Summary. e. For inventory, see paragraphs 330-10-55-2 and 610-30-25-3605-40-25-3. f. For pensions and other postretirement benefits, see paragraphs 715-20-55-18 through 55-19 and 715-60-35-40. … During the three months ended March 31, 2018, we wrote down the carrying values of the damaged improvements by approximately $129,000, and, in accordance with ASC 610-30, … FASB Clarifies the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. ASC 610‐30 applies to all entities and to events and transactions in which … ASC 610-30 notes the following: This Subtopic clarifies the accounting for involuntary conversions of nonmonetary assets (such as property or equipment) to monetary assets (such as … Companies that have already adopted ASC 606, Revenue from Contracts with Customers will find the same guidance in ASC 610-30, Revenue Recognition — Other Income — Gains and … In accordance with ASC 610-30, Other Income: Gains and Losses on Involuntary Conversions, a loss of property due to destruction, such as a fire, which is replaced by another asset such as … Welcome to the Deloitte Accounting Research Tool (DART)! Although this Subtopic provides specific guidance for gains and losses resulting from involuntary conversions, the majority of other guidance for gains and losses is included in the Derecognition Section of the relevant asset or liability Topic. All rights reserved. According to FinREC, insurance recoveries fall within the scope of ASC 610-30 and should be accounted for as other income. Caesars Entertainment is a casino-entertainment and hospitality services provider with the world’s most diversified portfolio. March 2018; DOI: 10.1002/9781119396512.ch41. You must log in{"id":"id-b7e41c6a-5495-438c-a341-85ddbbfaf713","action":"login-q3j74v"} to view this content and have a subscription package that includes this content. ASC 410-30 notes the following: This Subtopic provides guidance on accounting for environmental remediation liabilities and is written in the context of operations taking place in … Examples of such conversions are total or partial destruction or theft of insured nonmonetary assets and the condemnation of property in eminent domain proceedings. This Quarterly Report on Form 10-Q of NRG Energy, Inc., or NRG or the Company, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as … assets to noncustomers, the FASB recently issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which clarifies the guidance in ASC … When an entity adopts ASC 606, Revenue from Contracts with Customers, this same guidance will be moved to ASC 610 … included in ASC 605-40, Revenue Recognition: Gains and Losses. Special Considerations --- Audits of Group Financial Statements 679 to express an opinion about whether the group financial state-mentsareprepared,inallmaterialrespects,inaccordancewith FASB Accounting Standards Codification Manual Find the GAAP Tool FASB Literature. This Subtopic provides guidance on a gain or loss recognized upon the derecognition of a nonfinancial asset within the scope of Topic 350 on intangibles and Topic 360 on property, plant, and equipment (including in substance nonfinancial assets) if those assets are not in a contract with a customer within the scope of Topic 606 on revenue from contracts with customers. Chris Eibl Dave Yankee Deloitte Tax LLP Involuntary Conversions and Casualty Losses September 30, 2014 Financial Accounting Standards Board 401 Merritt 7 PO Box 5116 Norwalk, CT 06856-5116 Please ask for our Product Code No. ASC 610 Other Income. PwC's latest summary of recent developments at the Financial Accounting Standards Board (FASB) including the FASB simplification initiative and links to, and abstracts of, news releases, action alerts, proposed rules, PwC … SEC. KPMG reports on ASU 2017-05, which clarifies the guidance in ASC 610-20 on accounting for derecognition of a … In book: Wiley GAAP 2018: Interpretation and Application of Generally Accepted Accounting Principles (pp.725-728) Summary The FASB recently issued ASU 2017 … The FASB Accounting Standards Codification simplifies user access to all authoritative U.S. generally accepted accounting principles (GAAP) by providing all the authoritative literature … SEC Rules & Regulations ... ASC 610-30 Gains and Losses on Involuntary Conversions. During the three months ended March 31, 2018, we wrote down the carrying values of the damaged improvements by approximately $129,000, and, in accordance with ASC 610-30, … Codification Topics at the 600 Level : Topic 605: Revenue Recognition Topic 605 is the only topic at the 600 level. Download now. You must log in{"id":"id-8e935eb1-a43f-45bf-b4b7-834f0acb8472","action":"login-q3j74v"} to view this content and have a subscription package that includes this content. ASC … ), theft, condemnation, or … Download PDF Version. SEC. ASC 610 comprises three Subtopics, below is an overview of each Subtopic.