Wiley GAAP 2024

38ASC 610 OTHER INCOME

• Perspective and Issues
  • 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
  • Other Sources

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 842 on leases and ASC 944 on insurance, or
   • Other revenue or income guidance.

     (ASC 610-10-05-1)

2. ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets, applies to nonfinancial assets. Nonfinancial assets are, for example, real estate, intangible assets, property, plant, and equipment.(ASC 610-20-05-2)
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.(ASC 610-30-05-1)

Scope and Scope Exceptions

ASC 610-10, Overall ASC 610-10 applies to all entities. (ASC 610-10-15-2)

ASC 610-20, Gains and Losses from the Derecognition ...