# ASC 610-20-45: Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets — 45 Other Presentation Matters

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/610/20/#45-other-presentation-matters)

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## ASC 610-20-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/610/20/#45-other-presentation-matters)

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##### [610-20-45-1](https://asc.understandingaccounting.org/asc/610/20/#610-20-45-1)

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See paragraph [360-10-45-5](https://asc.understandingaccounting.org/asc/360/10/#360-10-45-5) for guidance on presentation of a gain or loss recognized on the sale of a long-lived asset ([disposal group](https://asc.understandingaccounting.org/glossary/d/#disposal-group "A disposal group for a long-lived asset or assets to be disposed of by sale or otherwise represents assets to be disposed of together as a group in a single transaction and liabilities directly associated with those assets that will be transferred in the transaction. A disposal group may include a discontinued operation along with other assets and liabilities that are not part of the discontinued operation.")).

##### [610-20-45-2](https://asc.understandingaccounting.org/asc/610/20/#610-20-45-2)

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When either party to a [contract](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") has performed, an entity shall apply the guidance in paragraphs

[606-10-45-1 through 45-5](https://asc.understandingaccounting.org/asc/606/10/#606-10-45-1)

to present the relationship between the entity's performance and the counterparty's payment.

##### [610-20-45-3](https://asc.understandingaccounting.org/asc/610/20/#610-20-45-3)

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If an entity meets the criteria in paragraph [405-20-40-1](https://asc.understandingaccounting.org/asc/405/20/#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](https://asc.understandingaccounting.org/glossary/c/#contract-liability "An entity's obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer."), 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](https://asc.understandingaccounting.org/glossary/c/#contract-asset "An entity's right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity's future performance).") to the extent the carrying amount of the liability is included in the calculation of the gain or loss.