# ASC 705-976: Cost of Sales and Services — Real Estate—Retail Land Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/705/976/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:56:41.306Z to 2026-09-10T00:56:51.715Z Record version: sha256:45ec2f5e9399925ecb9303b2b0d3de0ed93af795308d1601232bba7cb7f7aa18 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976: Cost of Sales and Services — Real Estate—Retail Land ### Machine-generated study aids ```json { "summary": "ASC 705-976 addresses the measurement of costs related to retail land sales, using the same scope as the Real Estate—Retail Land Overall Subtopic (976-10-15). Its substantive initial measurement guidance was superseded by ASU 2014-09, so the Subtopic now simply directs preparers to Subtopic 340-40 for incremental costs of obtaining a contract with a customer and costs to fulfill a contract.", "key_points": [ "705-976-05-1: The Subtopic provides measurement guidance concerning the cost of retail land sales.", "705-976-15-1: Scope follows the Overall Subtopic scope in Section 976-10-15 (retail land sales).", "705-976-30-1: The former initial measurement paragraph was superseded by ASU 2014-09 (the revenue recognition standard).", "705-976-30-2: Costs of obtaining and fulfilling a contract with a customer are now accounted for under Subtopic 340-40, not under industry-specific retail land guidance." ], "categories": [ "Initial measurement", "Revenue", "Industry-specific" ], "audience_level": "intermediate", "student_note": "This subtopic is essentially a pointer: after ASU 2014-09, retail land sellers no longer have specialized cost-of-sales measurement rules and must apply ASC 340-40's contract cost model. The common mistake is citing legacy retail land cost allocation guidance that has been superseded.", "related_topics": [ "340-40", "976-10", "606-10", "970" ], "key_concepts": [ "retail land sales", "cost of sales", "incremental costs of obtaining a contract", "costs to fulfill a contract", "real estate industry guidance", "superseded guidance" ] } ``` Source downloaded (UTC): 2026-09-10T00:56:41.306Z to 2026-09-10T00:56:41.306Z Record version: sha256:87d371c26e1c5c1807b870d2d4144827afbe3fbcbcdb3672fb12cda59e4f76c1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/705/976/#00-status) SEC content: no ##### [705-976-00-1](https://asc.understandingaccounting.org/asc/705/976/#705-976-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:56:41.306Z to 2026-09-10T00:56:41.306Z Record version: sha256:b6bce7a461fd09e0b9875e48e55629aeff6d06b3764baa75808e3cec38b782c7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

Full Accrual Method	Superseded	Accounting Standards Update No. 2014-09	05/28/2014

976-705-30-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
976-705-30-2	Amended	Accounting Standards Update No. 2014-09	05/28/2014

Source downloaded (UTC): 2026-09-10T00:56:44.398Z to 2026-09-10T00:56:44.398Z Record version: sha256:ffd16f23c7e6babaa37d41174ec9b944e0f2d232b81e7864b07d28c3b665a620 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/705/976/#05-overview-and-background) SEC content: no ##### [705-976-05-1](https://asc.understandingaccounting.org/asc/705/976/#705-976-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:56:44.398Z to 2026-09-10T00:56:44.398Z Record version: sha256:278087c13fbe61b039953065ee23a300bc4a9c7afe28910db9f7a65b1fcc6997 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic provides measurement guidance concerning the cost of retail land sales. Source downloaded (UTC): 2026-09-10T00:56:48.188Z to 2026-09-10T00:56:48.188Z Record version: sha256:cdcbd4e6487a8eb16ec893dba7c0718df12cd49117b944db6810f2cc5a61afb0 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/705/976/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [705-976-15-1](https://asc.understandingaccounting.org/asc/705/976/#705-976-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:56:48.188Z to 2026-09-10T00:56:48.188Z Record version: sha256:cf7b23b331e1e39cc5ca43e9ff302d7d91421a9caae649bdecda16aec0448a7b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 976-10-15. Source downloaded (UTC): 2026-09-10T00:56:50.002Z to 2026-09-10T00:56:50.002Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/705/976/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-10T00:56:51.715Z to 2026-09-10T00:56:51.715Z Record version: sha256:744286cdeb25708a363c97aaba309b4e9ca771bf66d9d20cca86d03b847886bb Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 705-976-30: 30 Initial Measurement [Read section](https://asc.understandingaccounting.org/asc/705/976/#30-initial-measurement) SEC content: no ##### [705-976-30-1](https://asc.understandingaccounting.org/asc/705/976/#705-976-30-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:56:51.715Z to 2026-09-10T00:56:51.715Z Record version: sha256:76759c78327e606ddd34200dd2eb95192ab0da21ce435f7901a4d1bf9a6ca834 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [705-976-30-2](https://asc.understandingaccounting.org/asc/705/976/#705-976-30-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:56:51.715Z to 2026-09-10T00:56:51.715Z Record version: sha256:f190b0f4e1a3c4aa84ae8f58cee259e2d97bdc9ac6bb92c23d4777b37ce1316e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. See Subtopic 340-40 for guidance on incremental costs of obtaining a contract with a customer and costs to fulfill a contract.