Other Income
Overview
ASC 610 comprises three Subtopics, below is an overview of each Subtopic.
610-10 Overall
ASC 610-10 defines the scope of the Other Income Topic, and notes the following:
The Other Income Topic specifies standards of financial accounting and reporting for income recognized that is not in a contract with a customer within the scope of Topic 606 on revenue from contracts with customers, other Topics (such as Topic 840 on leases and Topic 944 on insurance), or in accordance with other revenue or income recognition guidance.
610-20 Gains and Losses From the Derecognition of Nonfinancial Assets
ASC 610-20 notes the following:
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.
610-30 Gains and Losses on Involuntary Conversions
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 insurance proceeds). Examples of such conversions are total or partial destruction or theft of insured nonmonetary assets and the condemnation of property in eminent domain proceedings.
The terms nonmonetary and monetary as used in this Subtopic have the same meaning as those terms have in Topic 845.
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.