{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/610/20/#45-other-presentation-matters","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.","topic":"610","topic_title":"Other Income","subtopic":"610-20","subtopic_title":"Gains and Losses from the Derecognition of Nonfinancial Assets","section":{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"610-20-45-1","para":"45-1","html":" See paragraph 360-10-45-5 for guidance on presentation of a gain or loss recognized on the sale of a long-lived asset (disposal group). When either party to a contract has performed, an entity shall apply the guidance in paragraphs to present the relationship between the entity's performance and the counterparty's payment. If an entity meets the criteria in paragraph 405-20-40-1 to derecognize a liability assumed (or relieved) by a counterparty before transferring control of a distinct nonfinancial asset, the liability shall be derecognized but no gain or loss shall be recognized. Instead, the entity shall record a contract liability, which represents consideration received before transferring control of the asset. If an entity transfers control of a distinct nonfinancial asset before meeting the criteria to derecognize a liability assumed by a counterparty, the entity shall recognize a contract asset to the extent the carrying amount of the liability is included in the calculation of the gain or loss.