# ASC 360-970-40: Property, Plant, and Equipment — Real Estate—General — 40 Derecognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/360/970/#40-derecognition)

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## ASC 360-970-40: 40 Derecognition

[Read section](https://asc.understandingaccounting.org/asc/360/970/#40-derecognition)

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### Real Estate Project Costs

#### Abandonments

##### [360-970-40-1](https://asc.understandingaccounting.org/asc/360/970/#360-970-40-1)

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If real estate, including rights to real estate, is abandoned (for example, by allowing a mortgage to be foreclosed or a purchase option to lapse), capitalized costs of that real estate shall be expensed. Such costs shall not be allocated to other components of the project or to other projects.