This is often the selling of, by large volume, subdivisions of large tracts of land. This is often selling lots to homebuilders, selling options to buy land, or even selling stock in companies with large real estate holdings. One does not need to be solely in this business – being engaged in it alone is enough to be required to adopt these standards.
For more in depth information on this and other FASB ASC topics, check out the following books.
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