Wiley GAAP 2020

39 ASC 610 OTHER INCOME

• Perspective and Issues
  • Technical Alert
    • ASU 2014-09
    • ASU 2017-05
    • Guidance
    • Effective Date
    • Transition
  • Subtopics
  • Scope and Scope Exceptions
    • ASC 610-10, Overall
    • ASC 610-20, Gains and Losses from the Derecognition of Financial Assets
    • ASC 610-30, Gains and Losses on Involuntary Conversions
• Definitions of Terms
• Concepts, Rules, and Examples
  • ASC 610-10, Overall
  • ASC 610-20, Gains and Losses from the Derecognition of Financial Assets
    • Recognition
  • Initial Measurement
    • Measurement
  • ASC 610-30, Gains and Losses on Involuntary Conversions
  • Recognition, Measurement, and Presentation

PERSPECTIVE AND ISSUES

Technical Alert

ASU 2014-09.

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.

ASU 2017-05.

Subsequent to the issuance of ASC 2014-09, stakeholders raised questions about the implementation of ASU 610, namely:

• What types of transactions are in the scope of the Topic?
• How should an entity account for partial sales of nonfinancial assets?

The guidance in 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, responds to these questions ...