# ASC 330-978-15: Inventory — Real Estate—Time-Sharing Activities — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

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## ASC 330-978-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/330/978/#15-scope-and-scope-exceptions)

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#### Overall Guidance

##### [330-978-15-1](https://asc.understandingaccounting.org/asc/330/978/#330-978-15-1)

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This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 978-10-15, with specific transaction exceptions noted below.

##### [330-978-15-2](https://asc.understandingaccounting.org/asc/330/978/#330-978-15-2)

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See paragraph [978-810-25-3](https://asc.understandingaccounting.org/asc/810/978/#810-978-25-3) for guidance concerning when an entity shall recognize its interests in a [special-purpose entity](https://asc.understandingaccounting.org/glossary/s/#time-sharing-special-purpose-entity "An entity, typically a corporation or a trust, to which a seller transfers time-sharing real estate in exchange for the entity's stock, membership interests, or beneficial interests.") as inventory.

#### Transactions

##### [330-978-15-3](https://asc.understandingaccounting.org/asc/330/978/#330-978-15-3)

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The guidance in this Subtopic applies to the following transactions and activities:

1.  a
    
    All [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.") sale transactions that are within the scope of Topic 606 on [revenue](https://asc.understandingaccounting.org/glossary/r/#revenue "Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.") from [contracts](https://asc.understandingaccounting.org/glossary/c/#contract "An agreement between two or more parties that creates enforceable rights and obligations.") with [customers](https://asc.understandingaccounting.org/glossary/c/#customer "A party that has contracted with an entity to obtain goods or services that are an output of the entity's ordinary activities in exchange for consideration.").

##### [330-978-15-4](https://asc.understandingaccounting.org/asc/330/978/#330-978-15-4)

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The guidance in this Subtopic does not apply to the following transactions and activities:

1.  a
    
    Time-sharing transactions transactions that fail to meet all of the criteria in paragraph [606-10-25-1](https://asc.understandingaccounting.org/asc/606/10/#606-10-25-1) and, therefore, are accounted for in accordance with paragraphs
    
    [606-10-25-6 through 25-8](https://asc.understandingaccounting.org/asc/606/10/#606-10-25-6)
    
    .