{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/310/978/","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.","number":"310-978","topic":"310","title":"Real Estate—Time-Sharing Activities","area":"Assets","paragraphs":18,"summary":"This Subtopic governs the accounting for notes receivable arising from time-sharing interval sales, which are typically seller-financed recourse promissory notes with 5- to 10-year terms. It requires uncollectibility (of both principal and interest) to be measured on actual collection experience rather than on proceeds from receivable sales or securitizations, and requires an allowance for credit losses estimated each reporting period (at least quarterly) under Subtopic 326-20. It also prescribes specific disclosures about note maturities, interest rates, and allowance activity, including receivables sold with recourse.","concepts":["time-sharing notes receivable","allowance for uncollectibles","expected credit losses","seller financing with recourse","loan modification and deferment","downgrade","relative sales value method","receivable securitization and hypothecation"],"categories":["Subsequent measurement","Impairment","Disclosure","Industry-specific"],"level":"intermediate","topic_title":"Receivables","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Assumption Superseded Accounting Standards Update No. 2014-09 05/28/2014
Modification (2nd def.) Superseded Accounting Standards Update No. 2014-06 03/14/2014
Percentage-of-Completion Method Superseded Accounting Standards Update No. 2014-09 05/28/2014
Sales Value Superseded Accounting Standards Update No. 2014-09 05/28/2014
Time-Sharing Amended Accounting Standards Update No. 2014-06 03/14/2014
Undivided Interest (2nd def.) Superseded Accounting Standards Update No. 2014-06 03/14/2014
978-310-30-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-30-2 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-35-4 Amended Accounting Standards Update No. 2022-02 03/31/2022
978-310-35-4 through 35-6
 Amended Accounting Standards Update No. 2014-09 05/28/2014
978-310-35-4 Amended Accounting Standards Update No. 2014-06 03/14/2014
978-310-35-5 Amended Accounting Standards Update No. 2016-13 06/16/2016
978-310-35-6 Amended Accounting Standards Update No. 2016-13 06/16/2016
978-310-35-7 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-40-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-40-2 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-45-1 Superseded Accounting Standards Update No. 2014-09 05/28/2014
978-310-50-1 Amended Accounting Standards Update No. 2014-09 05/28/2014
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nAssumption | Superseded | Accounting Standards Update No. 2014-09 | 05/28/2014 |\nModific…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c3948cf5d82c3ee1012ad4a0dc50d70cb402c69e43cd03484e5e997f030a77ca","downloaded_from":"2026-09-09T23:34:09.771Z","last_downloaded_at":"2026-09-09T23:34:09.771Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478446","source_sha256":"c1d3ec034db83e7805cb38a11b8007734e8c505e8f552db2be8665e74f5f9191"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fe102511c770181489d2c3ae1a1cd231ba401e8861281633c1eb5ce66f33c228","downloaded_from":"2026-09-09T23:34:09.771Z","last_downloaded_at":"2026-09-09T23:34:09.771Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478446","source_sha256":"c1d3ec034db83e7805cb38a11b8007734e8c505e8f552db2be8665e74f5f9191"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3bcbbb72a20df6d93169ecc89c9db4876623a967037ed296f8c0c9b196d425d9","downloaded_from":"2026-09-09T23:34:09.771Z","last_downloaded_at":"2026-09-09T23:34:09.771Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478446","source_sha256":"c1d3ec034db83e7805cb38a11b8007734e8c505e8f552db2be8665e74f5f9191"}},{"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":"
This Subtopic addresses time-sharing receivables recognition and measurement issues.
","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":"
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 time-share seller through a promissory note (generally, with a term of 5 to 10 years) signed by the buyer. The promissory note is typically a recourse note secured by the time-sharing interval. 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.
","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":"
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).
