FASB ASC 942 - Financial Services - Depository and Lending


The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 942 (ASC 942) to address topics related to the Depository and Lending industry and those subtopics which fit therein. In a broad sense, these usually include banks that customers deposit money for example, in a savings or CD account, which is then lent out by the bank to others. These could be banks, credit unions, finance companies, mortgage companies, etc.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

For more in depth information on this and other FASB ASC topics, check out the following books.

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