# ASC 360-972-50: Property, Plant, and Equipment — Real Estate—Common Interest Realty Associations — 50 Disclosure

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/360/972/#50-disclosure)

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## ASC 360-972-50: 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/360/972/#50-disclosure)

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#### General Information

##### [360-972-50-1](https://asc.understandingaccounting.org/asc/360/972/#360-972-50-1)

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All of the following information about a [common interest realty association's](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.") [common property](https://asc.understandingaccounting.org/glossary/c/#common-property "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.") 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.

##### [360-972-50-2](https://asc.understandingaccounting.org/asc/360/972/#360-972-50-2)

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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.

#### Depreciation

##### [360-972-50-3](https://asc.understandingaccounting.org/asc/360/972/#360-972-50-3)

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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.