","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"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"310-978-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 978-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 978-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:696e13a20797681c748e8afe15e265ba968fcaa9f54372a939c27ba43d1ccae3","downloaded_from":"2026-09-09T23:34:15.202Z","last_downloaded_at":"2026-09-09T23:34:15.202Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477978","source_sha256":"1526a45fdd0419186c5ab8ffdacc13be15ce573da6ea047b23436473a8b098dd"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:adef2c45b0d25f3f98f2ac5f85b0eeb8b3c4314e40a06674e90534d15938a703","downloaded_from":"2026-09-09T23:34:15.202Z","last_downloaded_at":"2026-09-09T23:34:15.202Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477978","source_sha256":"1526a45fdd0419186c5ab8ffdacc13be15ce573da6ea047b23436473a8b098dd"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9325c8947398c2e9f1bbdcfef8f6b39c0ea0d62795cc7aeeced70f39dc437b59","downloaded_from":"2026-09-09T23:34:15.202Z","last_downloaded_at":"2026-09-09T23:34:15.202Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477978","source_sha256":"1526a45fdd0419186c5ab8ffdacc13be15ce573da6ea047b23436473a8b098dd"}},{"number":"30","label":"30 Initial Measurement","anchor":"30-initial-measurement","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-30-1","para":"30-1","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3b8c67161e1fb444eb5b5cc370e6c17afcf25767730c6ee2b2e5d6f16a63fd60","downloaded_from":"2026-09-09T23:34:21.100Z","last_downloaded_at":"2026-09-09T23:34:21.100Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478093","source_sha256":"309a58775ed82fdf33fccbdaab28013b26b806886cecee74ee64e34217151039"}},{"citation":"310-978-30-2","para":"30-2","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c9fac9efce074766d1f9e2d44a121b065796ed73dc827065655b94314449d600","downloaded_from":"2026-09-09T23:34:21.100Z","last_downloaded_at":"2026-09-09T23:34:21.100Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478093","source_sha256":"309a58775ed82fdf33fccbdaab28013b26b806886cecee74ee64e34217151039"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2fe3d06f82cb5ad5077e4e071d67e433785ad7b3f295c14b0b68f845127f9bb7","downloaded_from":"2026-09-09T23:34:21.100Z","last_downloaded_at":"2026-09-09T23:34:21.100Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478093","source_sha256":"309a58775ed82fdf33fccbdaab28013b26b806886cecee74ee64e34217151039"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d84886730062b7bb0a7416925a3aafe7645fe01c18a86501814539deec7b025","downloaded_from":"2026-09-09T23:34:21.100Z","last_downloaded_at":"2026-09-09T23:34:21.100Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478093","source_sha256":"309a58775ed82fdf33fccbdaab28013b26b806886cecee74ee64e34217151039"}},{"number":"35","label":"35 Subsequent Measurement","anchor":"35-subsequent-measurement","is_sec":false,"groups":[{"block":null,"heading":"Collectibility of Receivable","paragraphs":[{"citation":"310-978-35-1","para":"35-1","html":"
The collection of notes receivable is an important function for sellers of time-sharing intervals. Time-share sellers experience some level of uncollectibility in a notes receivable portfolio in the ordinary course of business. To maximize collections, sellers use several kinds of collection programs, including modifications, deferments, assumptions, and downgrades. Sellers incur various costs in using those collection programs. The following provides guidance on accounting for various forms of uncollectibility and the associated costs.
","snippet":"The collection of notes receivable is an important function for sellers of time-sharing intervals. Time-share sellers experience some level of uncollectibility in a notes receivable portfolio in the ordinary course of bu…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ba98418439c66a4855d41eb3686c4c7949cbd08513ee3b766eaad84cf03422ef","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-2","para":"35-2","html":"
Uncollectibility incorporates losses of both principal and interest. Accrued interest income receivable that is determined to be uncollectible shall be charged against interest income at the time the receivable is determined to be uncollectible.
","snippet":"Uncollectibility incorporates losses of both principal and interest. Accrued interest income receivable that is determined to be uncollectible shall be charged against interest income at the time the receivable is determ…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7c8324838a2e7a8949ec12a68a9e7513768700d558ee60718260d05b882e1560","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-3","para":"35-3","html":"
Uncollectibility occurs whenever a receivable either becomes wholly uncollectible or is modified in some manner that results in less than 100-percent collection of the original note. The measurement of uncollectibility shall be based on actual receivables collection experience (and other considerations)—whether the seller or a third party is the servicer of the receivables—rather than the amounts a seller receives as proceeds for receivables sales, securitizations, or hypothecations.
