FASB ASC 976 – Real Estate – Retail Land

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 976 (ASC 976) to address those topics which relate to the retail sale of land in real estate.

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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