Wiley GAAP 2021, 2nd Edition

38ASC 610 OTHER INCOME

1. Perspective and Issues
   1. Subtopics
   2. 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
   1. 1. In Substance Nonfinancial Asset
3. Concepts, Rules, and Examples
   1. ASC 610‐10, Overall
   2. ASC 610‐20, Gains and Losses from the Derecognition of Financial Assets
      1. Recognition
   3. Initial Measurement
      1. Measurement
   4. ASC 610‐30, Gains and Losses on Involuntary Conversions
      1. Recognition, Measurement, and Presentation

PERSPECTIVE AND ISSUES

Subtopics

ASC 610, Other Income, contains three subtopics:

1. ASC 610‐10, Overall, which defines the scope of guidance on revenue recognized that is not in the scope of:
   • ASC 606, in other words, that is not from a contract with a customer,
   • Other topics, such as ASC 840 or 842 on leases and ASC 944 on insurance, or
   • Other revenue or income guidance.
2. ASC 610‐20, Gains and Losses from the Derecognition of Nonfinancial Assets, applies to derecognition of nonfinancial assets with the scope of ASC 350 on intangibles and ASC 360 on property, plant, and equipment that is not in the scope of ASC 606. Nonfinancial assets are, for example, real estate, intangible assets, property, plant, and equipment.
3. ASC 610‐30, Gains and Losses on Involuntary Conversions, applies to events and transactions in which nonmonetary assets are involuntarily converted to monetary assets that are then reinvested to other nonmonetary ...