{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/970/10/#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":"970","topic_title":"Real Estate—General","subtopic":"970-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"970-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <ol class=\"ol-norm\"> <li class=\"li-norm\"><span class=\"linum\">a</span> <div class=\"p\">Real Estate—General</div> </li> <li class=\"li-norm\"><span class=\"linum\">b</span> <div class=\"p\">Real Estate—Common Interest Realty Associations</div> </li> <li class=\"li-norm\"><span class=\"linum\">c</span> <div class=\"p\">Real Estate—Real Estate Investment Trusts</div> </li> <li class=\"li-norm\"><span class=\"linum\">d</span> <div class=\"p\">Real Estate—Retail Land</div> </li> <li class=\"li-norm\"><span class=\"linum\">e</span> <div class=\"p\">Real Estate—Time-Sharing Activities.</div> </li> </ol> <a altsource=\"GUID-DEB4A805-0F16-411F-92EA-6269206682D5.ditamap\" class=\"ditamap\">842-40</a> </div> </div>","snippet":"(a) Real Estate—General\n(b) Real Estate—Common Interest Realty Associations\n(c) Real Estate—Real Estate Investment Trusts\n(d) Real Estate—Retail Land\n(e) Real Estate—Time-Sharing Activities.\n842-40","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a471efaf5e91d38f65e70e854ed40a9e38e7ab2f57fcc5ab9d606afbf037f68b","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},{"citation":"970-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Real Estate—General Topic provides general real estate industry guidance, and includes the following Subtopics:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">Overall</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Statement of Cash Flows</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2014-09</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Investments—Equity Method and Joint Ventures</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Other Assets and Deferred Costs</div></li><li class=\"li-norm\"><span class=\"linum\">f</span><div class=\"p\">Property, Plant, and Equipment</div></li><li class=\"li-norm\"><span class=\"linum\">g</span><div class=\"p\">Debt</div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Subparagraph superseded by Accounting Standards Update No. 2014-09</a>.</div></li><li class=\"li-norm\"><span class=\"linum\">i</span><div class=\"p\">Other Expenses</div></li><li class=\"li-norm\"><span class=\"linum\">j</span><div class=\"p\">Consolidation</div></li><li class=\"li-norm\"><span class=\"linum\">k</span><div class=\"p\">Interest.</div></li></ol></div> </div>","snippet":"The Real Estate—General Topic provides general real estate industry guidance, and includes the following Subtopics:\n(a) Overall\n(b) Statement of Cash Flows\n(c) Subparagraph superseded by Accounting Standards Update No. 2…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:d0a0e3e2b7c37c861c9de243a11c325a2aaa3a9418c1efb3bea65397732974b3","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},{"citation":"970-10-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\">The guidance throughout this Topic is presented in the following Subsections: <ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\">General</div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\">Real Estate Syndication</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Real Estate Projects.</div></li></ol></div> </div>","snippet":"The guidance throughout this Topic is presented in the following Subsections:\n(a) General\n(b) Real Estate Syndication\n(c) Real Estate Projects.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b7aacc86ae25369fae4a26581bef760398cb67627d83e70fdc97db74228d03ed","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},{"citation":"970-10-05-4","para":"05-4","html":"<div class=\"asc-body\"><div class=\"norm-text\">The General Subsections provide accounting guidance concerning various forms of real estate investment, including real estate ventures, general and limited partnerships, corporate joint ventures and tax increment financing entities. They also provide investor-lender guidance concerning interest on loans or advances to a <a href=\"/glossary/r/#real-estate-venture\" class=\"term\" title=\"Any of the following: a joint venture, a general partnership, a limited partnership, and an undivided interest.\"><span>real estate venture</span></a>. See Section <a altsource=\"GUID-9256E714-8E51-486E-816B-C84CE8CAFA48.ditamap\" class=\"ditamap\">272-10-05</a> regarding limited liability companies.</div> </div>","snippet":"The General Subsections provide accounting guidance concerning various forms of real estate investment, including real estate ventures, general and limited partnerships, corporate joint ventures and tax increment financi…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f1d708bdcb39bd9d832b7f1496082b015325d6c77a6803e235b5929290ad5fb7","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ffaa3c26648aeb7108e4bba2808aea6474ad77437d43ef6ea0cd04d7b1da395","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},{"block":"Real Estate Syndication","heading":null,"paragraphs":[{"citation":"970-10-05-5","para":"05-5","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Real Estate Syndication Subsections provide accounting guidance concerning the recognition of income from real estate <a href=\"/glossary/s/#syndication-activities\" class=\"term\" title=\"Efforts to directly or indirectly sponsor the formation of entities that acquire interests in real estate by raising funds from investors. As consideration for their investments, the investors receive ownership or other financial interests in the sponsored entities. All general partners in syndicated partnerships are deemed to perform syndication activities.\"><span>syndication activities</span></a>.</div></div>","snippet":"The Real Estate Syndication Subsections provide accounting guidance concerning the recognition of income from real estate syndication activities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8873b8a44bfe233a5d913f514ac8fcc2640529d9840f05ea0c9fd3ca763d0473","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bef4a0a407bd68de0ff76123c1498075ec3c9f65eb3236c854acd20129453c74","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},{"block":"Real Estate Project Costs","heading":null,"paragraphs":[{"citation":"970-10-05-6","para":"05-6","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_24A5FE16-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The Real Estate <a href=\"/glossary/p/#project-costs\" class=\"term\" title=\"Costs clearly associated with the acquisition, development, and construction of a real estate project.\"><span>Project Costs</span></a> Subsections establish accounting and reporting standards for acquisition, development, construction, selling, and rental costs associated with real estate projects. They also provide guidance for the accounting for initial rental operations and criteria for determining when the status of a rental project changes from nonoperating to operating. </span></span></div></div>","snippet":"The Real Estate Project Costs Subsections establish accounting and reporting standards for acquisition, development, construction, selling, and rental costs associated with real estate projects. They also provide guidanc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b3ed82bf161d0824bb405b1c62cbf3281f8a16ea20d7d642b676c240006e5be4","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:112ca0c0e4e0b9b685879b52bf80f241b1776fbfabd99ccd0358836cfa52429c","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e33cd93f956931ac0d7e3c2c97bf78c8058b9dff9cd1f9ee8a91ce4480a7cab4","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e33cd93f956931ac0d7e3c2c97bf78c8058b9dff9cd1f9ee8a91ce4480a7cab4","downloaded_from":"2026-09-10T02:25:55.847Z","last_downloaded_at":"2026-09-10T02:25:55.847Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482170","source_sha256":"e0a94aa081af0bc3f9981a7fc8dbe25039d42a4d8e302f95bc2fe3da5de39b48"}}