{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/720/972/#05-overview-and-background","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":"720","topic_title":"Other Expenses","subtopic":"720-972","subtopic_title":"Real Estate—Common Interest Realty Associations","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"720-972-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic addresses the accounting for major repair or replacement expenditures by <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 associations</span></a>.</div></div>","snippet":"This Subtopic addresses the accounting for major repair or replacement expenditures by common interest realty associations.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:523b5c7ee52cdcb480e656c4ed882de88585eb73d78574b894e92c938e9e9e63","downloaded_from":"2026-09-10T01:13:44.169Z","last_downloaded_at":"2026-09-10T01:13:44.169Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477795","source_sha256":"94b9e846ec6e25335a48156b21cf814961370ba02aac68cc40de9c81322d59f8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f302d78d633bff875c1084e01154fad0df761701191a6af41c8f0317ddbd93be","downloaded_from":"2026-09-10T01:13:44.169Z","last_downloaded_at":"2026-09-10T01:13:44.169Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477795","source_sha256":"94b9e846ec6e25335a48156b21cf814961370ba02aac68cc40de9c81322d59f8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f93140d646845c51633ff8e592d29d130030b857ff12cd316b8ef73541dce9c0","downloaded_from":"2026-09-10T01:13:44.169Z","last_downloaded_at":"2026-09-10T01:13:44.169Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477795","source_sha256":"94b9e846ec6e25335a48156b21cf814961370ba02aac68cc40de9c81322d59f8"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f93140d646845c51633ff8e592d29d130030b857ff12cd316b8ef73541dce9c0","downloaded_from":"2026-09-10T01:13:44.169Z","last_downloaded_at":"2026-09-10T01:13:44.169Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477795","source_sha256":"94b9e846ec6e25335a48156b21cf814961370ba02aac68cc40de9c81322d59f8"}}