Accounting Research Tool
97X Real Estate

ASC 976 Real Estate—Retail Land

ASC 976 Real Estate — Retail Land

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ASC 976 notes the following:
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. Overall
  2. Receivables
  3. Inventory
  4. Revenue Recognition
  5. Cost of Sales and Services.