A.26 ASC 942, Financial Services — Depository and Lending
ASC 942-320
50-1 For purposes of the disclosure
requirements of paragraphs 320-10-50-1 through 50-3 and
320-10-50-5 through 50-5C, the term financial
institutions includes banks, savings and loan
associations, savings banks, credit unions, finance companies,
and insurance entities.
50-1A The
disclosures in paragraphs 942-320-50-1 through 50-3 are required
for interim and annual periods.
50-2 In
complying with the requirements in the preceding paragraph,
financial institutions shall include in their disclosure all of
the following major security types, although additional types
also may be necessary:
a. Equity securities, segregated by any one of the
following:
1. Industry type
2. Entity size
3. Investment objective.
b. Debt securities issued by the U.S. Treasury and
other U.S. government corporations and agencies
c. Debt securities issued by states of the United
States and political subdivisions of the states
d. Debt securities issued by foreign governments
e. Corporate debt securities
f. Residential mortgage-backed securities
ff. Commercial mortgage-backed securities
fff. Collateralized debt obligations
g. Other debt obligations.
50-2A
Investments in mutual funds that invest only in U.S. government
debt securities may be shown separately rather than grouped with
other equity securities in the disclosures by major security
type required by paragraph 942-320-50-2.
50-3 In complying
with this requirement, financial institutions shall disclose the
net carrying amount of debt securities based on at least 4
maturity groupings:
- Within 1 year
- After 1 year through 5 years
- After 5 years through 10 years
- After 10 years.
Securities not due at a single maturity date,
such as mortgage-backed securities, may be disclosed separately
rather than allocated over several maturity groupings. If
allocated, the basis for allocation also shall be disclosed.
50-3A A financial
institution that is a public business entity shall disclose the
fair value of the debt securities based on at least 4 maturity
groupings:
- Within 1 year
- After 1 year through 5 years
- After 5 years through 10 years
- After 10 years.
Securities not due at a single maturity date,
such as mortgage-backed securities, may be disclosed separately
rather than allocated over several maturity groupings. If
allocated, the basis for allocation also shall be disclosed.
ASC 942-405
Short Sales of Securities
45-1 The
fair value adjustment on short sales of securities shall be
classified in the income statement with gains and losses on
securities.