# ASC 310-976-40: Receivables — Real Estate—Retail Land — 40 Derecognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/310/976/#40-derecognition)

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## ASC 310-976-40: 40 Derecognition

[Read section](https://asc.understandingaccounting.org/asc/310/976/#40-derecognition)

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##### [310-976-40-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-40-1)

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Receivable balances applicable to cancelled contracts are charged in their entirety to the allowance for contract cancellations when those contracts are cancelled.