{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/605/40/","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.","number":"605-40","topic":"605","title":"Gains and Losses","area":"Revenue","paragraphs":21,"summary":"ASC 605-40 formerly addressed gains and losses arising from involuntary conversions of nonmonetary assets (such as property destroyed by fire or taken by condemnation) into monetary assets like insurance or condemnation proceeds. Every paragraph in the subtopic — scope, recognition, measurement, presentation, and relationships — was superseded by ASU 2014-09 (the revenue recognition standard), so the subtopic contains no remaining authoritative guidance. 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b\">Accounting Standards Update</strong> </td> <td class=\"entry\"> <strong class=\"ph b\">Date</strong> </td> </tr> <tr> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> <td class=\"entry\"></td> </tr> <tr> <td class=\"entry\"> <div class=\"xref-range displayInline\"><a href=\"/asc/605/40/#605-40-05-1\" class=\"xref\">605-40-05-1 through 05-3</a></div> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-15-1\" class=\"xref\">605-40-15-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-15-2\" class=\"xref\">605-40-15-2</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <div class=\"xref-range displayInline\"><a href=\"/asc/605/40/#605-40-25-1\" class=\"xref\">605-40-25-1 through 25-4</a></div> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-30-1\" class=\"xref\">605-40-30-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-45-1\" class=\"xref\">605-40-45-1</a> </td> <td class=\"entry\">Amended</td> <td class=\"entry\"> <a href=\"/asc-pdf/GUID-CE689F3C-8CB3-4F0C-9F3C-EEEF5ED9D6A5.pdf\" class=\"pdf-link\" target=\"_blank\" rel=\"noopener\">Maintenance Update 2017-19 (PDF)</a> </td> <td class=\"entry\">11/15/2017</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-45-1\" class=\"xref\">605-40-45-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> <tr> <td class=\"entry\"> <a href=\"/asc/605/40/#605-40-60-1\" class=\"xref\">605-40-60-1</a> </td> <td class=\"entry\">Superseded</td> <td class=\"entry\"> <a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a> </td> <td class=\"entry\">05/28/2014</td> </tr> </table> </div> </div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n605-40-05-1 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Every paragraph in the subtopic — scope, recognition, measurement, presentation, and relationships — was superseded by ASU 2014-09 (the revenue recognition standard), so the subtopic contains no remaining authoritative guidance. 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