{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/972/#30-initial-measurement","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":"30","label":"30 Initial Measurement","anchor":"30-initial-measurement","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"360-972-30-1","para":"30-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_2A28E604-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><a href=\"/glossary/c/#common-property\" class=\"term\" title=\"A common interest realty association's real or personal property to which title or other evidence of ownership is held by either: Individual members in common The common interest realty association directly.\"><span>Common property</span></a> recognized as assets of a <a href=\"/glossary/c/#common-interest-realty-association\" class=\"term\" title=\"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.\"><span>common interest realty association</span></a> shall be initially measured at the common interest realty association's cost to acquire it if the common interest realty association acquired the property in a monetary transaction. If the common interest realty association acquired the property in a nonmonetary transaction, such as by a <a href=\"/glossary/n/#nonreciprocal-transfer\" class=\"term\" title=\"Nonreciprocal transfer is a transfer of assets or services in one direction, either from an entity to its owners (whether or not in exchange for their ownership interests) or to another entity, or from owners or another entity to the entity. An entity's reacquisition of its outstanding stock is an example of a nonreciprocal transfer.\"><span>nonreciprocal transfer</span></a> from the developer, and if the property is recognized as an asset of the common interest realty association, the common interest realty association shall initially measure the property using fair value at the date of its acquisition. It may be helpful to consider the developer's cost, if it is known, in determining the fair value. </span></span></div></div>","snippet":"Common property recognized as assets of a common interest realty association shall be initially measured at the common interest realty association's cost to acquire it if the common interest realty association acquired t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e54028775b0938c2697fc4354619949f692d095d747771d385213d10fbd9ed6c","downloaded_from":"2026-09-10T00:12:54.101Z","last_downloaded_at":"2026-09-10T00:12:54.101Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477373","source_sha256":"7e87f67628d1dfa2580fed84930ece74890ce1469d6fd9aca4224b6c2381498c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:db1ba74e96ed5dc6ff25e4fa2a3270a9530ad6db4677768c462da8ba992642ee","downloaded_from":"2026-09-10T00:12:54.101Z","last_downloaded_at":"2026-09-10T00:12:54.101Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477373","source_sha256":"7e87f67628d1dfa2580fed84930ece74890ce1469d6fd9aca4224b6c2381498c"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cdf6e0131f6c4f3bc3b0bab9f23c984d1758a1209307cf22f4ea3060f103caf6","downloaded_from":"2026-09-10T00:12:54.101Z","last_downloaded_at":"2026-09-10T00:12:54.101Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477373","source_sha256":"7e87f67628d1dfa2580fed84930ece74890ce1469d6fd9aca4224b6c2381498c"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cdf6e0131f6c4f3bc3b0bab9f23c984d1758a1209307cf22f4ea3060f103caf6","downloaded_from":"2026-09-10T00:12:54.101Z","last_downloaded_at":"2026-09-10T00:12:54.101Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477373","source_sha256":"7e87f67628d1dfa2580fed84930ece74890ce1469d6fd9aca4224b6c2381498c"}}