94a53734663e95213eb3d5bc74a6bee88937661e491a","downloaded_from":"2026-09-10T02:18:56.377Z","last_downloaded_at":"2026-09-10T02:18:56.377Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480448","source_sha256":"2014d07eea5aad3703c1ba2987efa2fe19315b6fd1d0d362c5c1d44ff694a35a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b33a43680ccbd0c252da4bbc5fdc10ec375b88e852025e4121188959d87917c","downloaded_from":"2026-09-10T02:18:56.377Z","last_downloaded_at":"2026-09-10T02:18:56.377Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480448","source_sha256":"2014d07eea5aad3703c1ba2987efa2fe19315b6fd1d0d362c5c1d44ff694a35a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1e60fcec6f7ec5e4eb87288602178aeb734cae715ff7d69e8ad1b5b6dffa2368","downloaded_from":"2026-09-10T02:18:56.377Z","last_downloaded_at":"2026-09-10T02:18:56.377Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480448","source_sha256":"2014d07eea5aad3703c1ba2987efa2fe19315b6fd1d0d362c5c1d44ff694a35a"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":"Investment Company Status","paragraphs":[{"citation":"946-10-50-1","para":"50-1","html":"
An investment company under this Topic shall disclose that it is an investment company following accounting and reporting guidance in this Topic.
","snippet":"An investment company under this Topic shall disclose that it is an investment company following accounting and reporting guidance in this Topic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:159f109972907b05a3a6654cf5607332ffd49d9e9a9bec9c1af50aae9e486d19","downloaded_from":"2026-09-10T02:18:59.816Z","last_downloaded_at":"2026-09-10T02:18:59.816Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480424","source_sha256":"458f7d7303c8533f87ed2c579b91ab971b7022204da560b9182744dbb80813b5"}},{"citation":"946-10-50-2","para":"50-2","html":"
An entity with a change in status (as described in paragraphs
946-10-25-1 through 25-3
) shall disclose that a change in status occurred and the reasons for that change.
","snippet":"An entity with a change in status (as described in paragraphs 946-10-25-1 through 25-3) shall disclose that a change in status occurred and the reasons for that change.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8058e726c3cea73f84d663db4b98f54df27b8098424f233f4728a8265e735875","downloaded_from":"2026-09-10T02:18:59.816Z","last_downloaded_at":"2026-09-10T02:18:59.816Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480424","source_sha256":"458f7d7303c8533f87ed2c579b91ab971b7022204da560b9182744dbb80813b5"}},{"citation":"946-10-50-3","para":"50-3","html":"
An entity that previously was not an investment company under this Topic and becomes an investment company under this Topic shall disclose the effect of the change in status on the reported amounts of investments as of the date of the change in status.
","snippet":"An entity that previously was not an investment company under this Topic and becomes an investment company under this Topic shall disclose the effect of the change in status on the reported amounts of investments as of t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2ab70ef8d026dfd437449217f0a44412d2c1ad097e9901a6a88eb19383d22150","downloaded_from":"2026-09-10T02:18:59.816Z","last_downloaded_at":"2026-09-10T02:18:59.816Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480424","source_sha256":"458f7d7303c8533f87ed2c579b91ab971b7022204da560b9182744dbb80813b5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fdd2b5d2bd001aa987eb296751399c851957645f3f544429d6c1eff89c48bc44","downloaded_from":"2026-09-10T02:18:59.816Z","last_downloaded_at":"2026-09-10T02:18:59.816Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480424","source_sha256":"458f7d7303c8533f87ed2c579b91ab971b7022204da560b9182744dbb80813b5"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1390fcf3e41abbd47aaea4b35c2b786002142b1c016f67d529a7189ac9b44635","downloaded_from":"2026-09-10T02:18:59.816Z","last_downloaded_at":"2026-09-10T02:18:59.816Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480424","source_sha256":"458f7d7303c8533f87ed2c579b91ab971b7022204da560b9182744dbb80813b5"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":null,"heading":"Implementation Guidance","paragraphs":[{"citation":"946-10-55-1","para":"55-1","html":"
This Section provides additional guidance for the assessment in paragraphs
946-10-15-5 through 15-9
to determine whether an entity that is not regulated under the Investment Company Act of 1940 is an investment company under this Topic.
","snippet":"This Section provides additional guidance for the assessment in paragraphs 946-10-15-5 through 15-9 to determine whether an entity that is not regulated under the Investment Company Act of 1940 is an investment company u…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5dc5d6de50321872648e35078506b7a0f613023836021d54eb9f3896aaf13905","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-2","para":"55-2","html":"
This Section is organized as follows:
  1. a
    Fundamental characteristics of an investment company
  2. b
    Typical characteristics of an investment company
  3. c
    Illustrative examples.
","snippet":"This Section is organized as follows:\n(a) Fundamental characteristics of an investment company\n(b) Typical characteristics of an investment company\n(c) Illustrative examples.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:caa47a16ab8a143c46958276f7b27904cab2dd0a5d118a5474ea536f832261c6","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-3","para":"55-3","html":"
To be an investment company, an entity shall possess the fundamental characteristics in paragraph 946-10-15-6. Paragraphs
946-10-55-4 through 55-10
provide additional guidance for determining whether an entity has the fundamental characteristics of an investment company.
","snippet":"To be an investment company, an entity shall possess the fundamental characteristics in paragraph 946-10-15-6. Paragraphs 946-10-55-4 through 55-10 provide additional guidance for determining whether an entity has the fu…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:86673b8b9a035002987376d93c00075e60da9b6e9dd3d15c3e7da7b39c1950fa","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-4","para":"55-4","html":"
An investment company should have no substantive activities other than its investing activities and should not have significant assets or liabilities other than those relating to its investing activities, subject to the exception in the following paragraph.
