{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/976/","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","number":"310-976","topic":"310","title":"Real Estate—Retail Land","area":"Assets","paragraphs":9,"summary":"This subtopic governs the measurement, derecognition, and disclosure of receivables arising from retail land sales. Its core rule is that an allowance for contract cancellations must be provided for receivables not expected to be collected because of cancellation, estimated from historical collection data drawn from a representative, current sample covering an adequate period (310-976-35-1). Cancelled contract receivable balances are charged in full against that allowance (310-976-40-1), and specified receivable disclosures are required (310-976-50-1).","concepts":["retail land sales","allowance for contract cancellations","delinquency periods","historical collection data","receivable maturities disclosure","stated interest rates","charge-off to allowance"],"categories":["Subsequent measurement","Derecognition","Disclosure","Industry-specific"],"level":"intermediate","topic_title":"Receivables","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-976-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Full Accrual MethodSupersededAccounting Standards Update No. 2014-0905/28/2014
976-310-30-1SupersededAccounting Standards Update No. 2014-0905/28/2014
976-310-35-3SupersededAccounting Standards Update No. 2014-0905/28/2014
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This Subtopic provides measurement and disclosure guidance concerning receivables from retail land sales.
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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 976-10-15.
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Paragraph superseded by Accounting Standards Update No. 2014-09.
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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.
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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.
","snippet":"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…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6a2cf0577271ed89184453e96432a760f319140209174309076e7d0a53761609","downloaded_from":"2026-09-09T23:33:57.812Z","last_downloaded_at":"2026-09-09T23:33:57.812Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478285","source_sha256":"d8b93836f646d7f8d2aa4f6e71bd74c1f0d1a3c00519716a2d13672739ce903c"}},{"citation":"310-976-35-3","para":"35-3","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
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Receivable balances applicable to cancelled contracts are charged in their entirety to the allowance for contract cancellations when those contracts are cancelled.
","snippet":"Receivable balances applicable to cancelled contracts are charged in their entirety to the allowance for contract cancellations when those contracts are cancelled.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:18a42a6e537ad21f4ff1e876cb43c5fbeca2d9746678296cdd8340146c5a1f45","downloaded_from":"2026-09-09T23:34:00.582Z","last_downloaded_at":"2026-09-09T23:34:00.582Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479214","source_sha256":"1c4b48ce4d17de4750dc613953af4a010ee875d35426bbea1bbc9e07081f8dc6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:738c2aff5c5872ea4eb085f3d436e78432cf68e297b9148196b98eb80eff1f98","downloaded_from":"2026-09-09T23:34:00.582Z","last_downloaded_at":"2026-09-09T23:34:00.582Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479214","source_sha256":"1c4b48ce4d17de4750dc613953af4a010ee875d35426bbea1bbc9e07081f8dc6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:61ecd7e92feb51e9ca0de3b981723af087019e1d5ad8807515e95cf2973e38e4","downloaded_from":"2026-09-09T23:34:00.582Z","last_downloaded_at":"2026-09-09T23:34:00.582Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479214","source_sha256":"1c4b48ce4d17de4750dc613953af4a010ee875d35426bbea1bbc9e07081f8dc6"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-976-50-1","para":"50-1","html":"
Disclosures by entities with retail land sales operations shall include all of the following:
  1. a
    Maturities of accounts receivable for each of the five years following the date of the financial statements
  2. b
    Delinquent accounts receivable and the method(s) for determining delinquency
  3. c
    The weighted average and range of stated interest rates of receivables.
","snippet":"Disclosures by entities with retail land sales operations shall include all of the following:\n(a) Maturities of accounts receivable for each of the five years following the date of the financial statements\n(b) Delinquent…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d8796684426a4832bcb06a820ad9311d63980b5470b701c602eba3d9835df996","downloaded_from":"2026-09-09T23:34:03.583Z","last_downloaded_at":"2026-09-09T23:34:03.583Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477332","source_sha256":"d0006a72d552dac7c382bbfde7a67767af99929d0219320f84ed0e4f696ddab9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1ad94d633e16c306083dbadb92934c0ec794c8b7b6123cdf1fcb375bfb7aa32d","downloaded_from":"2026-09-09T23:34:03.583Z","last_downloaded_at":"2026-09-09T23:34:03.583Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477332","source_sha256":"d0006a72d552dac7c382bbfde7a67767af99929d0219320f84ed0e4f696ddab9"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:864f107121753f4da7d27a9ee4a092c00c6567eaadb7939d69bd24cc9bd7dac3","downloaded_from":"2026-09-09T23:34:03.583Z","last_downloaded_at":"2026-09-09T23:34:03.583Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477332","source_sha256":"d0006a72d552dac7c382bbfde7a67767af99929d0219320f84ed0e4f696ddab9"}}],"enrichment":{"summary":"This subtopic governs the measurement, derecognition, and disclosure of receivables arising from retail land sales. Its core rule is that an allowance for contract cancellations must be provided for receivables not expected to be collected because of cancellation, estimated from historical collection data drawn from a representative, current sample covering an adequate period (310-976-35-1). Cancelled contract receivable balances are charged in full against that allowance (310-976-40-1), and specified receivable disclosures are required (310-976-50-1).","key_points":["An allowance shall be provided for retail land sale receivables not expected to be collected because of cancellation in subsequent periods (310-976-35-1).","The estimate must be based on historical data from a representative sample of receivables reflecting the latest available collection data and covering an adequate period of time (310-976-35-1).","Sampled receivables with payments unpaid at the end of the sample period for the specified delinquency periods are treated as uncollectible, and the allowance for previously recognized sales is adjusted accordingly (310-976-35-1).","The specified delinquency periods may be extended if the seller's recent experience has been better, or if the buyer has accepted or will accept personal liability on the debt and the buyer's ability to complete payment can be determined (310-976-35-2).","When contracts are cancelled, the related receivable balances are charged in their entirety to the allowance for contract cancellations (310-976-40-1).","Required disclosures are maturities of accounts receivable for each of the five years following the balance sheet date, delinquent accounts receivable and the method(s) of determining delinquency, and the weighted average and range of stated interest rates (310-976-50-1).","Certain measurement paragraphs (310-976-30-1 and 35-3) were superseded by ASU 2014-09, which moved retail land sale revenue recognition into the ASC 606 framework."],"categories":["Subsequent measurement","Derecognition","Disclosure","Industry-specific"],"audience_level":"intermediate","student_note":"This is a narrow industry-specific pocket of guidance: the key idea is that cancellation risk on retail land contracts is handled through a dedicated allowance estimated from delinquency sampling, not through general credit-loss judgment. A common misunderstanding is thinking ASU 2014-09 wiped out the whole subtopic — it superseded the revenue-related measurement paragraphs, but the cancellation allowance, charge-off, and disclosure requirements remain.","related_topics":["976-10","606-10","326-20","310-10","340-40"],"key_concepts":["retail land sales","allowance for contract cancellations","delinquency periods","historical collection data","receivable maturities disclosure","stated interest rates","charge-off to allowance"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c0c9aad63bb9583a5af8330e0f9df69c0d0201c97f8e3abd4cee60b16a76490c","downloaded_from":"2026-09-09T23:33:45.972Z","last_downloaded_at":"2026-09-09T23:34:07.123Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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