# ASC 310-978-50: Receivables — Real Estate—Time-Sharing Activities — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

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## ASC 310-978-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/310/978/#50-disclosure)

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##### [310-978-50-1](https://asc.understandingaccounting.org/asc/310/978/#310-978-50-1)

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As noted in paragraph [978-330-35-1](https://asc.understandingaccounting.org/asc/330/978/#330-978-35-1), the effects of changes in estimate in the [relative sales value method](https://asc.understandingaccounting.org/glossary/r/#relative-sales-value-method "The relative sales value method is similar to a gross profit method and is used to allocate inventory cost and determine cost of sales in conjunction with a sale. Under the relative sales value method, cost of sales is calculated as a percentage of net sales using a cost-of-sales percentage—the ratio of total estimated cost (including costs to complete, if any) to total estimated time-sharing revenue. Time-sharing revenue is calculated as total expected future revenue adjusted for total expected future bad-debt expense.") shall be disclosed in accordance with Topic 250. In addition to the information otherwise required by generally accepted accounting principles (GAAP), the financial statements of entities with [time-sharing](https://asc.understandingaccounting.org/glossary/t/#time-sharing "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.") transactions shall disclose all of the following:

1.  a
    
    Maturities of notes receivable for each of the five years following the date of the financial statements and in the aggregate for all years thereafter. The total of the notes receivable balances displayed with the various maturity dates shall be reconciled to the balance-sheet amount of notes receivable.
    
2.  b
    
    The weighted average and range of stated interest rates of notes receivable.
    
3.  c
    
    The estimated cost to complete improvements and [promised amenities](https://asc.understandingaccounting.org/glossary/p/#promised-amenities "Amenities that a developer is obligated to construct under the terms of time-sharing contracts with purchasers. See also Amenities.").
    
4.  d
    
    The activity in the allowance for uncollectibles, including the balance in the allowance at the beginning and end of each period, additions associated with current-period sales, direct writeoffs charged against the allowance, and changes in estimate associated with prior-period sales. If the developer sells receivables with [recourse](https://asc.understandingaccounting.org/glossary/r/#recourse "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."), the seller shall provide the same disclosure of activity on receivables sold.
    
5.  e
    
    [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).