deposit float

Liabilities1

1. 405-942Financial Services—Depository and Lending405 Liabilities

   This Subtopic governs how depository and lending institutions recognize, measure, present, and disclose deposit liabilities and short-sale obligations. Deposit liabilities are recognized when deposits are received (not when funds are collected), with deposit float recorded as both an asset and a liability, and credit unions must present member share/savings accounts unequivocally as liabilities. Short sales ("securities sold, not yet purchased") are reported as liabilities measured at fair value through income, with interest on short positions accrued as interest expense.