Summary of Statement No. 61
Accounting for Title Plant (Issued 6/82)
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.
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