# ASC 350-950-05: Intangibles—Goodwill and Other — Financial Services—Title Plant — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/350/950/#05-overview-and-background)

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## ASC 350-950-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/350/950/#05-overview-and-background)

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##### [350-950-05-1](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-1)

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This Subtopic addresses the accounting and reporting for [title plant](https://asc.understandingaccounting.org/glossary/t/#title-plant "A historical record of all matters affecting title to parcels of land in a particular geographic area. The number of years covered by a title plant varies, depending on regulatory requirements and the minimum information period considered necessary to issue title insurance policies efficiently.") and related intangible assets.

##### [350-950-05-2](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-2)

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A title plant consists of all of the following:

1.  a
    
    Indexed and catalogued information for a period concerning the ownership of, and encumbrances on, parcels of land in a particular geographic area
    
2.  b
    
    Information relating to persons having an interest in real estate
    
3.  c
    
    Maps and plats
    
4.  d
    
    Copies of prior title insurance contracts and reports
    
5.  e
    
    Other documents and records.

##### [350-950-05-3](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-3)

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A title plant constitutes a historical record of all matters affecting title to parcels of land in a particular geographic area. The number of years covered by a title plant varies, depending on regulatory requirements and the minimum information period considered necessary to issue title insurance policies efficiently.

##### [350-950-05-4](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-4)

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An entity may decide to construct or purchase a title plant that antedates the period covered by its existing title plant ([backplant](https://asc.understandingaccounting.org/glossary/b/#backplant "A title plant that antedates the period covered by its existing title plant.")).

##### [350-950-05-5](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-5)

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Title plant maintenance involves the updating of the title plant on a daily or other frequent basis by adding both of the following:

1.  a
    
    Reports on the current status of title to specific parcels of real estate
    
2.  b
    
    Other documents, such as records relating to security or other ownership interests.

##### [350-950-05-6](https://asc.understandingaccounting.org/asc/350/950/#350-950-05-6)

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Title searches involve the process of searching through records for all recorded documents or updating information summarized in the most recently issued title report.