# ASC 970-10-05: Real Estate—General — Overall — 05 Overview and Background Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/970/10/#05-overview-and-background) 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): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:e33cd93f956931ac0d7e3c2c97bf78c8058b9dff9cd1f9ee8a91ce4480a7cab4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 970-10-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/970/10/#05-overview-and-background) SEC content: no ##### [970-10-05-1](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:a471efaf5e91d38f65e70e854ed40a9e38e7ab2f57fcc5ab9d606afbf037f68b Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 1. a Real Estate—General 2. b Real Estate—Common Interest Realty Associations 3. c Real Estate—Real Estate Investment Trusts 4. d Real Estate—Retail Land 5. e Real Estate—Time-Sharing Activities. 842-40 ##### [970-10-05-2](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:d0a0e3e2b7c37c861c9de243a11c325a2aaa3a9418c1efb3bea65397732974b3 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Real Estate—General Topic provides general real estate industry guidance, and includes the following Subtopics: 1. a Overall 2. b Statement of Cash Flows 3. c [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). 4. d Investments—Equity Method and Joint Ventures 5. e Other Assets and Deferred Costs 6. f Property, Plant, and Equipment 7. g Debt 8. h [Subparagraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/). 9. i Other Expenses 10. j Consolidation 11. k Interest. ##### [970-10-05-3](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:b7aacc86ae25369fae4a26581bef760398cb67627d83e70fdc97db74228d03ed Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance throughout this Topic is presented in the following Subsections: 1. a General 2. b Real Estate Syndication 3. c Real Estate Projects. ##### [970-10-05-4](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-4) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:f1d708bdcb39bd9d832b7f1496082b015325d6c77a6803e235b5929290ad5fb7 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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 [real estate venture](https://asc.understandingaccounting.org/glossary/r/#real-estate-venture "Any of the following: a joint venture, a general partnership, a limited partnership, and an undivided interest."). See Section 272-10-05 regarding limited liability companies. ### Real Estate Syndication ##### [970-10-05-5](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-5) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:8873b8a44bfe233a5d913f514ac8fcc2640529d9840f05ea0c9fd3ca763d0473 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Real Estate Syndication Subsections provide accounting guidance concerning the recognition of income from real estate [syndication activities](https://asc.understandingaccounting.org/glossary/s/#syndication-activities "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."). ### Real Estate Project Costs ##### [970-10-05-6](https://asc.understandingaccounting.org/asc/970/10/#970-10-05-6) Pending content: no Source downloaded (UTC): 2026-09-10T02:25:55.847Z to 2026-09-10T02:25:55.847Z Record version: sha256:b3ed82bf161d0824bb405b1c62cbf3281f8a16ea20d7d642b676c240006e5be4 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Real Estate [Project Costs](https://asc.understandingaccounting.org/glossary/p/#project-costs "Costs clearly associated with the acquisition, development, and construction of a real estate project.") 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.