Ascension?

Is there a section on the forums or the homepage that details ascension and how it works?
I've searched and can't find anything.
I want to know exactly how it works, what stats etc you keep and what you lose.
What the deal is with items, is there ILR and will you have to remove the higher lvl items you've found on your way
to lvl 40.

The Reincarnation/Ascension thread from the "recent or upcoming changes" forum

As it works right now, when you get to 40th, you can 'reincarnate'. The details on where to go and such are in the thread.

You give up all your items, all your gold, and you're reduced back down to 1st level, with 2k gold, and enough XP to get to 4th level. Your "time played" counter is rolled back to 8 hours (you get the 1hr, 2hr, 4hr and 8hr chests right off the bat). Essentially you start over, but with some nice boosts.

Ascension is the same, but you gotta be a 40th level reincarnated character to ascend, and ascended get some more goodies.