","snippet":"An investment company should have no substantive activities other than its investing activities and should not have significant assets or liabilities other than those relating to its investing activities, subject to the …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:498ef0e73deea7fa76e08f29b3e087f24ffc96e9a7397c2a5297ecfcb4556c9e","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-5","para":"55-5","html":"
An investment company may provide investing-related services (for example, investment advisory or transfer agent services) to other entities, directly or indirectly through an investment in an entity that provides those services, as long as those services are not substantive. However, an investment company may provide substantive investing-related services, directly or indirectly through an investment in an entity that provides those services, if the substantive services are provided to the investment company only.
","snippet":"An investment company may provide investing-related services (for example, investment advisory or transfer agent services) to other entities, directly or indirectly through an investment in an entity that provides those …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:80003838ce75ff68ce3e85b3c14ef4480c3d3cefc79e38ad986db51796e4ea12","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-6","para":"55-6","html":"
Evidence of the entity's business purpose and substantive activities may be included in the entity's offering memorandum, publications distributed by the entity, and other corporate or partnership documents that indicate the investment objectives of the entity. Evidence of the entity's business purpose and substantive activities also may include the manner in which the entity presents itself to other parties (such as potential investors or potential investees). For example, an entity that presents its business to its investors as having the objective of investing for capital appreciation has characteristics that are consistent with the business purpose and substantive activities of an investment company. Alternatively, an entity that presents itself as an investor whose objective is jointly developing, producing, or marketing products with its investees has characteristics that are inconsistent with the business purpose and substantive activities of an investment company.
","snippet":"Evidence of the entity's business purpose and substantive activities may be included in the entity's offering memorandum, publications distributed by the entity, and other corporate or partnership documents that indicate…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e1d76690d72a6d14248f234609837acd760bfca9a080d208280b8370331e7fc8","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-7","para":"55-7","html":"
An entity's investment plans also provide evidence of its business purpose and substantive activities. Accordingly, an investment company whose business purpose and substantive activities include realizing capital appreciation should have an exit strategy for how it plans to realize the capital appreciation of its investments. Although the entity may not yet have determined the specific method or timing of disposing of an investment, the fact that it has identified potential exit strategies through which it can realize capital appreciation provides evidence that its business purpose and substantive activities are consistent with those of an investment company. The entity need not document specific exit strategies for each individual investment held for the purpose of realizing capital appreciation but should identify potential exit strategies for different types or portfolios of investments held with the purpose of realizing capital appreciation. Disposal of investments only during liquidation or to satisfy investor redemptions are not exit strategies. Therefore, an entity should have a plan to dispose of its investments before liquidation when its business purpose and substantive activities include realizing capital appreciation. An investment company whose business purpose and substantive activities are to invest for returns only from investment income does not require an exit strategy for its investments.
","snippet":"An entity's investment plans also provide evidence of its business purpose and substantive activities. Accordingly, an investment company whose business purpose and substantive activities include realizing capital apprec…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b3db9183a5af2d4a8b8e22f9ae63641d470a4351e85d1fd73b1704b74e1b385d","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-8","para":"55-8","html":"
An entity would not be an investment company if the entity or its affiliates obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests or that are other than capital appreciation or investment income. Examples of relationships and activities that would be inconsistent with the characteristics of an investment company include any of the following:
  1. a
    The entity or its affiliates acquire, use, exchange, or exploit the processes, assets, or technology of an investee or its affiliates. This includes the entity or its affiliates having disproportionate or exclusive rights to acquire assets, technology, products, or services of an investee or its affiliates (for example, by holding an option to purchase an asset from an investee if the asset's development is deemed successful).
  2. b
    There are other arrangements between the entity or its affiliates and an investee or its affiliates to jointly develop, produce, market, or provide products or services.
  3. c
    An investee or its affiliates provide financing guarantees or assets to serve as collateral for borrowing arrangements of the entity or its affiliates to provide returns or with the objective of providing returns other than capital appreciation or investment income. The guidance in this paragraph does not prohibit an investment company from using its investments in its investees as collateral for any of its borrowings.
  4. d
    An affiliate of the entity holds an option to purchase from the entity ownership interests in an investee at an amount other than fair value.
  5. e
    There are transactions between the entity or its affiliates and an investee or its affiliates that meet any of the following:
    1. 1
      They are on terms that are unavailable to entities that are not affiliates of the investee.
    2. 2
      They are not at fair value or are not conducted at arm's length.
    3. 3
      They represent a substantive portion of the investee's or the entity's business activities, including business activities of affiliates of the entity or affiliates of the investee.
","snippet":"An entity would not be an investment company if the entity or its affiliates obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownershi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7a62db6b50b9682b58d9c852423f3dbe0d9dac8f27c39a84fb26d4c195906006","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-9","para":"55-9","html":"
An investment company may have a strategy to invest in more than one investee in the same industry, market, or geographical area to benefit from synergies that increase the returns from capital appreciation and investment income from those investments. Transactions between an entity's investees should not affect the entity's assessment of whether it is an investment company unless those transactions result in the entity obtaining returns or benefits other than capital appreciation or investment income.
","snippet":"An investment company may have a strategy to invest in more than one investee in the same industry, market, or geographical area to benefit from synergies that increase the returns from capital appreciation and investmen…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ee958b5c1f9a0cf31b2e17dc6071888472587c2ee942a7e4ee1dd1cda8662ac6","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-10","para":"55-10","html":"
An investment company may provide both of the following services to an investee, either directly or through an investment in an entity that provides those services, only if those services are provided for the purpose of maximizing returns from capital appreciation, investment income, or both (rather than other benefits) and do not represent a separate substantial business activity or separate substantial source of income for the investment company:
  1. a
    Assistance with day-to-day management of the operations of an investee
  2. b
    Financial support, such as a loan, capital commitment, or guarantee.
