installment method

Revenue1

1. 605-976Real Estate—Retail Land605 Revenue Recognition

   ASC 605-976 formerly contained the industry-specific revenue recognition guidance for retail land sales (sales of lots in subdivided developments, typically on installment contracts with refund/cancellation periods), including the percentage-of-completion and installment methods for such sales. Every paragraph in the subtopic — Sections 05, 15, 25, 30, 35, and 55 — was superseded by Accounting Standards Update No. 2014-09 (Revenue from Contracts with Customers). The subtopic therefore contains no remaining operative guidance; retail land sales are now accounted for under ASC 606 (and ASC 610-20 for sales of nonfinancial assets to noncustomers).