{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/720/972/#25-recognition","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":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"720-972-25-1","para":"25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_2B2F013F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\"><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> that use fund accounting shall charge expenditures for major repairs or replacements to the fund or funds established for major repairs or replacements. If an expenditure from the major repairs and replacement fund relates to <a href=\"/glossary/c/#common-property\" class=\"term\" title=\"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.\"><span>common property</span></a> recognized as an asset, the amount expended shall be reported as a transfer to the operating fund (or property fund, if such a fund is established). </span></span></div></div>","snippet":"Common interest realty associations that use fund accounting shall charge expenditures for major repairs or replacements to the fund or funds established for major repairs or replacements. If an expenditure from the majo…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9ba9bc7408ff15d6ba7bcdb5758a5df3ad39c364b8a7cc512d451745b2958484","downloaded_from":"2026-09-10T01:13:52.448Z","last_downloaded_at":"2026-09-10T01:13:52.448Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478566","source_sha256":"0ed8691cfbffdc28b66a63fd625ea83e66cfdec0b09ad4bba798930a11629539"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:414da371a8dee76a502f62310b284ad03c533917f815b7e08a768b6f83380af0","downloaded_from":"2026-09-10T01:13:52.448Z","last_downloaded_at":"2026-09-10T01:13:52.448Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478566","source_sha256":"0ed8691cfbffdc28b66a63fd625ea83e66cfdec0b09ad4bba798930a11629539"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a8a04bf342e00b4ebdadb6fd1aa536825f79c4d2e4a5f602c7517a118db40b9","downloaded_from":"2026-09-10T01:13:52.448Z","last_downloaded_at":"2026-09-10T01:13:52.448Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478566","source_sha256":"0ed8691cfbffdc28b66a63fd625ea83e66cfdec0b09ad4bba798930a11629539"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8a8a04bf342e00b4ebdadb6fd1aa536825f79c4d2e4a5f602c7517a118db40b9","downloaded_from":"2026-09-10T01:13:52.448Z","last_downloaded_at":"2026-09-10T01:13:52.448Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478566","source_sha256":"0ed8691cfbffdc28b66a63fd625ea83e66cfdec0b09ad4bba798930a11629539"}}