","snippet":"An investment company may provide both of the following services to an investee, either directly or through an investment in an entity that provides those services, only if those services are provided for the purpose of …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:36c1bbc3607edc134f139b33a55ba2f2620df6c066f127a93456e55b058959c7","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-11","para":"55-11","html":"
As required by paragraph 946-10-15-5, an entity shall assess all the typical characteristics in paragraph 946-10-15-7 to determine whether it is an investment company. If an entity does not possess one or more of the typical characteristics, it should apply judgment and determine, considering all facts and circumstances, how its activities continue to be consistent (or are not consistent) with those of an investment company. Paragraphs
946-10-55-12 through 55-29
provide additional guidance for determining whether an entity has a certain typical characteristic of an investment company.
","snippet":"As required by paragraph 946-10-15-5, an entity shall assess all the typical characteristics in paragraph 946-10-15-7 to determine whether it is an investment company. If an entity does not possess one or more of the typ…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b60d72f8c7bbf298144f00a8db17e6a34aa1559b590ae231563dfeedcf0bc8b8","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-12","para":"55-12","html":"
An investment company typically holds multiple investments at the same time to diversify its risk and maximize its returns from capital appreciation, investment income, or both. Investments typically consist of securities of other entities, but also may include commodities, securities based on indexes, securities sold short, derivative instruments, real estate properties, and other forms of investments.
","snippet":"An investment company typically holds multiple investments at the same time to diversify its risk and maximize its returns from capital appreciation, investment income, or both. Investments typically consist of securitie…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:af0db23987a4f198a87ae08691bf3452dd23fb1c1be30e29c03c96ed62fac5b9","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-13","para":"55-13","html":"
An investment company may hold investments directly or indirectly through another investment company. For example, in a master-feeder structure, a feeder fund holds multiple investments indirectly through its investment in a master fund that holds multiple investments or, in a fund-of-funds structure, an investment company holds multiple investments indirectly through its investment in an underlying fund that holds multiple investments.
","snippet":"An investment company may hold investments directly or indirectly through another investment company. For example, in a master-feeder structure, a feeder fund holds multiple investments indirectly through its investment …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3959c600e5c8f3339abd58a8fc09912b6a9f890f3d46f61b1b39432c087789e2","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-14","para":"55-14","html":"
Holding a single investment does not necessarily preclude an entity from being an investment company. There may be times when an investment company holds a single investment, such as in any of the following examples:
  1. a
    It is in its start-up period and has not yet identified suitable investments and, therefore, has not yet executed its investment plan to acquire multiple investments.
  2. b
    It has not yet made other investments to replace those it has disposed of.
  3. c
    It is in the process of liquidation.
  4. d
    It is established to pool investors' funds to invest in a single investment when that investment is unobtainable by individual investors (for example, when the required minimum investment is too high for an individual investor).
","snippet":"Holding a single investment does not necessarily preclude an entity from being an investment company. There may be times when an investment company holds a single investment, such as in any of the following examples:\n(a)…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6b53e350589e4b1aa3f1f640778538a84fa60073f6f14c061cc79eba08f6a48d","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-15","para":"55-15","html":"
An investment company with a single investment also may be formed (for legal, regulatory, tax, or other business reasons) in conjunction with another investment company that holds multiple investments (for example, a master-feeder structure or blocker fund). Investment companies formed in conjunction with each other are not required to be formed at the same time. Holding a single investment for that reason does not necessarily preclude an entity from being an investment company.
","snippet":"An investment company with a single investment also may be formed (for legal, regulatory, tax, or other business reasons) in conjunction with another investment company that holds multiple investments (for example, a mas…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:076468819430d5b1c408eb498dfea12698bf1a755ce085fb3ab2a11679951b8c","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-16","para":"55-16","html":"
An investment company typically pools funds from multiple investors and provides them with investment management services, including access to investment opportunities unobtainable by individual investors. Having multiple investors makes it less likely that the entity or its affiliates obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests or that are other than capital appreciation or investment income.
","snippet":"An investment company typically pools funds from multiple investors and provides them with investment management services, including access to investment opportunities unobtainable by individual investors. Having multipl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:05f4aafa3eb60696b3defa95e8253743b479fdabe897524b2e7d5a45b2e6c184","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-17","para":"55-17","html":"
Having a single investor does not necessarily preclude an entity from being an investment company. There may be times when an investment company has a single investor, such as in any of the following examples:
  1. a
    It is in its initial offering period, which has not expired, and it is actively identifying suitable investors.
  2. b
    It is actively identifying investors but has not yet identified suitable investors to replace those that have redeemed their ownership interests.
  3. c
    It is in the process of liquidation.
","snippet":"Having a single investor does not necessarily preclude an entity from being an investment company. There may be times when an investment company has a single investor, such as in any of the following examples:\n(a) It is …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:96ca1caba1fae63eca1cb07ece5bcaf3a1104cb7b9539b76e8b50f4fc99c70f5","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-18","para":"55-18","html":"
An investment company may be formed by, or for, a single investor that represents or supports the interests of a wider group of investors (for example, a pension fund, government investment fund, or endowment fund). An investment company with a single investor also may be formed (for legal, regulatory, tax, or other business reasons) in conjunction with another investment company that has multiple investors (for example, a master-feeder structure or a blocker fund). Investment companies formed in conjunction with each other are not required to be formed at the same time. Having a single investor for those reasons does not necessarily preclude an entity from being an investment company.
