# ASC 605-972: Revenue Recognition — Real Estate—Common Interest Realty Associations Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/605/972/) 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. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T00:52:23.083Z to 2026-09-10T00:52:40.219Z Record version: sha256:e9f492c13dd69b6beeab71c0e179c44cf0bcf15c89b55b7a5a520c29dcbf34a2 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972: Revenue Recognition — Real Estate—Common Interest Realty Associations ### Machine-generated study aids ```json { "summary": "ASC 605-972 formerly provided revenue recognition guidance for common interest realty associations (CIRAs), such as condominium and homeowners' associations, addressing assessments from members. Every paragraph in the subtopic — scope, recognition, presentation, and disclosure — was superseded by ASU 2014-09 (Revenue from Contracts with Customers). CIRA revenue transactions are now evaluated under ASC 606, with any surviving industry guidance located in ASC 606-10 or ASC 972.", "key_points": [ "All paragraphs of ASC 605-972 (605-972-05-1, 15-1, 25-1, 45-1, 45-2, 50-1, 50-2) were superseded by Accounting Standards Update No. 2014-09.", "Because the subtopic is fully superseded, it contains no operative recognition, presentation, or disclosure requirements for common interest realty associations.", "Revenue arrangements of common interest realty associations, including member assessments, are now analyzed under the five-step model in ASC 606-10-25-1 and following.", "Entities that had not yet adopted ASU 2014-09 applied the superseded ASC 605-972 guidance until the effective date and transition provisions in ASC 606-10-65-1 required otherwise.", "Real estate industry-specific guidance for these associations that survived the revenue project resides in ASC 972, not in ASC 605." ], "categories": [ "Revenue", "Industry-specific", "Transition and effective dates" ], "audience_level": "intermediate", "student_note": "This subtopic is a shell: everything in it was wiped out by ASU 2014-09, so citing it as live authority is the classic mistake. For any current CIRA revenue question, go straight to ASC 606 (and ASC 972 for remaining real estate industry guidance).", "related_topics": [ "606-10", "972", "605", "340-40", "972-605" ], "key_concepts": [ "common interest realty association", "member assessments", "superseded guidance", "revenue recognition", "condominium and homeowners associations", "transition to asc 606" ] } ``` Source downloaded (UTC): 2026-09-10T00:52:23.083Z to 2026-09-10T00:52:23.083Z Record version: sha256:d01db87e1837426d37639e24b035ce2b40a329b6332ec27b855b398000083a93 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/605/972/#00-status) SEC content: no ##### [605-972-00-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:23.083Z to 2026-09-10T00:52:23.083Z Record version: sha256:da0dc72bd5fde11e0ccfb4e8dbcce1b65751af2d047bb81d81e6c935ed0c2175 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.

Paragraph	Action	Accounting Standards Update	Date

Common Interest Realty Association	Superseded	Accounting Standards Update No. 2014-09	05/28/2014

972-605-05-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-15-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-25-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-45-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-45-2	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-50-1	Superseded	Accounting Standards Update No. 2014-09	05/28/2014
972-605-50-2	Superseded	Accounting Standards Update No. 2014-09	05/28/2014

Source downloaded (UTC): 2026-09-10T00:52:25.457Z to 2026-09-10T00:52:25.457Z Record version: sha256:28511e6d10912fe3616bcd91fac12527fb6a70d79175131f7e6598dcfe94ad98 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/605/972/#05-overview-and-background) SEC content: no ##### [605-972-05-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:25.457Z to 2026-09-10T00:52:25.457Z Record version: sha256:fdf0ed8655b9b96b5f93f0f9fe43bb01e1f9319066e382890f3cbb1a389ed380 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:52:28.273Z to 2026-09-10T00:52:28.273Z Record version: sha256:923cf946d042608e6d2d0fd445ce94b6c91a07eb54a16c768bdd5969f42f3068 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/605/972/#15-scope-and-scope-exceptions) SEC content: no ##### [605-972-15-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:28.273Z to 2026-09-10T00:52:28.273Z Record version: sha256:d4d37b6b13074291f4deb2d70d7b747bde250ad83498211cdfb4180e39d2894e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:52:31.409Z to 2026-09-10T00:52:31.409Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/605/972/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-10T00:52:33.957Z to 2026-09-10T00:52:33.957Z Record version: sha256:3d48de70069263cd6249d47734131fa30aa8218fa18a959b61a6ebaa0bf29157 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/605/972/#25-recognition) SEC content: no ##### [605-972-25-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:33.957Z to 2026-09-10T00:52:33.957Z Record version: sha256:8c97f23fc7057487c8be413a6724b109b465dbc50b870616d34f3443625ff965 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:52:37.799Z to 2026-09-10T00:52:37.799Z Record version: sha256:46497f2894c983d0f2aeec64a4533b9e22789ac124d5ccf8fee5cc96ccc41c33 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/605/972/#45-other-presentation-matters) SEC content: no ##### [605-972-45-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-45-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:37.799Z to 2026-09-10T00:52:37.799Z Record version: sha256:8bb47a551e1285c5beccc044bb3c237b9f43fe58c8fd63d6e3a52052d6ab075e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-972-45-2](https://asc.understandingaccounting.org/asc/605/972/#605-972-45-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:37.799Z to 2026-09-10T00:52:37.799Z Record version: sha256:3b95ce1eddea95a90daeb6802c42d624cf2fd74d8723ff9b7354f8241301f1f4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). Source downloaded (UTC): 2026-09-10T00:52:40.219Z to 2026-09-10T00:52:40.219Z Record version: sha256:9967c954689c873e75f89fbe9ef6af8c5fc739c5c25525c232a56609964ab9da Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-972-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/605/972/#50-disclosure) SEC content: no ##### [605-972-50-1](https://asc.understandingaccounting.org/asc/605/972/#605-972-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:40.219Z to 2026-09-10T00:52:40.219Z Record version: sha256:d9f3cbc7c2373965f0dac0aa1b2c5f480437f103d5543ea3b52299a18083c5e7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). ##### [605-972-50-2](https://asc.understandingaccounting.org/asc/605/972/#605-972-50-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:40.219Z to 2026-09-10T00:52:40.219Z Record version: sha256:bef554c028c4e0135d40cdd684175a0a68721ee28b18249e1d627d3ede048edf Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).