# ASC 330-976: Inventory — Real Estate—Retail Land

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/330/976/)

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## ASC 330-976: Inventory — Real Estate—Retail Land

### Machine-generated study aids

```json
{
  "summary": "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": [
    "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))."
  ],
  "categories": [
    "Disclosure",
    "Inventory and PP&E",
    "Industry-specific"
  ],
  "audience_level": "intermediate",
  "student_note": "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.",
  "related_topics": [
    "976-10",
    "976-360",
    "976-605",
    "970",
    "330-10"
  ],
  "key_concepts": [
    "retail land sales",
    "improvement expenditures",
    "estimated total costs",
    "recorded obligations",
    "real estate inventory",
    "five-year disclosure schedule"
  ]
}
```

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## ASC 330-976-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/330/976/#05-overview-and-background)

SEC content: no

##### [330-976-05-1](https://asc.understandingaccounting.org/asc/330/976/#330-976-05-1)

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This Subtopic provides disclosure guidance concerning expenditures for improvements of entities with retail land sales operations.

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## ASC 330-976-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/330/976/#15-scope-and-scope-exceptions)

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#### Overall Guidance

##### [330-976-15-1](https://asc.understandingaccounting.org/asc/330/976/#330-976-15-1)

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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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## ASC 330-976-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/330/976/#50-disclosure)

SEC content: no

##### [330-976-50-1](https://asc.understandingaccounting.org/asc/330/976/#330-976-50-1)

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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.