","snippet":"An investment company may be formed by, or for, a single investor that represents or supports the interests of a wider group of investors (for example, a pension fund, government investment fund, or endowment fund). An i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5bbb961a2cb4cac44883827bf34f2f3c91dbd2c65461aab24bd54517b0f6c37f","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-19","para":"55-19","html":"
An investment company typically has investors that are not related parties of the parent (if there is a parent) or the investment manager. Those unrelated investors, in aggregate, hold a significant interest in the investment company. Having investors that are not related parties of the parent or the investment manager makes it less likely that the entity or its affiliates obtain or have the objective of obtaining returns or benefits from an investee or its affiliates that are not normally attributable to ownership interests or that are other than capital appreciation or investment income.
","snippet":"An investment company typically has investors that are not related parties of the parent (if there is a parent) or the investment manager. Those unrelated investors, in aggregate, hold a significant interest in the inves…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e89c8b7a03586bf54ce168b7c8f337270ee968f9aa91a22f41d9781095e33a95","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-20","para":"55-20","html":"
Investors that are related parties of the parent or investment manager should be combined and treated as a single investor, along with the parent or investment manager, for the purposes of evaluating the more-than-one-investor characteristic of an investment company in paragraph 946-10-15-7.
","snippet":"Investors that are related parties of the parent or investment manager should be combined and treated as a single investor, along with the parent or investment manager, for the purposes of evaluating the more-than-one-in…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a41d2f770b5b4be91359039b8a127258ff3cc51f87b53ab130c1976a85992416","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-21","para":"55-21","html":"
Having investors that are related parties of the parent or the investment manager does not necessarily preclude an entity from being an investment company. For example, an investment manager may form an investment company for its employees in conjunction with another investment company. Although the employees may be related parties of the investment manager, the investment company formed for its employees mirrors the business purpose and activities of the main investment company.
","snippet":"Having investors that are related parties of the parent or the investment manager does not necessarily preclude an entity from being an investment company. For example, an investment manager may form an investment compan…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f5f7f928577f46648c85ef85b43410a4b40212c66c64cccd24ff487f69bbfb52","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-22","para":"55-22","html":"
If the parent or its related parties have an implicit or explicit arrangement that would require them to acquire another investor's ownership interest in the investment company at an amount other than fair value, those interests should be combined and treated as if they were owned by the parent for the purposes of evaluating the typical characteristics of an investment company. Examples of when interests would be combined and treated as if they were owned by the parent include any of the following:
  1. a
    The parent or its related parties have a written option to acquire another investor's ownership interests in the entity at an amount other than fair value.
  2. b
    The parent finances another investor's ownership interests, and the ownership interests are collateral for the debt.
","snippet":"If the parent or its related parties have an implicit or explicit arrangement that would require them to acquire another investor's ownership interest in the investment company at an amount other than fair value, those i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:36111c871f97a25824d0268adf546d0e09d15269f7456fcecf98ce68001556fc","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-23","para":"55-23","html":"
Ownership interests in an investment company are typically in the form of equity or partnership interests. Each ownership interest represents a specifically identifiable portion of the net assets of the investment company. An investor in an investment company contributes funds to acquire ownership interests, and the value of those interests is dependent on the changes in the fair value of the underlying investments of the investment company.
","snippet":"Ownership interests in an investment company are typically in the form of equity or partnership interests. Each ownership interest represents a specifically identifiable portion of the net assets of the investment compan…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f9139eb35b3f55b274ca1d8b294811f49261bc3d9e55dcc427f68c6faf2ae279","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-24","para":"55-24","html":"
Having multiple classes of equity instruments, such as shares with distinct rights or rights that do not represent a proportionate interest in all of the underlying investments of the investment company, does not preclude an entity from meeting this characteristic of an investment company.
","snippet":"Having multiple classes of equity instruments, such as shares with distinct rights or rights that do not represent a proportionate interest in all of the underlying investments of the investment company, does not preclud…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f9d106f6d60944859f3a49374671663beca85d7bc99aee17b6842c548c77358b","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-25","para":"55-25","html":"
An investment company can be but is not required to be a separate legal entity. For example, separate accounts of life insurance companies may not be separate legal entities. However, investors in the separate accounts base their investment decisions on the changes in the fair value of the underlying investments held in those separate accounts.
","snippet":"An investment company can be but is not required to be a separate legal entity. For example, separate accounts of life insurance companies may not be separate legal entities. However, investors in the separate accounts b…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:793bc6db045b84186d9795bf2958648368f8985c6a17f04fe9f5646287b747d5","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-26","para":"55-26","html":"
In addition, having significant ownership interests that are not considered equity interests in accordance with other Topics (for example, ownership interests in the form of debt) does not necessarily preclude an entity from being an investment company provided that the holders are exposed to variable returns from changes in the fair value of the underlying investments of the entity. The economic substance of the entity, rather than its legal form, should be evaluated to determine whether the entity has that characteristic of an investment company.
","snippet":"In addition, having significant ownership interests that are not considered equity interests in accordance with other Topics (for example, ownership interests in the form of debt) does not necessarily preclude an entity …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fda1aef911c8b9c42de7a221c03df374518111d25fa43c88f450e07b5a54a94f","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-27","para":"55-27","html":"
An investment company typically manages substantially all of its investments on a fair value basis. Determining whether an entity manages its investments on a fair value basis does not depend on the nature of its investments but, rather, includes an evaluation of whether fair value is a key component of any of the following:
  1. a
    How the entity evaluates the performance of its investments
  2. b
    How the entity transacts with its investors
  3. c
    How asset-based fees are calculated.
An investment company's activities typically demonstrate that fair value is the primary measurement attribute used to evaluate the financial performance of and to make investment decisions for substantially all of its investments. Also, an investment company typically transacts with investors on the basis of net asset value per share and incurs asset-based fees, both of which are based on the fair value of its investments.
