{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/978/#05-overview-and-background","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":"310","topic_title":"Receivables","subtopic":"310-978","subtopic_title":"Real Estate—Time-Sharing Activities","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic addresses <a href=\"/glossary/t/#time-sharing\" class=\"term\" title=\"An arrangement in which a seller sells or conveys the right to occupy a dwelling unit for specified periods in the future. Forms of time-sharing arrangements include but are not limited to fixed and floating time, interval ownership, undivided interests, points programs, vacation clubs, right-to-use arrangements such as tenancy-for-years arrangements, and arrangements involving special-purpose entities. In this context, an undivided interest is a time-sharing arrangement that involves a tenant-in-common interest in a condominium unit or entire improved property, and in which the interest holder is assigned a specific period (generally, a specific week). The interest holder is also assigned a specific unit if the undivided interest is in the entire improved property.\"><span>time-sharing</span></a> receivables recognition and measurement issues.</div></div>","snippet":"This Subtopic addresses time-sharing receivables recognition and measurement issues.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fc5131642fa10084e8fbddf89b24ab649b91c7c7d38350583e76363a55c7421d","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}},{"citation":"310-978-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_304B2FBF-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Most sales of time-sharing intervals are to retail consumers, who often choose to use seller-provided financing. Although certain financial institutions will participate in the securitization or hypothecation of portfolios of time-sharing receivables, financial institutions typically will not finance the purchase of individual time-sharing intervals. Therefore, a majority of the sales price is often financed by the <a href=\"/glossary/t/#time-share\" class=\"term\" title=\"See Interval.\"><span>time-share</span></a> seller through a promissory note (generally, with a term of 5 to 10 years) signed by the buyer. The promissory note is typically a <a href=\"/glossary/r/#recourse\" class=\"term\" title=\"The right of a transferee of receivables to receive payment from the transferor of those receivables for any of the following: Failure of debtors to pay when due The effects of prepayments Adjustments resulting from defects in the eligibility of the transferred receivables.\"><span>recourse</span></a> note secured by the time-sharing <a href=\"/glossary/i/#interval\" class=\"term\" title=\"The specific period (generally, a specific week) during the year that a time-sharing unit is specified by agreement to be available for occupancy by a particular customer. Also denoted Time-Sharing Interest or Time-Share.\"><span>interval</span></a>. Delinquency and default rates on promissory notes vary widely among individual time-sharing entities and tend to fluctuate in line with the general state of the economy. </span></span></div></div>","snippet":"Most sales of time-sharing intervals are to retail consumers, who often choose to use seller-provided financing. Although certain financial institutions will participate in the securitization or hypothecation of portfoli…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:052346739b6f3e59c5922b6887954590f95feff99183d2cafcdde309405235d4","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}},{"citation":"310-978-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_304B31A2-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">In an effort to manage cash flows, many time-share sellers will sell, hypothecate, securitize, or otherwise monetize their receivables through another party. In general, those transactions are completed with some recourse to the time-share seller (that is, if receivables are uncollectible, the seller is liable for the bad debts up to stated limits). </span></span></div></div>","snippet":"In an effort to manage cash flows, many time-share sellers will sell, hypothecate, securitize, or otherwise monetize their receivables through another party. In general, those transactions are completed with some recours…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1a7288ba5868bac150ae3a1119aa60646bd22d8e5d4d58b284f8e241e0d68209","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:382ce588d0fb44dc7b397f859677ed3df7667f9450e29eb9233d51e7c4f00917","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d5ac6e8dd47487a2aa2f03f8757a77fa4ab4c2d2b8b3cdd03b4294bf95d10567","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d5ac6e8dd47487a2aa2f03f8757a77fa4ab4c2d2b8b3cdd03b4294bf95d10567","downloaded_from":"2026-09-09T23:34:12.208Z","last_downloaded_at":"2026-09-09T23:34:12.208Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477310","source_sha256":"342cef2bc82fc52927ee34443e65fbb14337894f32cd9736ac9cc6032440de74"}}