gains and losses

Revenue1

1. 605-40Gains and Losses605 Revenue Recognition

   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 Every paragraph in the subtopic — scope, recognition, measurement, presentation, and relationships — was superseded by ASU 2014-09 (the revenue recognition standard), so the subtopic contains no remaining authoritative guidance. Entities now look to ASC 610-30 for gains and losses on involuntary conversions and to ASC 606 for revenue from contracts with customers.