","snippet":"An investment company typically manages substantially all of its investments on a fair value basis. Determining whether an entity manages its investments on a fair value basis does not depend on the nature of its investm…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:279347ec6e98c1ff628a03b16009c8e0198bc6e7a498ec501ddf32bcfe2ab661","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-28","para":"55-28","html":"
Assets held by an investment company that are used to service the investment company's own investments are not required to be managed on a fair value basis (see paragraph 946-10-55-5).
","snippet":"Assets held by an investment company that are used to service the investment company's own investments are not required to be managed on a fair value basis (see paragraph 946-10-55-5).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1f32516fc59f0fc6265eb4edb7cd22138bd13b9cf8a87e02c808f37e0e4f31dd","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-29","para":"55-29","html":"
Managing investments on another basis, such as a yield basis or an income basis, does not necessarily preclude an entity from being an investment company. For example, although a short-term investment fund may evaluate the performance of its investments on a yield (amortized cost) basis, fair value is the primary measurement attribute used to evaluate the financial performance of investments and to make investment decisions because the fund monitors the fair value of its investments to minimize the differences between the carrying value and the fair value.
","snippet":"Managing investments on another basis, such as a yield basis or an income basis, does not necessarily preclude an entity from being an investment company. For example, although a short-term investment fund may evaluate t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7c93f4907bdc5154e63aed1db9bc0d3c80c86fe0c1c3790cb80e779ab2d7c07c","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f208215aea438fb803311eb0f448b71287b4a328912aa051ac772a5861e533ab","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"block":null,"heading":"Illustrations","paragraphs":[{"citation":"946-10-55-30","para":"55-30","html":"
The following Examples illustrate the assessment to determine whether an entity that is not regulated under the Investment Company Act of 1940 is an investment company under this Topic:
  1. a
    Example 1: Limited partnership
  2. b
    Example 2: Technology fund
  3. c
    Example 3: Master-feeder structure.
","snippet":"The following Examples illustrate the assessment to determine whether an entity that is not regulated under the Investment Company Act of 1940 is an investment company under this Topic:\n(a) Example 1: Limited partnership…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2844947e60bf0e5523df70378e3b0e270a9af3f7ddbe356c6f3d81b0149d72a8","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-31","para":"55-31","html":"
Entity A, a limited partnership, is formed in 20X1 with a 10-year life. The offering memorandum provides that Entity A's purpose is to invest in operating entities with rapid growth potential, with the only objective of realizing capital appreciation from investments in those entities over the life of Entity A. One percent of Entity A's capital was contributed by the general partner (the investment manager), who has the responsibility of identifying suitable investments for Entity A. The remaining 99 percent of Entity A's capital was contributed by 75 limited partners, who are not related parties of the general partner.
","snippet":"Entity A, a limited partnership, is formed in 20X1 with a 10-year life. The offering memorandum provides that Entity A's purpose is to invest in operating entities with rapid growth potential, with the only objective of …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae5f5e037733c6a82792aaa95497ed4f028517294d22a135f6233975323b0911","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-32","para":"55-32","html":"
Entity A begins its investment activities in 20X1. However, no suitable investments are identified during that year. In 20X2, Entity A acquires a controlling financial interest in Entity B, a corporation. Entity A is unable to identify suitable investments and complete any other investment purchases until 20X3, at which time it acquires equity interests in five additional operating companies. Other than acquiring those equity interests, Entity A conducts no other activities. Entity A manages and evaluates the performance of its investments on a fair value basis. Information about Entity A's financial results, including changes in the fair value of its investments, are provided by the general partner to the limited partners periodically.
","snippet":"Entity A begins its investment activities in 20X1. However, no suitable investments are identified during that year. In 20X2, Entity A acquires a controlling financial interest in Entity B, a corporation. Entity A is una…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:60ca4b39c3d25cf65b8bd0d2d48841823f1475e1ff92166f9bbe5a0ccdc8ff03","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-33","para":"55-33","html":"
Entity A has plans to dispose of its interests in each of its investees during the 10-year stated life of the partnership to realize returns from the capital appreciation of its investees. Those disposals include the sale of the interests for cash or the distribution of marketable equity securities to investors following a successful public offering of an investee's securities.
","snippet":"Entity A has plans to dispose of its interests in each of its investees during the 10-year stated life of the partnership to realize returns from the capital appreciation of its investees. Those disposals include the sal…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:65db6103f867e5672488b0bd39a3f35225b43f7e6fb7b4c70194a7bc0d0b68da","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-34","para":"55-34","html":"
From formation in 20X1 to December 31, 20X3, Entity A has the fundamental characteristics of an investment company because all of the following conditions exist:
  1. a
    Entity A obtained funds from investors (the general partner and the limited partners) and is providing those investors with investment management services.
  2. b
    Entity A's business purpose and only substantive activity is acquiring interests in operating companies with the objective of realizing returns over its life from the capital appreciation of the investments. Entity A has identified exit strategies for its investments to realize the capital appreciation.
  3. c
    Entity A does not have an objective of obtaining returns or benefits other than capital appreciation from its investments.
","snippet":"From formation in 20X1 to December 31, 20X3, Entity A has the fundamental characteristics of an investment company because all of the following conditions exist:\n(a) Entity A obtained funds from investors (the general pa…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f53fe000174ea1db0a7c234809067129b02a849a60b60645242de6b8363cddc9","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-35","para":"55-35","html":"
Entity A also has all of the following typical characteristics of an investment company:
  1. a
    Entity A is funded by multiple investors.
  2. b
    The limited partners of Entity A hold a significant interest in the partnership and are not related to the investment manager (the general partner).
  3. c
    Ownership in Entity A is represented by partnership interests acquired through capital contributions.
