# ASC 310-976-35: Receivables — Real Estate—Retail Land — 35 Subsequent Measurement

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/310/976/#35-subsequent-measurement)

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## ASC 310-976-35: 35 Subsequent Measurement

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##### [310-976-35-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-35-1)

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An allowance shall be provided for receivables that are not expected to be collected because of cancellation in subsequent periods. Historical data shall be evaluated to predict the collection of receivables from current sales. The historical data shall be selected from a representative sample of receivables that reflect the latest available collection data and cover an adequate period of time. The receivables in the sample shall be considered uncollectible and the allowance for contract cancellations provided for previously recognized sales shall be appropriately adjusted if payments due are unpaid at the end of the sample period selected for the following delinquency periods.

-   ![ ](https://asc.understandingaccounting.org/asc-img/GUID-69A1C71E-3795-4B1D-88A8-51C808E07D5D-low.gif)
    
    Percent of Contract Price Paid Delinquency Period Less than 25 percent 90 days 25 percent but less than 50 percent 120 days 50 percent and over 150 days

##### [310-976-35-2](https://asc.understandingaccounting.org/asc/310/976/#310-976-35-2)

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The specified delinquency periods may be extended if the seller's recent experience has been better or if the buyer has accepted, or is willing to accept, personal liability on its debt, provided that the buyer's ability to complete payment on the contract can be determined.

##### [310-976-35-3](https://asc.understandingaccounting.org/asc/310/976/#310-976-35-3)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).