# ASC 976-10-05: Real Estate—Retail Land — Overall — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/976/10/#05-overview-and-background)

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): 2026-09-10T02:26:53.549Z to 2026-09-10T02:26:53.549Z

Record version: sha256:74125fa59adca2a0047a2f88c3b8341d99018b802248b12ae125e41fff826934

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 976-10-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/976/10/#05-overview-and-background)

SEC content: no

##### [976-10-05-1](https://asc.understandingaccounting.org/asc/976/10/#976-10-05-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:26:53.549Z to 2026-09-10T02:26:53.549Z

Record version: sha256:abc4f29b392a82ca4ffbace28c54942b726b7408569606a0dadfaed34da8686d

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


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.

##### [976-10-05-2](https://asc.understandingaccounting.org/asc/976/10/#976-10-05-2)

Pending content: no

Source downloaded (UTC): 2026-09-10T02:26:53.549Z to 2026-09-10T02:26:53.549Z

Record version: sha256:7ee935e315c2d9ae8d6fc8a43d0e5993d13cf6a0714ba089660447749a62cebf

Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


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](https://asc.understandingaccounting.org/updates/asu-2014-09/).
    
5.  e
    
    Cost of Sales and Services.