  4. d
    Investments are managed, and their performance is evaluated on a fair value basis.
","snippet":"Entity A also has all of the following typical characteristics of an investment company:\n(a) Entity A is funded by multiple investors.\n(b) The limited partners of Entity A hold a significant interest in the partnership a…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d9ec4f8db2a343c83428bf759abfb92048e74889e226b3c1282d9efacfdcbb04","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-36","para":"55-36","html":"
Entity A does not hold more than one investment until 20X3. However, that is because during each of the years 20X1, 20X2, and part of 20X3, it is in its start-up period and has not yet fully executed its investment plan to acquire multiple investments because it could not identify suitable investment opportunities.
","snippet":"Entity A does not hold more than one investment until 20X3. However, that is because during each of the years 20X1, 20X2, and part of 20X3, it is in its start-up period and has not yet fully executed its investment plan …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:10379787ded184bfdb2ef671f4a703c9c79036729902556478286a3e93e49ba3","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-37","para":"55-37","html":"
Entity A is an investment company from formation in 20X1 to December 31, 20X3. It has all the fundamental characteristics of an investment company. In addition, although Entity A does not possess all of the typical characteristics of an investment company, its activities are consistent with those of an investment company.
","snippet":"Entity A is an investment company from formation in 20X1 to December 31, 20X3. It has all the fundamental characteristics of an investment company. In addition, although Entity A does not possess all of the typical chara…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ea7e050bb44c5f4d6a0b608043edbe768bce4cb24b1a92edddd547b6f2f15bd","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-38","para":"55-38","html":"
Entity C, an investment fund, is formed in 20X1 by six corporations in the technology industry to invest in multiple technology start-up companies for capital appreciation. Entity D, one of the corporations, holds a 70 percent controlling financial interest in Entity C. The remaining 30 percent of the fund is owned by the other 5 corporations, which are not related to each other or Entity D. Entity D holds options at amounts other than fair value to acquire controlling financial interests in the investees of the technology fund and options to purchase assets produced by the investees, if the technology developed by the investee is successful and would benefit the operations of Entity D. No plans for exiting the investments have been identified by Entity C. Entity C is managed by an investment manager that is not related to the investors. The investors in Entity C also provide significant advice to the investment manager about potential investments.
","snippet":"Entity C, an investment fund, is formed in 20X1 by six corporations in the technology industry to invest in multiple technology start-up companies for capital appreciation. Entity D, one of the corporations, holds a 70 p…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:22238f3678761870af977561543746491013ddf061b6b17989ce446166bf3b51","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-39","para":"55-39","html":"
Even though Entity C's business purpose and substantive activities include investing for returns from capital appreciation and it has many of the typical characteristics of an investment company, Entity C is not an investment company because of both of the following conditions:
  1. a
    Entity D, the parent of Entity C, holds options at amounts other than fair value to acquire investees of the fund and assets of the investees if the technology developed by the investee is successful and would benefit Entity D's operations. That provides Entity D with a benefit that is other than returns from capital appreciation or investment income.
  2. b
    The investment plans of Entity C do not include exit strategies for its investments to realize returns from the capital appreciation of investees.
","snippet":"Even though Entity C's business purpose and substantive activities include investing for returns from capital appreciation and it has many of the typical characteristics of an investment company, Entity C is not an inves…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:37335aa98024a8ab5f8f81478f412ee3ae49671aea3c3e2ad59669e643d9a477","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-40","para":"55-40","html":"
Entity E, a master fund, is formed in 20X1 with a 10-year life. The equity of Entity E is held by Entity F and Entity G, two affiliated feeder funds. Entity F and Entity G are established in conjunction with Entity E to meet legal, regulatory, tax, or other requirements. Entity F, the domestic feeder partnership, is capitalized with a 1 percent investment from the general partner and 99 percent from unaffiliated investors (with no party holding a controlling financial interest). Entity G, the offshore feeder fund, is capitalized with a 1 percent equity investment from the sponsor and 99 percent equity investments from unaffiliated investors (with no party holding a controlling financial interest). Entity H is the investment manager for the master-feeder structure and is the general partner of Entity F and the sponsor of Entity G.
","snippet":"Entity E, a master fund, is formed in 20X1 with a 10-year life. The equity of Entity E is held by Entity F and Entity G, two affiliated feeder funds. Entity F and Entity G are established in conjunction with Entity E to …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e6c6e9774cc8f74a4886ac74c015a012e16c5574ce791dea86159e32c1761b83","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-41","para":"55-41","html":"
This figure illustrates the master-feeder structure.
","snippet":"This figure illustrates the master-feeder structure.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:092c3d25ee8fd6ac671ba01f8db0fee20835a872bd0e37445bee8224f2238a52","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-42","para":"55-42","html":"
The purpose of Entity E is to invest in multiple investments to generate returns solely from capital appreciation and investment income. Entity F and Entity G have communicated to investors that the sole purpose of the master-feeder structure is to provide investment opportunities for investors in separate market niches to invest in a large pool of assets. Entity E has identified exit strategies for the investments that it holds for returns from capital appreciation. In addition, Entity E manages, and evaluates the performance of, its investments on a fair value basis. Entity F and Entity G provide their investors with periodic information about the financial results of the master-feeder structure.
","snippet":"The purpose of Entity E is to invest in multiple investments to generate returns solely from capital appreciation and investment income. Entity F and Entity G have communicated to investors that the sole purpose of the m…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fbb36b2441a173ae54a08552da4f242438286d05e215857e766fbbc8eb25a5c0","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-43","para":"55-43","html":"
Entity E, Entity F, and Entity G each possess the fundamental characteristics of an investment company because all of the following conditions exist:
  1. a
    Entity E, Entity F, and Entity G obtained funds from investors and are providing those investors with investment management services.
