Means that the ASA is not see it as another hop device, is another layer 2 device also refer as a "stealth firewall".....
But the security stuff is the same ip traffic is not allowed from lower to higher without an acl as an example... The only traffic that will be allowed without any ACL will be the ARP traffic.....
Regards,
Julio Carvajal
Senior Network Security and Core Specialist
CCIE #42930, 2xCCNP, JNCIP-SEC