ASC

ASC 330-976

Real Estate—Retail Land

330 Inventory

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In brief

IntermediateDisclosureInventory and PP&EIndustry-specific

This Subtopic sets the inventory-related disclosure requirements for entities engaged in retail land sales operations, focusing on future expenditures for land improvements. Entities must disclose the estimated total costs and timing of improvement expenditures for major selling areas for each of the five years after the balance sheet date, plus any recorded obligations for improvements (330-976-50-1).

Key points (4)
  • The Subtopic provides only disclosure guidance concerning expenditures for improvements by entities with retail land sales operations (330-976-05-1).
  • Its scope is the same as the Overall Real Estate—Retail Land Subtopic, Section 976-10-15 (330-976-15-1).
  • Entities must disclose estimated total costs and estimated dates of expenditures for improvements for major areas from which sales are being made, for each of the five years following the financial statement date (330-976-50-1(a)).
  • Entities must also disclose recorded obligations for improvements (330-976-50-1(b)).

For students. Remember this is a pure disclosure Subtopic\u2014it does not tell you how to measure or capitalize improvement costs (that comes from ASC 976-360 and ASC 970); students often mistake the five-year schedule for a recognition rule when it is only a forward-looking cost-and-timing disclosure.

retail land salesimprovement expendituresestimated total costsrecorded obligationsreal estate inventoryfive-year disclosure schedule

Machine-generated study aid for ASC 330-976. Check the source paragraphs below.

330-976-05Overview and Background

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330-976-05-1
This Subtopic provides disclosure guidance concerning expenditures for improvements of entities with retail land sales operations.

330-976-15Scope and Scope Exceptions

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Overall Guidance

330-976-15-1
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 976-10-15.

330-976-50Disclosure

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330-976-50-1
Disclosures by entities with retail land sales operations shall include both of the following:
  1. a
    Estimated total costs and estimated dates of expenditures for improvements for major areas from which sales are being made over each of the five years following the date of the financial statements
  2. b
    Recorded obligations for improvements.

Related subtopics