  2. b
    The master-feeder structure's business purpose and only substantive activities, which were communicated to investors of Entity F and Entity G, are investing solely for returns from capital appreciation and investment income.
  3. c
    Entity E has identified exit strategies for the investments it holds for returns from capital appreciation. Although Entity F and Entity G do not have an exit strategy for their interests in Entity E, they are considered to have an exit strategy for their investments because Entity E was formed in conjunction with Entity F and Entity G and holds investments on behalf of them.
  4. d
    Entity E, Entity F, and Entity G do not have an objective of obtaining returns or benefits other than capital appreciation and investment income from their investments.
","snippet":"Entity E, Entity F, and Entity G each possess the fundamental characteristics of an investment company because all of the following conditions exist:\n(a) Entity E, Entity F, and Entity G obtained funds from investors and…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4c78bc9f8162ad042e538c857fba2a7fe71828859f13cc3d6a7e8076ad4ea5fa","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-44","para":"55-44","html":"
Entity E, Entity F, and Entity G each also possess all of the following typical characteristics of an investment company:
  1. a
    Entity E holds more than one investment. Both Entity F and Entity G also are considered to hold more than one investment because they were formed in conjunction with Entity E.
  2. b
    Both Entity F and Entity G are funded by multiple investors. Entity E also is considered to be funded by multiple investors because it was formed in conjunction with Entity F and Entity G.
  3. c
    Both Entity F and Entity G have investors that hold a significant interest in the partnership and are not related to the investment manager (Entity H). Although Entity F and Entity G are related to Entity E, Entity E is considered to have unrelated investors because it was formed in conjunction with Entity F and Entity G, which have unrelated investors.
  4. d
    Ownership in Entity E and Entity G are represented by equity interests acquired through capital contributions. Ownership in Entity F is represented by partnership interests acquired through capital contributions.
  5. e
    Entity E manages and evaluates the performance of investments on a fair value basis. Additionally, investors of Entity F and Entity G are provided with periodic financial information about the investing activities of Entity E, which includes information about the change in fair value of investments held.
","snippet":"Entity E, Entity F, and Entity G each also possess all of the following typical characteristics of an investment company:\n(a) Entity E holds more than one investment. Both Entity F and Entity G also are considered to hol…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4865815cb33c331b6d9f3b940797c612aa8eb6fb8aec1824074771b175961319","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-45","para":"55-45","html":"
Entity E, Entity F, and Entity G are investment companies. They possess all the fundamental characteristics of an investment company and all the typical characteristics of an investment company, either directly or indirectly as a result of the master-feeder structure.
","snippet":"Entity E, Entity F, and Entity G are investment companies. They possess all the fundamental characteristics of an investment company and all the typical characteristics of an investment company, either directly or indire…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9f139258aa9b9da098de276ba532accee4ea88f14ffcf3fa6132e58dd76b020f","downloaded_from":"2026-09-10T02:19:02.934Z","last_downloaded_at":"2026-09-10T02:19:02.934Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147480394","source_sha256":"3f9527debd9938ceb383311c2cde10c41469c91ab52a354fe502151e225d110f"}},{"citation":"946-10-55-46","para":"55-46","html":"
Paragraphs 946-10-55-46 through 55-71 superseded by Accounting Standards Update No. 2013-08.
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Paragraph superseded on 06/26/2015 after the end of the transition period stated in Accounting Standards Update No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements.
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Paragraph superseded on 06/26/2015 after the end of the transition period stated in Accounting Standards Update No. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements.
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The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
946-10-S99-1 through S99-3
 Amended Accounting Standards Update No. 2021-06 08/09/2021
946-10-S99-1 through S99-3
 Amended Accounting Standards Update No. 2019-07 07/26/2019
946-10-S99-3A Added Accounting Standards Update No. 2021-06 08/09/2021
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See paragraph 946-10-S99-1, Regulation S-X Rule 6-01, for entities required to comply with the SEC materials in this Subtopic.
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See paragraph 946-10-S99-4, SAB Topic 5.D, for SEC Staff views on the recognition of organization and offering expenses and selling commissions.
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The following is the text of Regulation S-X Rule 6-01, Application of Rules 6-01 through 6-11 (17 CFR 210.6-01).[81 FR 82010, Nov. 18, 2016, as amended at 85 FR 54064, Aug. 31, 2020]
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The following is the text of Regulation S-X Rule 6-02, Definition of Certain Terms (17 CFR 210.6-02). [47 FR 56838, Dec. 21, 1982, as amended at 81 FR 82137, Nov. 18, 2016; 85 FR 54064, Aug. 31, 2020]
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The following is the text of Regulation S-X Rule 6-03, Special Rules of General Application to Registered Investment Companies and Business Development Companies (17 CFR 210.6-03). [81 FR 82010, Nov. 18, 2016, as amended at 81 FR 82137, Nov. 18, 2016; 83 FR 50202, Oct. 4, 2018; 85 FR 54064, Aug. 31, 2020]
","snippet":"The following is the text of Regulation S-X Rule 6-03, Special Rules of General Application to Registered Investment Companies and Business Development Companies (17 CFR 210.6-03).\nThe financial statements filed for pers…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3fd55fa8f5ab13ce269eef84a2ea32fdd089d336aa943c10db0b0493f28fd931","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}},{"citation":"946-10-S99-3A","para":"S99-3A","html":"
The following is the text of Regulation S-X Rule 6-11, Financial Statements of Funds Acquired or to Be Acquired (17 CFR 210.6-11).[85 FR 54064, Aug. 31, 2020]
","snippet":"The following is the text of Regulation S-X Rule 6-11, Financial Statements of Funds Acquired or to Be Acquired (17 CFR 210.6-11).\n(a) Financial statements required.\n(1) Financial statements described in §§210.3-01 and 2…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:052df0256d395d848e716ae6e85432f05cc70ccb98741a6310513d0f479b2457","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:20ccae9e3b360d6766701e9c9f7fcd68b8021f8e62f59d8bd2e5d229af37c9ff","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}},{"block":null,"heading":"SEC Staff Guidance","paragraphs":[{"citation":"946-10-S99-4","para":"S99-4","html":"
The following is the text of SAB Topic 5.D, Organization and Offering Expenses and Selling Commissions—Limited Partnerships Trading in Commodity Futures.
