{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/944/#40-derecognition","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"360","topic_title":"Property, Plant, and Equipment","subtopic":"360-944","subtopic_title":"Financial Services—Insurance","section":{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":"Real Estate Acquired in Settling Certain Claims","paragraphs":[{"citation":"360-944-40-1","para":"40-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_01ABF767-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Paragraph <a href=\"/asc/944/40/#944-40-35-4\" class=\"xref\">944-40-35-4</a> requires that realized gains and losses on the sale of real estate acquired in settling claims be recognized as an adjustment to <a href=\"/glossary/c/#claim\" class=\"term\" title=\"A demand for payment of a policy benefit because of the occurrence of an insured event.\"><span>claim</span></a> costs incurred. </span></span></div></div>","snippet":"Paragraph 944-40-35-4 requires that realized gains and losses on the sale of real estate acquired in settling claims be recognized as an adjustment to claim costs incurred.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3aed54dcdf37d7cdee75f4decc948954453785c09f4e208fc69f89843b6c3594","downloaded_from":"2026-09-10T00:10:11.945Z","last_downloaded_at":"2026-09-10T00:10:11.945Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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(including those on sales of real estate investments) shall not be deferred, either directly or indirectly. </span></span></div></div>","snippet":"Realized gains and losses (including those on sales of real estate investments) shall not be deferred, either directly or indirectly.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:be0c246e20b2875c2f8b8f62e521582147ba7f154c53a81b12c2a3bb8ec1be2c","downloaded_from":"2026-09-10T00:10:11.945Z","last_downloaded_at":"2026-09-10T00:10:11.945Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477993","source_sha256":"b6078332b6feefd2968f8e38684602006e69a47f2c38c7e7db1dc701dcb8f87f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b33bffe49c7e0414fb96850d70becee50a46a1e540f5121e354ab5f690c43eb9","downloaded_from":"2026-09-10T00:10:11.945Z","last_downloaded_at":"2026-09-10T00:10:11.945Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477993","source_sha256":"b6078332b6feefd2968f8e38684602006e69a47f2c38c7e7db1dc701dcb8f87f"}},{"block":null,"heading":"Real Estate Used in the Business","paragraphs":[{"citation":"360-944-40-3","para":"40-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_01ABFA53-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Realized gains and losses on the sale of assets other than investments, such as real estate used in the business, shall be reported in accordance with Subtopic <a altsource=\"GUID-454EFA39-5C48-4ED8-AFD2-D620466A9D76.ditamap\" class=\"ditamap\">220-20</a>. </span></span></div></div>","snippet":"Realized gains and losses on the sale of assets other than investments, such as real estate used in the business, shall be reported in accordance with Subtopic 220-20.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:02dd57dd557ee8069a365f104ef78a3c8baa1e6c16c12e1bc5e9543138cb938d","downloaded_from":"2026-09-10T00:10:11.945Z","last_downloaded_at":"2026-09-10T00:10:11.945Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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