# ASC 840-978: Leases — Real Estate—Time-Sharing Activities Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/840/978/) 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): 2026-09-10T01:55:04.614Z to 2026-09-10T01:55:15.312Z Record version: sha256:c5fcec325466c9b0d1d51c971163631087c425d855e3de81fc79f11fc77b7c2c Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-978: Leases — Real Estate—Time-Sharing Activities ### Machine-generated study aids ```json { "summary": "ASC 840-978 was the intersection subtopic applying the old lease accounting model (Topic 840) to real estate time-sharing activities (Topic 978). Every paragraph in its Overview, Scope, and Recognition sections has been superseded by ASU 2016-02, the standard that replaced Topic 840 with Topic 842. As a result, the subtopic contains no remaining substantive guidance.", "key_points": [ "All content in this subtopic — 840-978-05-1, 840-978-15-1, 840-978-25-1, and 840-978-25-2 — was superseded by Accounting Standards Update No. 2016-02.", "Because Topic 840 itself was superseded by ASU 2016-02, lease accounting for time-sharing arrangements is now addressed under Topic 842 (Leases) rather than here.", "No recognition, measurement, presentation, or disclosure requirements remain in ASC 840-978; the shell exists only to preserve the Codification's numbering and cross-reference history.", "Entities still applying legacy GAAP for pre-transition comparative periods would need the superseded 840-978 text as it read before ASU 2016-02, not the current empty sections.", "Time-share interval sales and related revenue continue to be governed by Topic 978 and, for revenue recognition, Topic 606." ], "categories": [ "Leases", "Industry-specific", "Transition and effective dates" ], "audience_level": "intermediate", "student_note": "This subtopic is a dead letter — its only exam-relevant fact is that ASU 2016-02 wiped it out along with the rest of Topic 840. The common mistake is citing 840-978 as live authority for time-share leasing; go to Topic 842 for the lease model and Topic 978/606 for time-share revenue.", "related_topics": [ "842", "978", "840", "606", "970" ], "key_concepts": [ "superseded guidance", "time-sharing activities", "lease classification", "real estate leases", "codification intersection subtopic", "transition to topic 842" ] } ``` Source downloaded (UTC): 2026-09-10T01:55:04.614Z to 2026-09-10T01:55:04.614Z Record version: sha256:6a1b28d6eae542e7d07785bd7c66f4cab776c482af376bb984c481c8561e6b42 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-978-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/840/978/#00-status) SEC content: no ##### [840-978-00-1](https://asc.understandingaccounting.org/asc/840/978/#840-978-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:04.614Z to 2026-09-10T01:55:04.614Z Record version: sha256:bbba22973d4fa324a1beef52c77be82062322136d22f4de25de72cf8be618c87 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

Contract-for-Deed	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
Tenancy-for-Years	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
Time-Sharing	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
Time-Sharing	Amended	Accounting Standards Update No. 2014-06	03/14/2014
Undivided Interest (2nd def.)	Superseded	Accounting Standards Update No. 2014-06	03/14/2014

978-840-05-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
978-840-15-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
978-840-25-1	Superseded	Accounting Standards Update No. 2016-02	02/25/2016
978-840-25-1	Amended	Accounting Standards Update No. 2014-09	05/28/2014
978-840-25-2	Superseded	Accounting Standards Update No. 2016-02	02/25/2016

Source downloaded (UTC): 2026-09-10T01:55:07.703Z to 2026-09-10T01:55:07.703Z Record version: sha256:49ccd8d6ad9d396f4ba439af9f6093f735dde61b5b93ce9acc5f340472768f2e Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-978-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/840/978/#05-overview-and-background) SEC content: no ##### [840-978-05-1](https://asc.understandingaccounting.org/asc/840/978/#840-978-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:07.703Z to 2026-09-10T01:55:07.703Z Record version: sha256:31b0e9a5664439e36f8596edb534dd4be80b7ccdf15e5f0c589134836de6c340 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/) Source downloaded (UTC): 2026-09-10T01:55:09.619Z to 2026-09-10T01:55:09.619Z Record version: sha256:10628f5ac9cb3768a30b21f57ffedee7ecc31f4c4088fe6f52e42ec71a86ce32 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-978-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/840/978/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [840-978-15-1](https://asc.understandingaccounting.org/asc/840/978/#840-978-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:09.619Z to 2026-09-10T01:55:09.619Z Record version: sha256:4f76f5b22c6d9bde6941447962599dbf8648e5182f3e14b6c27a7144018fd777 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/) Source downloaded (UTC): 2026-09-10T01:55:15.312Z to 2026-09-10T01:55:15.312Z Record version: sha256:0e73b76526793c7ce43130bc4427ddf6508e359183e4ed023029b6060dd1c094 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 840-978-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/840/978/#25-recognition) SEC content: no ##### [840-978-25-1](https://asc.understandingaccounting.org/asc/840/978/#840-978-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:15.312Z to 2026-09-10T01:55:15.312Z Record version: sha256:f8cd973b70bdce54ece1cb4fe262f74c148d5862f4d4b41ce5aaf681ce43c217 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/) ##### [840-978-25-2](https://asc.understandingaccounting.org/asc/840/978/#840-978-25-2) Pending content: no Source downloaded (UTC): 2026-09-10T01:55:15.312Z to 2026-09-10T01:55:15.312Z Record version: sha256:9995c7310ea7fae74157a18653af39044c20bd0cb0608318e4cb59d688a9f7ee Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. [Paragraph superseded by Accounting Standards Update No. 2016-02](https://asc.understandingaccounting.org/updates/asu-2016-02/)