# ASC 605-974: Revenue Recognition — Real Estate—Real Estate Investment Trusts Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/605/974/) 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): 2026-09-10T00:52:43.805Z to 2026-09-10T00:53:03.099Z Record version: sha256:bb5221b6b93282d01d4ae0275aac102c3b7e6b9adaa8598b4f66a934e595aa18 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974: Revenue Recognition — Real Estate—Real Estate Investment Trusts ### Machine-generated study aids ```json { "summary": "ASC 605-974 formerly provided industry-specific revenue recognition guidance for real estate investment trusts under the legacy ASC 605 revenue model. Every paragraph in the subtopic (Sections 05, 15, 25, 45, and 50) was superseded by ASU 2014-09, the revenue standard. REIT revenue transactions are now accounted for under ASC 606 (contracts with customers) or, for rental income, under the leases guidance in ASC 842.", "key_points": [ "All paragraphs of this subtopic — 605-974-05-1, 15-1, 25-1, 25-2, 45-1, and 50-1 — were superseded by Accounting Standards Update No. 2014-09.", "No extant recognition, presentation, or disclosure requirements remain in ASC 605-974; the subtopic is a shell retained for historical and cross-reference purposes.", "Revenue from contracts with customers by REITs is now recognized under the five-step model in ASC 606, principally 606-10-25-1 and following.", "Rental revenue earned by a REIT as lessor falls outside ASC 606 and is governed by ASC 842 (or ASC 840 for entities that have not yet adopted ASC 842).", "Sales of real estate by a REIT are evaluated under ASC 610-20 (other income — gains and losses from the derecognition of nonfinancial assets) when the counterparty is not a customer." ], "categories": [ "Revenue", "Industry-specific", "Transition and effective dates", "Derecognition" ], "audience_level": "introductory", "student_note": "Do not cite ASC 605-974 as live authority \\u2014 it is entirely superseded by ASU 2014-09. The common mistake is assuming REITs still have bespoke revenue rules; instead, analyze whether the inflow is a lease (ASC 842), a contract with a customer (ASC 606), or a nonfinancial asset sale (ASC 610-20).", "related_topics": [ "606", "610-20", "842", "974", "340-40", "605" ], "key_concepts": [ "superseded guidance", "real estate investment trust", "industry-specific revenue guidance", "revenue from contracts with customers", "rental revenue", "derecognition of nonfinancial assets" ] } ``` Source downloaded (UTC): 2026-09-10T00:52:43.805Z to 2026-09-10T00:52:43.805Z Record version: sha256:ac2226651351f0418d5ca99b736419d08e269c9f410d11fbb5510f016a124975 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/605/974/#00-status) SEC content: no ##### [605-974-00-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:43.805Z to 2026-09-10T00:52:43.805Z Record version: sha256:bc15c1c444e0401a2a91d5c8ae9b8f7cc7d9544e5841c453a5d376f079c91e50 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
Real Estate Investment TrustSupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-05-1SupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-15-1SupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-25-1SupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-25-1AmendedAccounting Standards Update No. 2012-0410/01/2012
974-605-25-2SupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-25-2AmendedAccounting Standards Update No. 2012-0410/01/2012
974-605-45-1SupersededAccounting Standards Update No. 2014-0905/28/2014
974-605-50-1SupersededAccounting Standards Update No. 2014-0905/28/2014
Source downloaded (UTC): 2026-09-10T00:52:47.492Z to 2026-09-10T00:52:47.492Z Record version: sha256:17eab41912261a7645694a1c9b36f97db6f395f8b9335e5c7a88a9ba2b7e95ce Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/605/974/#05-overview-and-background) SEC content: no ##### [605-974-05-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:47.492Z to 2026-09-10T00:52:47.492Z Record version: sha256:4306b244e076447b25963e5c72b4875e668eb391a0ad2795031464e2a2cde082 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): 2026-09-10T00:52:49.790Z to 2026-09-10T00:52:49.790Z Record version: sha256:616bc71e81c53173aa3dea638ca840911773064c21c916df753c5d83ffc83d28 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/605/974/#15-scope-and-scope-exceptions) SEC content: no ##### [605-974-15-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:49.790Z to 2026-09-10T00:52:49.790Z Record version: sha256:c1d3154ddfeab5e614ffcf8f5d9b05111466b4805a82596856af8a16ad642cbb 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): 2026-09-10T00:52:52.069Z to 2026-09-10T00:52:52.069Z Record version: sha256:bf80daccfc71ebb0d1c9b1bcb06f8014d57392beb32471eb856fa5712af96202 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-20: 20 Glossary [Read section](https://asc.understandingaccounting.org/asc/605/974/#20-glossary) SEC content: no Source downloaded (UTC): 2026-09-10T00:52:56.406Z to 2026-09-10T00:52:56.406Z Record version: sha256:905d18cd4824f0391ca98b4d19652a097c5c5690cda6c7eeb59c86f2143908ed Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/605/974/#25-recognition) SEC content: no ##### [605-974-25-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:56.406Z to 2026-09-10T00:52:56.406Z Record version: sha256:d8f5f918784ab5983aa54320851b5e3384aec9f45ef36d1886f6eb06432cb727 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/). ##### [605-974-25-2](https://asc.understandingaccounting.org/asc/605/974/#605-974-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T00:52:56.406Z to 2026-09-10T00:52:56.406Z Record version: sha256:f515225bef60b144fabc5b536455a588abf02aba2df6efebaeb110bbdf4a973c 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): 2026-09-10T00:53:00.423Z to 2026-09-10T00:53:00.423Z Record version: sha256:0a0011436b82bf167bca99a3f7d071d402ca517dae15be51252c49a1b7491047 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-45: 45 Other Presentation Matters [Read section](https://asc.understandingaccounting.org/asc/605/974/#45-other-presentation-matters) SEC content: no ##### [605-974-45-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-45-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:53:00.423Z to 2026-09-10T00:53:00.423Z Record version: sha256:9a7f1e5ea8dddd87d5676a7f92a6c56fa5ea32107a3d8ffd0cfedd75bd10362b 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): 2026-09-10T00:53:03.099Z to 2026-09-10T00:53:03.099Z Record version: sha256:851f9d3e2b96300dcb09c12776ef6c085e72221d93c1744953ef83a44b6bdba4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 605-974-50: 50 Disclosure [Read section](https://asc.understandingaccounting.org/asc/605/974/#50-disclosure) SEC content: no ##### [605-974-50-1](https://asc.understandingaccounting.org/asc/605/974/#605-974-50-1) Pending content: no Source downloaded (UTC): 2026-09-10T00:53:03.099Z to 2026-09-10T00:53:03.099Z Record version: sha256:5c26341bcd78ee0dea671aa8a7f1dee05dc633ed567270328ccc755404eab1e6 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/).