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.
Accounting made easy, for FREE!
Access the contact form and send us your feedback, questions, etc. We are always welcome to help someone out. You can also contact us if you wish to submit your writing, cartoons, jokes, etc. and we will consider posting them to share with the world! The Facebook and LinkedIn groups are also good areas to find people interested in accounting like yourself, don’t hesitate to join as everyone of all levels are welcome to become part of the community.