{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/420/10/#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":"420","topic_title":"Exit or Disposal Cost Obligations","subtopic":"420-10","subtopic_title":"Overall","section":{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":"Reversal of Liability","paragraphs":[{"citation":"420-10-40-1","para":"40-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_5700CFBF-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">If an event or circumstance occurs that discharges or removes an entity's responsibility to settle a liability for a cost associated with an exit or disposal activity recognized in a prior period, the liability shall be reversed. </span></span><span class=\"sfragment\" id=\"sfr_5700D15A-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The related costs shall be reversed through the same line item(s) in the income statement (statement of activities) used when those costs were recognized initially. </span></span></div></div>","snippet":"If an event or circumstance occurs that discharges or removes an entity's responsibility to settle a liability for a cost associated with an exit or disposal activity recognized in a prior period, the liability shall be …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:08a077b2a2df069e64320cf383bb39ca5c65295e4ebcb5ce29374895ba7352a4","downloaded_from":"2026-09-10T00:22:55.089Z","last_downloaded_at":"2026-09-10T00:22:55.089Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481609","source_sha256":"9380381b321e318a3177bee8e2232eceb38bae8c747a467610e4fcd800b4cf6c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:669bde199b83253ed5169a1d2de74d95e91ff997d0d18c3ec6c1c3505a60960c","downloaded_from":"2026-09-10T00:22:55.089Z","last_downloaded_at":"2026-09-10T00:22:55.089Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481609","source_sha256":"9380381b321e318a3177bee8e2232eceb38bae8c747a467610e4fcd800b4cf6c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19495d413cafdff34a82f15ca35e65910d3bfc0467a9ccdff1598908f3911832","downloaded_from":"2026-09-10T00:22:55.089Z","last_downloaded_at":"2026-09-10T00:22:55.089Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481609","source_sha256":"9380381b321e318a3177bee8e2232eceb38bae8c747a467610e4fcd800b4cf6c"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19495d413cafdff34a82f15ca35e65910d3bfc0467a9ccdff1598908f3911832","downloaded_from":"2026-09-10T00:22:55.089Z","last_downloaded_at":"2026-09-10T00:22:55.089Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147481609","source_sha256":"9380381b321e318a3177bee8e2232eceb38bae8c747a467610e4fcd800b4cf6c"}}