From what I know, and please correct me if I'm wrong, land may be depleted (depreciated) if it loses it's value due to exploration. Can someone guide to some authoritative literature that addresses this situation, besides industry-specific literature such as mining or oil & gas? I'm dealing with a situation where land has been depleted due to the fact that a lot of dirt/soil was taking out of that parcel of land, which led to a decrease in it's value. I can't find any
Accounting For Land Depletion
Answers
It depends if the dirt/soil was the "resource" obtained from the parcel of land. It will follow the concept of industry specific rules on land depletion. A rock quarry is a good example.
Maybe I just woke up on the wrong side of the bed this morning but please excuse me for being "cranky". A cursory GOOGLE search for "land depletion accounting" will give you about 10,600,000 results in 0.45 seconds.
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Emerson, thank you for your reply.
You'd think so, but after searching on google for over 30 minutes I still could not find any literature that addresses the circumstances when land may be depleted. I've read through ASC 360 and ASC 932-360, but that wasn't really helpful.
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