{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/250/978/#35-subsequent-measurement","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":"250","topic_title":"Accounting Changes and Error Corrections","subtopic":"250-978","subtopic_title":"Real Estate—Time-Sharing Activities","section":{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Seller Identification of Projects and Phases","paragraphs":[{"citation":"250-978-35-1","para":"35-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_30300008-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A change in the delineation of a <a href=\"/glossary/p/#project\" class=\"term\" title=\"A time-sharing development; some projects may be completed in a single phase, such as a single, one-story building containing several time-sharing units. Other projects may be completed in several phases, for example: A hotel that is being converted to time-sharing units one floor at a time while the unconverted units continue to be rented A number of buildings, each containing several time-sharing units, being built on a piece of property over an extended period of time.\"><span>project</span></a> or its phases that results from a significant change in facts and circumstances related to the project's development—for example, significant revisions in sales prices or discount programs, construction contract price or inflation changes, temporary construction delays, design changes, or a decision by the seller to increase significantly the proportion of luxury versus standard units in a project—shall be accounted for as a change in accounting estimate in accordance with Subtopic <a altsource=\"GUID-8A9240ED-323F-4B9E-B60D-86B558BED396.ditamap\" class=\"ditamap\">250-10</a> using a current-period adjustment as discussed in paragraph <a href=\"/asc/330/978/#330-978-35-1\" class=\"xref\">978-330-35-1</a>. </span></span><span class=\"sfragment\" id=\"sfr_303001B4-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A change in the delineation of a project or its phases without a significant change in facts and circumstances related to the project's development shall be accounted for as a change in the method of applying an accounting principle under Subtopic <a altsource=\"GUID-8A9240ED-323F-4B9E-B60D-86B558BED396.ditamap\" class=\"ditamap\">250-10</a>. An example of this latter change would be a decision to divide the same development of a project into more or fewer phases, which would be a change only in how the project is accounted for rather than a change in the nature (that is, the facts and circumstances) of the project itself. </span></span></div></div>","snippet":"A change in the delineation of a project or its phases that results from a significant change in facts and circumstances related to the project's development—for example, significant revisions in sales prices or discount…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4b78c3dea7fffbe13c9127c6555302002f0be39151113b86fd9be387e52d0ae8","downloaded_from":"2026-09-09T23:17:44.112Z","last_downloaded_at":"2026-09-09T23:17:44.112Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478548","source_sha256":"c994c5cc06dc7fbf87b3fe49859772de84092e6a2c47d54f4dd88a9f24444293"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ba442890b41583168d44b21c1b4ca66f82230d1aeb82b04b01bfc649e9ffdd47","downloaded_from":"2026-09-09T23:17:44.112Z","last_downloaded_at":"2026-09-09T23:17:44.112Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478548","source_sha256":"c994c5cc06dc7fbf87b3fe49859772de84092e6a2c47d54f4dd88a9f24444293"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5f7457afe2a9486e373cda843eaccadd417f98f3819a5456e497d0141fe89d56","downloaded_from":"2026-09-09T23:17:44.112Z","last_downloaded_at":"2026-09-09T23:17:44.112Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478548","source_sha256":"c994c5cc06dc7fbf87b3fe49859772de84092e6a2c47d54f4dd88a9f24444293"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5f7457afe2a9486e373cda843eaccadd417f98f3819a5456e497d0141fe89d56","downloaded_from":"2026-09-09T23:17:44.112Z","last_downloaded_at":"2026-09-09T23:17:44.112Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478548","source_sha256":"c994c5cc06dc7fbf87b3fe49859772de84092e6a2c47d54f4dd88a9f24444293"}}