","snippet":"Uncollectibility occurs whenever a receivable either becomes wholly uncollectible or is modified in some manner that results in less than 100-percent collection of the original note. The measurement of uncollectibility s…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:faf5a415d5339a63dedf031028dea3880c09a221f6ad9e368fd009da84f2b732","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-4","para":"35-4","html":"
A creditor (time-share seller) shall account for a note receivable modification or deferment in accordance with Topic 310.A creditor shall account for a downgrade that results in an expected credit loss in accordance with Topic 326 on credit losses.Any reductions in the recorded investment in a note receivable resulting from the application of that Topic shall be charged against the allowance for uncollectibles. Incremental, direct costs associated with uncollectibility, such as costs of collection programs, shall be charged to expense as incurred.
","snippet":"A creditor (time-share seller) shall account for a note receivable modification or deferment in accordance with Topic 310.A creditor shall account for a downgrade that results in an expected credit loss in accordance wit…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b0c3fb265c9956f0f5730106ded352b78cf549d3b2919a41320edf22935054c4","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-5","para":"35-5","html":"
When a time-sharing sale transaction has been recorded, accounting for the allowance for credit losses follows similar valuation principles as any receivable. Each reporting period and at least quarterly a seller evaluates its receivables, estimates the amount it expects to ultimately collect, and evaluates the appropriateness of its allowance pursuant to Subtopic 326-20 on financial instruments measured at amortized cost. The allowance is then adjusted in accordance with Subtopic 326-20. A corresponding adjustment is also made to cost of sales and inventory.
","snippet":"When a time-sharing sale transaction has been recorded, accounting for the allowance for credit losses follows similar valuation principles as any receivable. Each reporting period and at least quarterly a seller evaluat…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:31b7f52c6c5e806a409260a1cd96be839ff55ee2765012e956335dc9764f474f","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-6","para":"35-6","html":"
The allowance for credit losses shall be determined based on consideration of expected credit losses by year of sale, as well as the aging of notes receivable and factors such as the location of the time-sharing units, contract terms, collection experience, economic conditions, reasonable and supportable forecasts, and other qualitative factors as appropriate in the circumstances.
","snippet":"The allowance for credit losses shall be determined based on consideration of expected credit losses by year of sale, as well as the aging of notes receivable and factors such as the location of the time-sharing units, c…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b66863bef97e814ea726ed79a321a720c01d8dc6e47b26c8784f45602a6263ec","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"citation":"310-978-35-7","para":"35-7","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3afa547f86247cb34973ddfb14362c7b7c4e7c42f8f0675c5408e83ba4017572","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b90bfe40d1052d75ed4122dffc5eed3c4a63eb334ca0fdb73aacf7439ef2b230","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ed2edf4154896db621224172bf55e2bc736738892a0d38b5b69b4b7e28ad994","downloaded_from":"2026-09-09T23:34:24.752Z","last_downloaded_at":"2026-09-09T23:34:24.752Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477857","source_sha256":"afdcbd05a880d06a6729e510d91cf186f8f2900211a4e68f71ebc93dc2469fdf"}},{"number":"40","label":"40 Derecognition","anchor":"40-derecognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-40-1","para":"40-1","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eb228cf0f9ddb86d1b01157d888d926d2a27af9c18bbc88589c781c29b0dc75c","downloaded_from":"2026-09-09T23:34:26.954Z","last_downloaded_at":"2026-09-09T23:34:26.954Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478915","source_sha256":"9c3828294ce3ea0aab6a85dccf9220dfb2e5a66b3c717ed7e06ce877b4eacfa2"}},{"citation":"310-978-40-2","para":"40-2","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:013758b291abdde15d47153e4c3ee465153a7ef81dd8182e000610a0d1e4cf03","downloaded_from":"2026-09-09T23:34:26.954Z","last_downloaded_at":"2026-09-09T23:34:26.954Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478915","source_sha256":"9c3828294ce3ea0aab6a85dccf9220dfb2e5a66b3c717ed7e06ce877b4eacfa2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f0b920a15f54134a39f12771058fea0c5813ef49c2e812c936bad5d62205ce05","downloaded_from":"2026-09-09T23:34:26.954Z","last_downloaded_at":"2026-09-09T23:34:26.954Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478915","source_sha256":"9c3828294ce3ea0aab6a85dccf9220dfb2e5a66b3c717ed7e06ce877b4eacfa2"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:571bfb363e14502206b23c75e576f9f6cb9506656d1009d582bba5dfe48cf44c","downloaded_from":"2026-09-09T23:34:26.954Z","last_downloaded_at":"2026-09-09T23:34:26.954Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478915","source_sha256":"9c3828294ce3ea0aab6a85dccf9220dfb2e5a66b3c717ed7e06ce877b4eacfa2"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-45-1","para":"45-1","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2014-09.