# ASC 360-972-05: Property, Plant, and Equipment — Real Estate—Common Interest Realty Associations — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 360-972-05: 05 Overview and Background

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##### [360-972-05-1](https://asc.understandingaccounting.org/asc/360/972/#360-972-05-1)

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This Subtopic addresses recognition and disclosure issues for common real and personal property related to [common interest realty associations](https://asc.understandingaccounting.org/glossary/c/#common-interest-realty-association "An association, also known as a community association, responsible for the governance of the common interest community, for which it was established to serve. A common interest realty association is generally funded by its members via periodic assessments by the common interest realty association so that it can perform its duties, which include management services and maintenance, repair, and replacement of the common property, among other duties established in the governing documents and by state statute.").