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Sale or rental
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Reporting entity’s own use
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• Capital project is subject to lease through a long-term purchase agreement
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• Capital project will be operated to serve retail customers
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• Capital project will be sold or leased again at the end of the lease term
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• Capital project is subject to only a short-term lease (typically less than five years) with no expectation to continue leasing
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• Capital project is constructed for purpose of immediate sale; signed sales agreement is in place
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• Capital project is designed for the owner’s use
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Excerpt from ASC 970-340-25-8
Definition from ASC 970-360-20
Indirect Projects Costs: Costs incurred after the acquisition of the property, such as construction administration (for example, the costs associated with a field office at a project site and the administrative personnel that staff the office), legal fees, and various office costs, that clearly relate to projects under development or construction. Examples of office costs that may be considered indirect project costs are cost accounting, design, and other departments providing services that are clearly related to real estate projects.
Excerpt from ASC 970-340-35-2
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