# ASC 450-10-60: Contingencies — Overall — 60 Relationships Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/450/10/#60-relationships) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:f86bc0a72198972d02a7aeb1989c776de602743646d4b02af383e3acb4c28350 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 450-10-60: 60 Relationships [Read section](https://asc.understandingaccounting.org/asc/450/10/#60-relationships) SEC content: no #### Interim Reporting ##### [450-10-60-1](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-1) Pending content: yes Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:dccb8ebac5dc0a4dbcef837b5f8c6c0de870395431499278af0ec73a1a1ebd95 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For [contingencies](https://asc.understandingaccounting.org/glossary/c/#contingency "An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur.") and other uncertainties that could be expected to affect the fairness of presentation of financial data at an interim date, see paragraph [270-10-50-6](https://asc.understandingaccounting.org/asc/270/10/#270-10-50-6). Transition date:(P) December 16, 2027; (N) December 16, 2028Transition guidance: [270-10-65-1](https://asc.understandingaccounting.org/asc/270/10/#270-10-65-1)For [contingencies](https://asc.understandingaccounting.org/glossary/c/#contingency "An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur.") and other uncertainties that could be expected to affect the fairness of presentation of financial data at an interim date, see paragraph [270-10-50-69](https://asc.understandingaccounting.org/asc/270/10/#270-10-50-69). #### Other Assets and Deferred Costs ##### [450-10-60-2](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:439ffd5b9332cbdf78c4dfe4e625f960e9b59fae1e1fcc08360ab72a96a44129 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For contingencies associated with insurance and [reinsurance](https://asc.understandingaccounting.org/glossary/r/#reinsurance "A transaction in which a reinsurer (assuming entity), for a consideration (premium), assumes all or part of a risk undertaken originally by another insurer (ceding entity). For indemnity reinsurance, the legal rights of the insured are not affected by the reinsurance transaction and the insurance entity issuing the insurance contract remains liable to the insured for payment of policy benefits. Assumption or novation reinsurance contracts that are legal replacements of one insurer by another extinguish the ceding entity's liability to the policyholder.") contracts that do not transfer insurance risk, see Section 340-30. #### Revenue Recognition ##### [450-10-60-3](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-3) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:dbbfb063978e921d2cbba25e69d50ee03ff995ac537de8fbf50e59862e4ac900 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See the guidance on estimating and constraining estimates of variable consideration (for example, a sale with a right of return) in paragraphs [606-10-32-5 through 32-14](https://asc.understandingaccounting.org/asc/606/10/#606-10-32-5) included in the [transaction price](https://asc.understandingaccounting.org/glossary/t/#transaction-price "The amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties.") for [contracts](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") with [customers](https://asc.understandingaccounting.org/glossary/c/#customer "A party that has contracted with an entity to obtain goods or services that are an output of the entity's ordinary activities in exchange for consideration."). ##### [450-10-60-4](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-4) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:2ae14203fe784f503bd7f0bae1cf1e3c26d85101563e9894a7aa23c08e9797ee Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For cases in which a nonmonetary asset is destroyed or damaged (that is, an involuntary conversion) and the amount of monetary assets to be received is uncertain, see paragraph [610-30-25-4](https://asc.understandingaccounting.org/asc/610/30/#610-30-25-4). #### Other Expenses ##### [450-10-60-5](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-5) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:1842f03be17752ab8bd8b26ea6aaf4b02135085f16cc64fd7bdf643902b21216 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For accounting by an insured entity for the contingencies associated with a multiple-year retrospectively rated insurance contract accounted for as insurance, see the Multiple-Year Retrospectively Rated Contracts Subsections of Subtopic 720-20. #### Income Taxes ##### [450-10-60-6](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-6) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:78e965bd7e304b561e8247863e8cecea175245534cae1a336e46a4a950546353 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For accounting for uncertainty in income taxes, see Section 740-10-25. #### Business Combinations ##### [450-10-60-7](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-7) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:4249ec5923e517c1c9c5b747a6ea463f59b61c823d76e18fd73ea44d86199815 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For recognition of contingent obligations for contractual termination benefits and curtailment losses under employee benefit plans that will be triggered by the consummation of the business combination, see paragraphs [805-20-55-50 through 55-51](https://asc.understandingaccounting.org/asc/805/20/#805-20-55-50) . #### Leases ##### [450-10-60-8](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-8) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:33e1bd95bf2643cf179a17d15282862043e417dd03da6cab874a7a5bdac278a6 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For [variable lease payments](https://asc.understandingaccounting.org/glossary/v/#variable-lease-payments "Payments made by a lessee to a lessor for the right to use an underlying asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time."), see paragraphs [842-20-55-1 through 55-2](https://asc.understandingaccounting.org/asc/842/20/#842-20-55-1) . #### Financial Services—Insurance ##### [450-10-60-9](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-9) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:69b99245b3656f51e931190c3a56a327a40d0bdd9acd72cbd4ec45d9063c3308 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For contingencies that arise when an insurance entity or a reinsurance entity issues an insurance contract, see Subtopic 944-40. ##### [450-10-60-10](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-10) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:f47ee3b52f4a646b58c708923736844b21824726d6b86b261376b1eb080c8fba Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For contingencies associated with a reinsurance contract between insurance entities (including retrocession), see Section 944-20-15. ##### [450-10-60-11](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-11) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:6f2e7ee9fd9435895dbea512cca743bb6e99cc72d6ab7fd86a171ae104e2225c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. For contingencies associated with multiple-year retrospectively rated contracts, see Subtopic 944-20. ##### [450-10-60-12](https://asc.understandingaccounting.org/asc/450/10/#450-10-60-12) Pending content: no Source downloaded (UTC): 2026-09-10T00:26:58.831Z to 2026-09-10T00:26:58.831Z Record version: sha256:920124ee7cd6d1ae6c78280037c722e90c79181b4fc0d8d773f0716cc8624c70 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).