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FASB Summaries |
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Statement No. 61 Accounting for Title Plant STATUS Issue Date: June 1982 Effective Date: For fiscal years beginning after December 15, 1982 Affects: No other pronouncements Affected by: Paragraph 6 amended by FAS 121 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement extracts the specialized principles and practices for title plant from AICPA Statement of Position 80-1, Accounting for Title Insurance Companies, and applies to enterprises, such as title insurance enterprises, title abstract enterprises, and title agents, that use a title plant in their operations. This Statement requires that costs directly incurred to construct a title plant be capitalized until the enterprise can use the title plant to do title searches. This Statement also requires that capitalized costs of a title plant not be depreciated and that costs of maintaining a title plant and doing title searches be expensed as incurred. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
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