legacy revenue recognition

Revenue3

1. 605-30Rights to Use605 Revenue Recognition

   ASC 605-30 was the legacy revenue recognition guidance for "Rights to Use" arrangements (transfers of rights to use property rather than sales of the property itself). Its substantive paragraphs — 605-30-05-1 (overview) and 605-30-25-1 (recognition) — were superseded by ASU 2014-09, so the subtopic is now an empty shell. Arrangements formerly analyzed here are accounted for under ASC 606 (or ASC 842 if the arrangement conveys a lease).

2. 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 Every paragraph in the subtopic — scope, recognition, measurement, presentation, and relationships — was superseded by ASU 2014-09 (the revenue recognition standard), so the subtopic contains no remaining authoritative guidance.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.

3. 605-932Extractive Activities—Oil and Gas605 Revenue Recognition

   ASC 605-932 was the oil and gas industry-specific guidance under the legacy revenue recognition model (ASC 605), addressing revenue recognition for extractive activities such as gas balancing arrangements. Every substantive paragraph in the subtopic (05-1, 15-1, 25-2, and 50-1) was superseded by ASU 2014-09, so the subtopic now contains no operative guidance. Oil and gas revenue is instead accounted for under ASC 606, with industry-specific application guidance in ASC 932-606.