{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/905/#00-status","source":"FASB Accounting Standards Codification, Basic View","usage":"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.","topic":"360","topic_title":"Property, Plant, and Equipment","subtopic":"360-905","subtopic_title":"Agriculture","section":{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-905-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" frame=\"all\" id=\"SL50389339-161595\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#land-development-costs\" class=\"term\" title=\"Land improvement and development costs generally fall within two broad classifications, permanent and limited-life, described as follows: Permanent land development costs include the costs of initial land surveys, titles, initial clearing, and initial leveling. Limited-life land development costs are those that will lose value as time passes or as the land and its improvements are used. Costs identified as limited-life improvements include water distribution systems, fencing, and drainage tile. The useful lives of those improvements are reasonably determinable.\"><span>Land Development Costs</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Land Improvement Costs</strong></td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"><a href=\"/glossary/l/#limited-life-land-development-costs\" class=\"term\" title=\"See Land Development Costs.\"><span>Limited Life Land Development Costs</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"><a href=\"/glossary/p/#permanent-land-development-costs\" class=\"term\" title=\"See Land Development Costs.\"><span>Permanent Land Development Costs</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"><a href=\"/glossary/n/#net-realizable-value\" class=\"term\" title=\"Estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.\"><span>Net Realizable Value</span></a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2015-11/\" class=\"xref\">Accounting Standards Update No. 2015-11</a></td><td class=\"entry\">07/22/2015</td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/360/905/#360-905-30-1\" class=\"xref\">905-360-30-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-11/\" class=\"xref\">Accounting Standards Update No. 2015-11</a></td><td class=\"entry\">07/22/2015</td></tr><tr><td class=\"entry\"><a href=\"/asc/360/905/#360-905-30-2\" class=\"xref\">905-360-30-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2015-11/\" class=\"xref\">Accounting Standards Update No. 2015-11</a></td><td class=\"entry\">07/22/2015</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nLand Development Costs | Added | Accounting Standards Update No. 2014-06 | 03/14/2014 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