{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/958/#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":"360-958","subtopic_title":"Not-for-Profit Entities","section":{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-958-40-1","para":"40-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><a href=\"/updates/asu-2016-14/\" class=\"xref\">Paragraph superseded by Accounting Standards Update No. 2016-14</a>.</div></div>","snippet":"Paragraph superseded by Accounting Standards Update No. 2016-14.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8b03be5268066dc91bf869af11e1d373ad30091c877e1689bb9be62ea28e12f2","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7d1c1a9d9154a7f716938d887c22bb1220abb61ecf3fc4146343fc0781c3bb03","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}},{"block":null,"heading":"Disposal of a Collection Item by Contribution","paragraphs":[{"citation":"360-958-40-2","para":"40-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_36A877FF-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A <a href=\"/glossary/c/#contribution\" class=\"term\" title=\"An unconditional transfer of cash or other assets, as well as unconditional promises to give, to an entity or a reduction, settlement, or cancellation of its liabilities in a voluntary nonreciprocal transfer by another entity acting other than as an owner. Those characteristics distinguish contributions from:Exchange transactions, which are reciprocal transfers in which each party receives and sacrifices approximately commensurate valueInvestments by owners and distributions to owners, which are nonreciprocal transfers between an entity and its ownersOther nonreciprocal transfers, such as impositions of taxes or legal judgments, fines, and thefts, which are not voluntary transfers. In a contribution transaction, the resource provider often receives value indirectly by providing a societal benefit although that benefit is not considered to be of commensurate value. In an exchange transaction, the potential public benefits are secondary to the potential direct benefits to the resource provider. The term contribution revenue is used to apply to transactions that are part of the entity's ongoing major or central activities (revenues), or are peripheral or incidental to the entity (gains). See also Inherent Contribution and Conditional Contribution.\"><span>contribution</span></a> made by a <a href=\"/glossary/n/#not-for-profit-entity\" class=\"term\" title=\"An entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity: Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return Operating purposes other than to provide goods or services at a profit Absence of ownership interests like those of business entities. Entities that clearly fall outside this definition include the following: All investor-owned entities Entities that provide dividends, lower costs, or other economic benefits directly and proportionately to their owners, members, or participants, such as mutual insurance entities, credit unions, farm and rural electric cooperatives, and employee benefit plans.\"><span>not-for-profit entity</span></a> (NFP) of a previously recognized collection item shall be reported as an expense and a decrease in assets in the period in which the contribution is made, and shall be measured at <a href=\"/glossary/f/#fair-value\" class=\"term\" title=\"The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.\"><span>fair value</span></a>. </span></span><span class=\"sfragment\" id=\"sfr_36A87925-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A gain or loss shall be recognized on that contribution made if the collection item's fair value differs from its carrying amount. </span></span></div></div>","snippet":"A contribution made by a not-for-profit entity (NFP) of a previously recognized collection item shall be reported as an expense and a decrease in assets in the period in which the contribution is made, and shall be measu…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2be4c0a71d2669e5e1bd749cfed5dcb5961b45a721f6f7251e36bdb4cbc82340","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}},{"citation":"360-958-40-3","para":"40-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_36A87A05-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A contribution made by an NFP of a previously unrecognized collection item shall not be recognized on the face of the financial statements. </span></span></div></div>","snippet":"A contribution made by an NFP of a previously unrecognized collection item shall not be recognized on the face of the financial statements.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2eae9361763ac789da567764e3690025a0e78c279c8fa3d04ee46992b7a21e66","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6c55945f95fdc6450c1742084209948e2e78740e25c05ea0f8abfbd566edf822","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:40df6807a442af269d68f83c40eea6e185044fd52a859dc96f935235ddf04e5e","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:40df6807a442af269d68f83c40eea6e185044fd52a859dc96f935235ddf04e5e","downloaded_from":"2026-09-10T00:10:54.518Z","last_downloaded_at":"2026-09-10T00:10:54.518Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478445","source_sha256":"2e39136fa78362167034f539bf80b99cb612f640e5a0064b9a14f5b3efe8beaf"}}