# ASC 350-950-25: Intangibles—Goodwill and Other — Financial Services—Title Plant — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/350/950/#25-recognition)

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## ASC 350-950-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/350/950/#25-recognition)

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#### Title Plant

##### [350-950-25-1](https://asc.understandingaccounting.org/asc/350/950/#350-950-25-1)

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Costs incurred to construct a [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.") shall be capitalized. To qualify for capitalization, costs need to be directly related to, and properly identified with, the activities necessary to construct the title plant.

##### [350-950-25-2](https://asc.understandingaccounting.org/asc/350/950/#350-950-25-2)

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A purchased title plant, including a purchased undivided interest in a title plant, shall be recorded at the date of acquisition. Costs to construct a [backplant](https://asc.understandingaccounting.org/glossary/b/#backplant "A title plant that antedates the period covered by its existing title plant.") need to be identifiable to qualify for capitalization. Costs incurred to maintain a title plant and to do title searches shall be expensed as incurred.

#### Storage and Retrieval

##### [350-950-25-3](https://asc.understandingaccounting.org/asc/350/950/#350-950-25-3)

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The following costs incurred after a title plant is operational shall not be capitalized as title plant:

1.  a
    
    Costs to convert the information from one storage and retrieval system to another
    
2.  b
    
    Costs to modify or modernize the storage and retrieval system.

##### [350-950-25-4](https://asc.understandingaccounting.org/asc/350/950/#350-950-25-4)

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Those costs, however, may be capitalized separately.