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:004c3b778c73b298d606862c355118b3b9c85ae9866b22782537ee11941e757e","downloaded_from":"2026-09-09T23:34:29.886Z","last_downloaded_at":"2026-09-09T23:34:29.886Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478731","source_sha256":"ce81c31b97443f42c6a04e4bcf5c334d5cd9ad4ed3a8ed532603388d74abc006"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:415e9681322f16c35549149155fd499f16bb3854c99029bd488929ac92b234d3","downloaded_from":"2026-09-09T23:34:29.886Z","last_downloaded_at":"2026-09-09T23:34:29.886Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478731","source_sha256":"ce81c31b97443f42c6a04e4bcf5c334d5cd9ad4ed3a8ed532603388d74abc006"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:95b06deb3afccc15d5e7253fae8a9d1e8281584531c283295673169bbcc7edaa","downloaded_from":"2026-09-09T23:34:29.886Z","last_downloaded_at":"2026-09-09T23:34:29.886Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478731","source_sha256":"ce81c31b97443f42c6a04e4bcf5c334d5cd9ad4ed3a8ed532603388d74abc006"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"310-978-50-1","para":"50-1","html":"
As noted in paragraph 978-330-35-1, the effects of changes in estimate in the relative sales value method 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 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.
  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, the seller shall provide the same disclosure of activity on receivables sold.
  5. e
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
","snippet":"As noted in paragraph 978-330-35-1, the effects of changes in estimate in the relative sales value method shall be disclosed in accordance with Topic 250. In addition to the information otherwise required by generally ac…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f800867f3fa46afadc4db6c0051311dcabb940b4b0397b9ff91c90fb1cbb9306","downloaded_from":"2026-09-09T23:34:33.920Z","last_downloaded_at":"2026-09-09T23:34:33.920Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479230","source_sha256":"ea43cf4fccaf9964c4d8b6d439bc6776a1f4f4ef37aa871870b00da0c2a27c52"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e87aafc5528ee3751c52c354490f5815d84faaba7a427482de7912a89c363ec3","downloaded_from":"2026-09-09T23:34:33.920Z","last_downloaded_at":"2026-09-09T23:34:33.920Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479230","source_sha256":"ea43cf4fccaf9964c4d8b6d439bc6776a1f4f4ef37aa871870b00da0c2a27c52"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3cce7fa37f08dc66f75368855b78a1e7d4bcb00d8612589ee449b064fd2c40a7","downloaded_from":"2026-09-09T23:34:33.920Z","last_downloaded_at":"2026-09-09T23:34:33.920Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479230","source_sha256":"ea43cf4fccaf9964c4d8b6d439bc6776a1f4f4ef37aa871870b00da0c2a27c52"}}],"enrichment":{"summary":"This Subtopic governs the accounting for notes receivable arising from time-sharing interval sales, which are typically seller-financed recourse promissory notes with 5- to 10-year terms. It requires uncollectibility (of both principal and interest) to be measured on actual collection experience rather than on proceeds from receivable sales or securitizations, and requires an allowance for credit losses estimated each reporting period (at least quarterly) under Subtopic 326-20. It also prescribes specific disclosures about note maturities, interest rates, and allowance activity, including receivables sold with recourse.","key_points":["Uncollectibility covers both principal and interest; accrued interest income receivable determined to be uncollectible is charged against interest income when so determined (310-978-35-2).","Uncollectibility occurs when a receivable becomes wholly uncollectible or is modified so that less than 100 percent of the original note is collected, and is measured on actual collection experience—not on proceeds from receivable sales, securitizations, or hypothecations—regardless of who services the receivables (310-978-35-3).","Note modifications and deferments are accounted for under Topic 310; downgrades resulting in an expected credit loss are accounted for under Topic 326, with resulting reductions in recorded investment charged against the allowance for uncollectibles (310-978-35-4).","Incremental, direct costs of collection programs are charged to expense as incurred (310-978-35-4).","The seller must evaluate receivables