# ASC 470-30-40: Debt — Participating Mortgage Loans — 40 Derecognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/470/30/#40-derecognition)

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## ASC 470-30-40: 40 Derecognition

[Read section](https://asc.understandingaccounting.org/asc/470/30/#40-derecognition)

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##### [470-30-40-1](https://asc.understandingaccounting.org/asc/470/30/#470-30-40-1)

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If the participating mortgage loan is extinguished before its due date, the difference between the recorded amount of the debt (including the unamortized debt discount and the participation liability) and the amount exchanged to extinguish the debt is a debt extinguishment gain or loss.