{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/360/972/#50-disclosure","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":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":"General Information","paragraphs":[{"citation":"360-972-50-1","para":"50-1","html":"
All of the following information about a common interest realty association's common property shall be disclosed in the notes to its financial statements:
  1. a
    The accounting policy for recognition and measurement of common property
  2. b
    A description of common property recognized as assets in the common interest realty association's balance sheet
  3. c
    A description of common property to which the common interest realty association has title, or other evidence of ownership, that is not recognized as assets in the common interest realty association's balance sheet
  4. d
    The common interest realty association's responsibility to preserve and maintain the common property
  5. e
    Terms and conditions of existing land or recreation leases
  6. f
    Restrictions on the use or disposition of the common property.
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All property owned by a cooperative shall be presented on its balance sheets. Cooperatives generally own the real estate and have the ability to borrow and pledge their assets as collateral. Some cooperatives, therefore, do not accumulate funds for future major repairs and replacements.
","snippet":"All property owned by a cooperative shall be presented on its balance sheets. Cooperatives generally own the real estate and have the ability to borrow and pledge their assets as collateral. Some cooperatives, therefore,…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9dfece82fbb73bb63e226145449b26d70c291154e386fb19d95687f9fd0f44e2","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:693cc9132b358168d741f123b47a5d7ee2fa8ea4c55b565607c79a1060ca33e9","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}},{"block":null,"heading":"Depreciation","paragraphs":[{"citation":"360-972-50-3","para":"50-3","html":"
For property and equipment recognized as assets by common interest realty associations the following information shall be disclosed:
  1. a
    Depreciation expense for the period
  2. b
    Balances of major classes of depreciable assets, by nature or function, at the reporting date
  3. c
    Accumulated depreciation, either by major classes of depreciable assets or in total, at the reporting date
  4. d
    A general description of the method or methods used in computing depreciation for major classes of depreciable assets.
","snippet":"For property and equipment recognized as assets by common interest realty associations the following information shall be disclosed:\n(a) Depreciation expense for the period\n(b) Balances of major classes of depreciable as…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:78bf7be280c0ce4bec0f9236d72e39d8ba93915f786f9dec66dd825d5f16081a","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:580b07bd1111c4922cc803624bfe1279b8ac70e1b437fd14d06379ca731ff8a5","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d8cf552c692366ff34819f8f3e8981723f9674bda9d78eafa090e2a24549e4f9","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d8cf552c692366ff34819f8f3e8981723f9674bda9d78eafa090e2a24549e4f9","downloaded_from":"2026-09-10T00:12:59.332Z","last_downloaded_at":"2026-09-10T00:12:59.332Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479017","source_sha256":"0194d9da90647650a8a29b152d62b8aa070d8ed9c6950f8903e8594814068dcd"}}