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ASC 606, Revenue from Contracts with Customers and ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets has superseded ASC 360-20 as the authoritative guidance governing the sale of real estate and in substance real estate. The new standards were effective January 1, 2018, for calendar year-end public companies and January 1, 2019, for calendar year-end nonpublic companies. See PwC’s Revenue from contracts with customers and Property, plant, equipment and other assets guides for additional information on the standards.

PwC. All rights reserved. PwC refers to the US member firm or one of its subsidiaries or affiliates, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

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