{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/235/972/#50-disclosure","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"235","topic_title":"Notes to Financial Statements","subtopic":"235-972","subtopic_title":"Real Estate—Common Interest Realty Associations","section":{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"235-972-50-1","para":"50-1","html":"
In addition to disclosures required by generally accepted accounting principles (GAAP) for other entities, the notes to a common interest realty association's financial statements shall also include disclosures about all of the following:
  1. a
    The common interest realty association's legal form (corporation or association) and that of the entity for which it provides services (for example, condominium, homeowners association, cooperative), areas it controls, and the number of units. (In place of the number of units, cooperative housing corporations may disclose the number of shares and time-share associations may disclose the number of weeks.)
  2. b
    Services (such as maintenance) and subsidies provided by the developer
  3. c
    The number of units (shares for cooperative housing corporations and weeks for time-share associations) owned by the developer
  4. d
    The proposed use for funds collected in special assessments
  5. e
    Assessments that were used for purposes other than those for which they were designated.
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A common interest realty association shall disclose information in its notes to financial statements about its funding for future major repairs and replacements. Disclosures about such funding shall include all of the following:
  1. a
    Requirements, if any, in statutes or the common interest realty association's documents (or mortgage or governmental bodies funding requirements, for example, Federal Housing Administration often has such requirements) to accumulate funds for future major repairs and replacements and the common interest realty association's compliance or lack of compliance with them
  2. b
    A description of the common interest realty association's funding policy, if any, and compliance with that policy
  3. c
    A statement that funds, if any, are being accumulated based on estimated future (or current) costs, that actual expenditures may vary from these estimates, and that the variations may be material
  4. d
    Amounts assessed for major repairs and replacements in the current period, if any
  5. e
    A statement indicating whether a study was conducted to estimate the remaining useful lives of common property components and the costs of future major repairs and replacements.
Common interest realty associations that fund future major repairs and replacements by special assessments or borrowings when needs occur shall disclose that information.
","snippet":"A common interest realty association shall disclose information in its notes to financial statements about its funding for future major repairs and replacements. Disclosures about such funding shall include all of the fo…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a2a6ba95ec281e620a2523756b2612c92c0e26bcab6b31afba71de13ed9754b","downloaded_from":"2026-09-09T23:16:53.919Z","last_downloaded_at":"2026-09-09T23:16:53.919Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478511","source_sha256":"c69c860c832a0a90a94f5ec73b95c47125f2b5425ca87d1deee4f79652cdbf62"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ad2f98b49f8cccb02a868e4821ee32931b81db9531072c5099be0f4440c20d0","downloaded_from":"2026-09-09T23:16:53.919Z","last_downloaded_at":"2026-09-09T23:16:53.919Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478511","source_sha256":"c69c860c832a0a90a94f5ec73b95c47125f2b5425ca87d1deee4f79652cdbf62"}},{"block":null,"heading":"Required Supplementary Information","paragraphs":[{"citation":"235-972-50-3","para":"50-3","html":"
Common interest realty associations shall disclose the following as unaudited supplementary information:
  1. a
    Estimates of current or future costs of future major repairs and replacements of all existing components, such as roofs, including estimated amounts required, methods used to determine the costs, the basis for calculations (including assumptions, if any, about interest and inflation rates), sources used, and the dates of studies, made for this purpose, if any. There is no requirement for common interest realty associations to obtain studies prepared by professional engineers. The estimates may be made by the board of directors or estimates obtained from licensed contractors.
  2. b
    A presentation of components to be repaired and replaced, estimates of the remaining useful lives of those components, estimates of current or future replacement costs, and amounts of funds accumulated for each to the extent designated by the board.
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