","snippet":"The following is the text of SAB Topic 5.D, Organization and Offering Expenses and Selling Commissions—Limited Partnerships Trading in Commodity Futures.\nFacts: Partnerships formed for the purpose of engaging in speculat…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dfc88eb35102dd31642a2434fa6a261829a601dd3af549c32afd5eb7254079a2","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:668fbcda942947b92933c4cacbd20a86815b14c492dfc82078c7185da4e188ed","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a756bcbcb6caf16741d933eec113c4b8445749993f4d0ad6297c52e7378e2e0c","downloaded_from":"2026-09-10T02:19:25.136Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479886","source_sha256":"a55c3f84a103380d94d671e8dddfa8ede0e7fe36f4c4fef258df909204e6b11e"}}],"enrichment":{"summary":"ASC 946-10 sets the scope of the Financial Services—Investment Companies Topic by defining which entities qualify as investment companies and therefore apply the Topic's specialized (fair value) accounting and reporting. Any entity regulated under the Investment Company Act of 1940 is automatically an investment company (946-10-15-4); all others must possess the two fundamental characteristics in 946-10-15-6 and are assessed against five typical characteristics in 946-10-15-7, applying judgment when a typical characteristic is absent. Status is determined at formation and reassessed only upon a change in purpose and design (or loss of 1940 Act regulation), with prescribed prospective or cumulative-effect accounting and disclosure for a change in status.","key_points":["An entity regulated under the Investment Company Act of 1940 is an investment company (946-10-15-4); REITs are excluded from the Topic (946-10-15-3).","The two fundamental characteristics (946-10-15-6) are: obtaining funds from investors and providing investment management services with a committed business purpose of investing solely for capital appreciation and/or investment income, and not obtaining (or seeking) returns or benefits from an investee that are not normally attributable to ownership interests.","The five typical characteristics (946-10-15-7) are more than one investment, more than one investor, unrelated investors, ownership in the form of equity or partnership interests, and managing substantially all investments on a fair value basis; absence of one or more does not necessarily preclude investment company status but requires judgment (946-10-15-8).","An entity investing for capital appreciation must have identified potential exit strategies; disposal only in liquidation or to satisfy redemptions is not an exit strategy, though a fund investing only for investment income needs no exit strategy (946-10-55-7).","Relationships such as an affiliate holding an option to buy investees or investee assets at other than fair value, joint development/marketing arrangements, or non-arm's-length transactions with investees are inconsistent with investment company status (946-10-55-8).","Status is determined at formation and reassessed only if there is a change in the entity's purpose and design or it ceases to be regulated under the 1940 Act (946-10-25-1); an entity losing status accounts prospectively using fair value at that date as the new carrying amount (946-10-25-2), and an entity gaining status records a cumulative-effect adjustment to net assets (946-10-25-3).","Disclosure is required of investment company status (946-10-50-1), that a change in status occurred and why (946-10-50-2), and the effect of becoming an investment company on reported investment amounts (946-10-50-3)."],"categories":["Industry-specific","Recognition","Disclosure","Fair value"],"audience_level":"intermediate","student_note":"This scope test is the gateway to investment company accounting (fair value measurement of investments and no consolidation of operating investees), so getting it wrong distorts the entire financial statements. The most common misunderstanding is treating the five \"typical\" characteristics as bright-line requirements—they are judgment factors, while only the two \"fundamental\" characteristics in 946-10-15-6 are mandatory.","related_topics":["946-320","946-810","820","810","825","946-505"],"key_concepts":["investment company assessment","fundamental characteristics","typical characteristics","exit strategy","fair value basis management","master-feeder structure","change in investment company status","investment company act of 1940"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:924e71ab81b3cc2960b56e9b74590a178e059aafb2ef84f9588137ad719a1e6a","downloaded_from":"2026-09-10T02:18:44.566Z","last_downloaded_at":"2026-09-10T02:19:25.136Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"320-946","title":"Financial Services—Investment Companies","topic_title":"Investments—Debt Securities","score":0.8486,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9678bad9f07751c0cf7e872d346fa6fbce65d57c80c73a0bd91b6c965b336a77","downloaded_from":"2026-09-09T23:36:33.761Z","last_downloaded_at":"2026-09-09T23:37:20.253Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"210-946","title":"Financial Services—Investment Companies","topic_title":"Balance Sheet","score":0.8355,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:52189c4905b7e73452d0e37ab1f6f2e266a0bd348afc8fc6749c1b8cc2d5685d","downloaded_from":"2026-09-09T23:01:25.620Z","last_downloaded_at":"2026-09-09T23:02:00.098Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"220-946","title":"Financial Services—Investment Companies","topic_title":"Income Statement—Reporting Comprehensive Income","score":0.8337,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a19d87c21b175c95ce2ffd6a1ccd17d2ed8bd72bf79704f99fac055d14ef47a","downloaded_from":"2026-09-09T23:06:14.562Z","last_downloaded_at":"2026-09-09T23:06:52.794Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"235-946","title":"Financial Services—Investment Companies","topic_title":"Notes to Financial 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