substantially all the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in that subsidiary is concentrated in nonfinancial assets.

The update excludes all businesses and nonprofit activities from the scope of Subtopic 610-20. Therefore, the derecognition of all businesses and nonprofit activities (except those related to conveyances of oil and gas mineral rights or contracts with customers) should instead be accounted for in accordance with Subtopic 810-10, Consolidation—Overall.