{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/972/#25-recognition","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":"360","topic_title":"Property, Plant, and Equipment","subtopic":"360-972","subtopic_title":"Real Estate—Common Interest Realty Associations","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Common Real Property","paragraphs":[{"citation":"360-972-25-1","para":"25-1","html":"
Cooperatives shall recognize common real property as assets. Because of their legal structure, cooperatives have title to all their common property and have the authority to dispose of it and retain the proceeds. Other common interest realty associations, such as condominiums and homeowners associations, have adopted other practices for recognizing common real property.
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Most common interest realty associations other than cooperatives, regardless of whether they have title, do not recognize as assets real property directly associated with the units.
","snippet":"Most common interest realty associations other than cooperatives, regardless of whether they have title, do not recognize as assets real property directly associated with the units.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6869881c97cc8ec86e81588e3f6d2446edb5dd784cdacb69de12252d8c2c3a3b","downloaded_from":"2026-09-10T00:12:51.245Z","last_downloaded_at":"2026-09-10T00:12:51.245Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478944","source_sha256":"e607f19fa50107cba0413c147dc16fc1849df7503ecefcb107bcb226d60a26f8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:30fbe0a442b154891927ee04b1cf1e36c6fd81b328da4b1b35c3a1c9e9dd36cc","downloaded_from":"2026-09-10T00:12:51.245Z","last_downloaded_at":"2026-09-10T00:12:51.245Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478944","source_sha256":"e607f19fa50107cba0413c147dc16fc1849df7503ecefcb107bcb226d60a26f8"}},{"block":null,"heading":"Real Property Not Directly Associated with the Units","paragraphs":[{"citation":"360-972-25-3","para":"25-3","html":"
Most common interest realty associations other than cooperatives recognize real property not directly associated with the units as assets when the common interest realty association has title or other evidence of ownership of the property and any of the following conditions are met:
  1. a
    The common interest realty association can dispose of the property, at the discretion of its board of directors, for cash or claims to cash, with the common interest realty association retaining the proceeds.
  2. b
    The property is used by the common interest realty association to generate significant cash flows from members on the basis of usage or from nonmembers.
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However, some common interest realty associations recognize as assets all real property to which they have title or other evidence of ownership and that is not directly associated with the units, regardless of whether either of the above conditions is met.
","snippet":"However, some common interest realty associations recognize as assets all real property to which they have title or other evidence of ownership and that is not directly associated with the units, regardless of whether ei…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4942f673aecfa8f032c501d68513c148db86c78ce18372877436a3490bf77c4c","downloaded_from":"2026-09-10T00:12:51.245Z","last_downloaded_at":"2026-09-10T00:12:51.245Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478944","source_sha256":"e607f19fa50107cba0413c147dc16fc1849df7503ecefcb107bcb226d60a26f8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:011608499dbc05d37f33b1428cc77af559b2dabb77dbf8b186f92da77a14ac72","downloaded_from":"2026-09-10T00:12:51.245Z","last_downloaded_at":"2026-09-10T00:12:51.245Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478944","source_sha256":"e607f19fa50107cba0413c147dc16fc1849df7503ecefcb107bcb226d60a26f8"}},{"block":null,"heading":"Personal Property","paragraphs":[{"citation":"360-972-25-5","para":"25-5","html":"
Common interest realty associations shall recognize common personal property, such as furnishings, recreational equipment, maintenance equipment, and work vehicles, that is used by the common interest realty association in operating, preserving, maintaining, repairing, and replacing common property and providing other services, as assets.
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