FASB ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, clarifies the guidance in ASC 610-20, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets, and adds new guidance for partial sales of nonfinancial assets.
The effective dates for the amendments in ASU 2017-05 are the same as those for the new revenue guidance in ASC 606, which means that for public entities, the guidance is effective in annual periods beginning after Dec. 15, 2017, including interim periods therein. Early adoption is permitted in annual periods beginning after Dec. 15, 2016, including interim periods therein.
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