This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

ASC 942 — Financial Services — Depository and Lending

Below is an overview of FASB Accounting Standards Codification Topic 942, Financial Services — Depository and Lending, as well as a list of FASB Accounting Standards Updates (ASUs) and proposed ASUs related to this Topic. The full text of ASC 942 can be found in the FASB Accounting Standards Codification (link to the FASB's Web site; registration required). Also, the full text of the Codification and Deloitte-authored Q&As related to the Codification are available in the Deloitte Accounting Research Tool (DART)  Web site (subscription required).


ASC 942-10 notes that ASC 942 provides incremental industry-specific guidance for the following entities:


a. Finance companies, including finance company subsidiaries


b. Depository institutions insured by either:


1. The Federal Deposit Insurance Corporation’s (FDIC’s) Bank Insurance Fund or Savings Association Insurance Fund


2. The National Credit Union Administration’s National Credit Union Share Insurance Fund.
c. Bank holding companies
d. Savings and loan association holding companies
e. Branches and agencies of foreign banks regulated by U.S. federal banking regulatory agencies
f. State-chartered banks, credit unions, and savings institutions that are not federally insured
g. Foreign financial institutions whose financial statements are purported to be prepared in conformity with accounting principles generally accepted in the United States
h. Mortgage companies
i. Corporate credit unions.

ASC 942 contains intersecting Subtopics that provide industry-specific guidance related to the following Codification Topics:

Content from the FASB Accounting Standards Codification® included at is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission.

FASB Accounting Standards Updates

    The following ASUs amended the guidance in this Topic:

    Proposed FASB Accounting Standards Updates

      No current proposed ASUs on Topic 942.

      Correction list for hyphenation

      These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.