# ASC 310-976: Receivables — Real Estate—Retail Land Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/310/976/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-09T23:33:45.972Z to 2026-09-09T23:34:07.123Z Record version: sha256:4ea4105f101f9382d7d07a2b8e02e257d00832632db1ed5612f727b44f654737 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976: Receivables — Real Estate—Retail Land ### Machine-generated study aids ```json { "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" ] } ``` Source downloaded (UTC): 2026-09-09T23:33:45.972Z to 2026-09-09T23:33:45.972Z Record version: sha256:60866be4a4131dd92ced7328275a3e94d5cdf1f43eb0d30fb6cdffdfe3774258 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/310/976/#00-status) SEC content: no ##### [310-976-00-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-00-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:45.972Z to 2026-09-09T23:33:45.972Z Record version: sha256:59624e22a07aa77d1505a115d13bdaebd7a505ddacd4c1cfa1de2836b1606e09 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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
Source downloaded (UTC): 2026-09-09T23:33:47.804Z to 2026-09-09T23:33:47.804Z Record version: sha256:15f8d94d1ab3899120f03fd1d62c65d1226adbe17b1225e2c68ff74dbdf91aa0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/310/976/#05-overview-and-background) SEC content: no ##### [310-976-05-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-05-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:47.804Z to 2026-09-09T23:33:47.804Z Record version: sha256:5b025dcffb7388f6b88dc9d6064043bd69ca7e1852908e1215deac6e5c529b0a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides measurement and disclosure guidance concerning receivables from retail land sales. Source downloaded (UTC): 2026-09-09T23:33:50.046Z to 2026-09-09T23:33:50.046Z Record version: sha256:f06aba9e499933025dac9274422fc857f9a890ebea1c7da5d5fef125e955b746 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/310/976/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [310-976-15-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-15-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:50.046Z to 2026-09-09T23:33:50.046Z Record version: sha256:09a5c8f43f448959e59309bace744501c8816038c5e1004d48560bfcbb76707e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 976-10-15. Source downloaded (UTC): 2026-09-09T23:33:52.466Z to 2026-09-09T23:33:52.466Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/310/976/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-09T23:33:54.114Z to 2026-09-09T23:33:54.114Z Record version: sha256:f64455299fa2de5f6e83050cf062e672d0c514b18a20cc5dcb5ed3e47660b835 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-30: 30 Initial Measurement [Read section](https://asc.understandingaccounting.org/asc/310/976/#30-initial-measurement) SEC content: no ##### [310-976-30-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-30-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:54.114Z to 2026-09-09T23:33:54.114Z Record version: sha256:0770e96aa9cd3aa908b60e870fbe2cf77b03e66e116d623ef5012506e6abbbe7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-09T23:33:57.812Z to 2026-09-09T23:33:57.812Z Record version: sha256:9374ee7f9ae4edc0a401d7d0ab0e62de44263d63e658abdf35fe06f78a44081c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-35: 35 Subsequent Measurement [Read section](https://asc.understandingaccounting.org/asc/310/976/#35-subsequent-measurement) SEC content: no ##### [310-976-35-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-35-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:57.812Z to 2026-09-09T23:33:57.812Z Record version: sha256:f36045375865bab70c7b8a21a40f5efe912332dc5362b0194bd98ed5b8747f8d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:57.812Z to 2026-09-09T23:33:57.812Z Record version: sha256:6a2cf0577271ed89184453e96432a760f319140209174309076e7d0a53761609 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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) Pending content: no Source downloaded (UTC): 2026-09-09T23:33:57.812Z to 2026-09-09T23:33:57.812Z Record version: sha256:215583d3caaa6cb27ecfd9b4be1233807718327878e5220e710adb0601f71933 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-09T23:34:00.582Z to 2026-09-09T23:34:00.582Z Record version: sha256:61ecd7e92feb51e9ca0de3b981723af087019e1d5ad8807515e95cf2973e38e4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-40: 40 Derecognition [Read section](https://asc.understandingaccounting.org/asc/310/976/#40-derecognition) SEC content: no ##### [310-976-40-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-40-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:34:00.582Z to 2026-09-09T23:34:00.582Z Record version: sha256:18a42a6e537ad21f4ff1e876cb43c5fbeca2d9746678296cdd8340146c5a1f45 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Receivable balances applicable to cancelled contracts are charged in their entirety to the allowance for contract cancellations when those contracts are cancelled. Source downloaded (UTC): 2026-09-09T23:34:03.583Z to 2026-09-09T23:34:03.583Z Record version: sha256:864f107121753f4da7d27a9ee4a092c00c6567eaadb7939d69bd24cc9bd7dac3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 310-976-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/310/976/#50-disclosure) SEC content: no ##### [310-976-50-1](https://asc.understandingaccounting.org/asc/310/976/#310-976-50-1) Pending content: no Source downloaded (UTC): 2026-09-09T23:34:03.583Z to 2026-09-09T23:34:03.583Z Record version: sha256:d8796684426a4832bcb06a820ad9311d63980b5470b701c602eba3d9835df996 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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.