# ASC 450-30-05: Contingencies — Gain Contingencies — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/450/30/#05-overview-and-background)

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## ASC 450-30-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/450/30/#05-overview-and-background)

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##### [450-30-05-1](https://asc.understandingaccounting.org/asc/450/30/#450-30-05-1)

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This Subtopic provides guidance for the recognition and disclosure of a [gain contingency](https://asc.understandingaccounting.org/glossary/g/#gain-contingency "An existing condition, situation, or set of circumstances involving uncertainty as to possible gain to an entity that will ultimately be resolved when one or more future events occur or fail to occur.").

##### [450-30-05-2](https://asc.understandingaccounting.org/asc/450/30/#450-30-05-2)

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This Subtopic, in combination with Subtopics 450-10 and 450-20, provides general guidance regarding gain and [loss contingencies](https://asc.understandingaccounting.org/glossary/l/#loss-contingency "An existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur. The term loss is used for convenience to include many charges against income that are commonly referred to as expenses and others that are commonly referred to as losses."). Other Topics include gain or loss contingencies related to those specific Topics. Therefore, the Contingencies Topic does not include all standards related to contingencies. While not intended to be all-inclusive, the following Relationships Sections within the Contingency Subtopics provide links to many Topic-specific contingencies:

1.  a
    
    See Section 450-10-60 for references to other standards related to uncertainties that could result in either a gain or a loss.
    
2.  b
    
    See Section 450-20-60 for references to other standards related to uncertainties that could result in a future loss.
    
3.  c
    
    See Section 450-30-60 for references to other standards related to uncertainties that could result in a future gain.