# ASC 610-10-05: Other Income — Overall — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/610/10/#05-overview-and-background)

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## ASC 610-10-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/610/10/#05-overview-and-background)

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##### [610-10-05-1](https://asc.understandingaccounting.org/asc/610/10/#610-10-05-1)

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The Other Income Topic specifies standards of financial accounting and reporting for income recognized that is not in a [contract](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") with a [customer](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.") within the scope of Topic 606 on [revenue](https://asc.understandingaccounting.org/glossary/r/#revenue "Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.") from contracts with customers, other Topics (such as Topic 842 on leases and Topic 944 on insurance), or in accordance with other revenue or income recognition guidance.

##### [610-10-05-2](https://asc.understandingaccounting.org/asc/610/10/#610-10-05-2)

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This Topic includes the following Subtopics:

1.  a
    
    Overall
    
2.  b
    
    Gains and Losses from the Derecognition of Nonfinancial Assets
    
3.  c
    
    Gains and Losses on Involuntary Conversions.