and the appropriateness of its allowance each reporting period and at least quarterly under Subtopic 326-20, with a corresponding adjustment to cost of sales and inventory (310-978-35-5).","The allowance is determined considering expected credit losses by year of sale, aging, unit location, contract terms, collection experience, economic conditions, reasonable and supportable forecasts, and other qualitative factors (310-978-35-6).","Required disclosures include five-year maturities of notes receivable reconciled to the balance sheet, weighted average and range of stated interest rates, estimated cost to complete improvements and promised amenities, and allowance activity—including activity on receivables sold with recourse (310-978-50-1)."],"categories":["Subsequent measurement","Impairment","Disclosure","Industry-specific"],"audience_level":"intermediate","student_note":"The trap here is measuring uncollectibility by what a seller nets from selling or securitizing its receivable portfolio—the Codification instead requires measurement based on actual collection experience, and recourse sales still require the seller to disclose allowance activity on the sold receivables. Note also that most of the old revenue/derecognition paragraphs were superseded by ASU 2014-09, so revenue on time-share sales now runs through Topic 606.","related_topics":["310","326","978-330","978-10","606","250"],"key_concepts":["time-sharing notes receivable","allowance for uncollectibles","expected credit losses","seller financing with recourse","loan modification and deferment","downgrade","relative sales value method","receivable securitization and hypothecation"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5cf48bc2bac5d74b11eac08de31f54e17ddf6e70de95aef69fd6ca41babea480","downloaded_from":"2026-09-09T23:34:09.771Z","last_downloaded_at":"2026-09-09T23:34:36.034Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"330-978","title":"Real Estate—Time-Sharing Activities","topic_title":"Inventory","score":0.8042,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9411550e78c5d162e3baa9f61b9a10c6681fd2cd98652ce02d1465f6be86d16d","downloaded_from":"2026-09-09T23:53:35.942Z","last_downloaded_at":"2026-09-09T23:53:56.981Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"310-10","title":"Overall","topic_title":"Receivables","score":0.7848,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8240ff0e5f99b58e27e9872d44d9df5db3f0541a53c4819e25d8d55716748bb5","downloaded_from":"2026-09-09T23:24:42.337Z","last_downloaded_at":"2026-09-09T23:25:40.463Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"340-978","title":"Real Estate—Time-Sharing Activities","topic_title":"Other Assets and Deferred Costs","score":0.7709,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d719b34f63b96e263bf3e773d44c4c733aca099d632f7178debedd637dc76ddf","downloaded_from":"2026-09-09T23:59:19.735Z","last_downloaded_at":"2026-09-09T23:59:36.956Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"720-978","title":"Real Estate—Time-Sharing Activities","topic_title":"Other Expenses","score":0.7409,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5843502917a57f7f6b69f541cb3c1e61b3c9a991a1ea76bab08ab26a8d5e9472","downloaded_from":"2026-09-10T01:14:14.996Z","last_downloaded_at":"2026-09-10T01:14:26.123Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"230-978","title":"Real Estate—Time-Sharing Activities","topic_title":"Statement of Cash Flows","score":0.7374,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:df987acd554169728d8708315d634b3d75cb047e4be3b45fc01ac56df28f2d45","downloaded_from":"2026-09-09T23:13:54.837Z","last_downloaded_at":"2026-09-09T23:14:06.654Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"310-976","title":"Real Estate—Retail Land","topic_title":"Receivables","score":0.7319,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c67998b9c142c5d29037ba3f86f02f6b862123f584fc2add0f750db3f139dedf","downloaded_from":"2026-09-09T23:33:45.972Z","last_downloaded_at":"2026-09-09T23:34:07.123Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}],"prev":{"number":"310-976","title":"Real Estate—Retail Land","topic_title":"Receivables","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0546162a02c1dd2580c0eb90639e2774b34c4a4821ab74f23ae3369f7eb5ee66","downloaded_from":"2026-09-09T23:33:45.972Z","last_downloaded_at":"2026-09-09T23:34:07.123Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"next":{"number":"320-10","title":"Overall","topic_title":"Investments—Debt Securities","provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f1461b2e25c0bab85a4c730ef1c9447112e6a5fe6343dd7730b79bc5a57e685c","downloaded_from":"2026-09-09T23:34:37.849Z","last_downloaded_at":"2026-09-09T23:35:28.596Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eab0c3b75b32b801124e1748c91889dd4923fee70b50929d87105c49e77473f4","downloaded_from":"2026-09-09T23:34:09.771Z","last_downloaded_at":"2026-09-09T23:34:36.034Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}}