{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/976/10/#05-overview-and-background","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":"976","topic_title":"Real Estate—Retail Land","subtopic":"976-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"976-10-05-1","para":"05-1","html":"
The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. The Topics include:
  1. a
    Real Estate—General
  2. b
    Real Estate—Common Interest Realty Associations
  3. c
    Real Estate—Real Estate Investment Trusts
  4. d
    Real Estate—Retail Land
  5. e
    Real Estate—Time-Sharing Activities.
See also Subtopic 842-40 for accounting guidance for the sale of real estate that is part of a sale and leaseback transaction.
","snippet":"The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. The Topics include:\n(a) Real Estate—General\n(b) Real Estate—Common Interest Realty…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:abc4f29b392a82ca4ffbace28c54942b726b7408569606a0dadfaed34da8686d","downloaded_from":"2026-09-10T02:26:53.549Z","last_downloaded_at":"2026-09-10T02:26:53.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482709","source_sha256":"44f2522ddb446c4dd050f3d874a4f197e8b6f35d88ba22712ac8b308a0e9c23f"}},{"citation":"976-10-05-2","para":"05-2","html":"
The Real Estate—Retail Land Topic addresses the unique accounting and reporting issues for retail land sales that are sales, on a volume basis, of lots that are subdivisions of large tracts of land. The sales are characterized by very small down payments and a sales contract or buyer's note for the balance of the purchase price. This Topic includes the following Subtopics:
  1. a
    Overall
  2. b
    Receivables
  3. c
    Inventory
  4. d
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
  5. e
    Cost of Sales and Services.
","snippet":"The Real Estate—Retail Land Topic addresses the unique accounting and reporting issues for retail land sales that are sales, on a volume basis, of lots that are subdivisions of large tracts of land. The sales are charact…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7ee935e315c2d9ae8d6fc8a43d0e5993d13cf6a0714ba089660447749a62cebf","downloaded_from":"2026-09-10T02:26:53.549Z","last_downloaded_at":"2026-09-10T02:26:53.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482709","source_sha256":"44f2522ddb446c4dd050f3d874a4f197e8b6f35d88ba22712ac8b308a0e9c23f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e148300fc0d9c9a56fb074f90d33da64e2bc7a0b6b9050054061cc6c781a4a4","downloaded_from":"2026-09-10T02:26:53.549Z","last_downloaded_at":"2026-09-10T02:26:53.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482709","source_sha256":"44f2522ddb446c4dd050f3d874a4f197e8b6f35d88ba22712ac8b308a0e9c23f"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:74125fa59adca2a0047a2f88c3b8341d99018b802248b12ae125e41fff826934","downloaded_from":"2026-09-10T02:26:53.549Z","last_downloaded_at":"2026-09-10T02:26:53.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482709","source_sha256":"44f2522ddb446c4dd050f3d874a4f197e8b6f35d88ba22712ac8b308a0e9c23f"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:74125fa59adca2a0047a2f88c3b8341d99018b802248b12ae125e41fff826934","downloaded_from":"2026-09-10T02:26:53.549Z","last_downloaded_at":"2026-09-10T02:26:53.549Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482709","source_sha256":"44f2522ddb446c4dd050f3d874a4f197e8b6f35d88ba22712ac8b308a0e9c23f"}}