# ASC 360-944-40: Property, Plant, and Equipment — Financial Services—Insurance — 40 Derecognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/360/944/#40-derecognition)

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## ASC 360-944-40: 40 Derecognition

[Read section](https://asc.understandingaccounting.org/asc/360/944/#40-derecognition)

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#### Real Estate Acquired in Settling Certain Claims

##### [360-944-40-1](https://asc.understandingaccounting.org/asc/360/944/#360-944-40-1)

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Paragraph [944-40-35-4](https://asc.understandingaccounting.org/asc/944/40/#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](https://asc.understandingaccounting.org/glossary/c/#claim "A demand for payment of a policy benefit because of the occurrence of an insured event.") costs incurred.

#### Real Estate Investments

##### [360-944-40-2](https://asc.understandingaccounting.org/asc/360/944/#360-944-40-2)

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Realized gains and losses (including those on sales of real estate investments) shall not be deferred, either directly or indirectly.

#### Real Estate Used in the Business

##### [360-944-40-3](https://asc.understandingaccounting.org/asc/360/944/#360-944-40-3)

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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.