Wiley GAAP 2018, 16th Edition

41ASC 610 Other Income

1. Perspective and Issues
   1. Effective Date
   2. Technical Alert
      1. Effective Date
      2. Transition
      3. Guidance
   3. Subtopic
   4. Scope and Scope Exceptions
      1. ASC 610-10, Overall
      2. ASC 610-20, Gains and Losses from the Derecognition of Financial Assets
      3. ASC 610-30, Gains and Losses on Involuntary Conversions
2. Definitions of Terms
3. Concepts, Rules, and Examples
   1. ASC 610-10, Overall
   2. ASC 610-20, Gains and Losses from the Derecognition of Financial Assets
   3. ASC 610-30, Gains and Losses on Involuntary Conversions
   4. Recognition, Measurement, and Presentation

Perspective and Issues

Effective Date

Topic ASC 610 was created by ASU 2014-09, Revenue from Contracts with Customers, to offer guidance for revenue generated by transactions outside the scope of ASC 606, that is, from transactions other than with customers in the ordinary course of business. ASC 610 is effective upon implementation of ASU 2014-09.

Technical Alert

In February 2017 the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.

Effective Date

The amendments to the nonfinancial asset guidance are effective at the same time an entity adopts the new revenue guidance. See the chapter on ASC 606 for the effective date details.

Early adoption is permitted for annual periods beginning after December 15, 2017 for public entities and after December 15, 2018 for all other ...