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Only recognized financial assets fall within the scope of ASC 860. ASC 860 defines a financial asset.

Definition from ASC 860-10-20

Financial Asset: Cash, evidence of an ownership interest in an entity, or a contract that conveys to one entity a right to do either of the following:
  1. Receive cash or another financial instrument from a second entity
  2. Exchange other financial instruments on potentially favorable terms with the second entity.

A reporting entity should consider this definition when assessing whether the guidance in ASC 860 applies to a transaction. Although a transferred item may constitute an asset, broadly defined, it may not be a financial asset subject to ASC 860.
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