{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/972/10/#15-scope-and-scope-exceptions","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":"972","topic_title":"Real Estate—Common Interest Realty Associations","subtopic":"972-10","subtopic_title":"Overall","section":{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"972-10-15-1","para":"15-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Subtopics within the Real Estate—Common Interest Realty Associations Topic only provide incremental industry-specific guidance for the entities defined in this Scope Section, or as further defined in the Scope Sections of the individual Subtopics. Entities within the scope of this Topic shall also comply with the applicable guidance not included in this Topic.</div></div>","snippet":"The Subtopics within the Real Estate—Common Interest Realty Associations Topic only provide incremental industry-specific guidance for the entities defined in this Scope Section, or as further defined in the Scope Sectio…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c053e635762b8044b4dd3194cab7e9b58589eebaf52590a75e856e6c72a27f96","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0b6c4d5bc1342053c28a89bd7ab7eac464a88b9daf247d762fa9bcc9115baad5","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}},{"block":null,"heading":"Entities","paragraphs":[{"citation":"972-10-15-2","para":"15-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Real Estate—Common Interest Realty Associations Topic provides guidance for all entities that are <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>. A key feature of these forms of real estate ownership is the existence of an <a href=\"/glossary/a/#association\" class=\"term\" title=\"An organization of unit owners responsible for the operation, administration, and management of the common property. Generally, a not-for-profit corporation with membership of all owners.\"><span>association</span></a> of owners, which is responsible for providing certain services and maintaining certain property that all owners share or own in common. Some examples of common interest realty associations are:<ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><a href=\"/glossary/h/#homeowners-association\" class=\"term\" title=\"See Association.\"><span>Homeowners associations</span></a></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><a href=\"/glossary/c/#condominium\" class=\"term\" title=\"A form of ownership of real property that combines exclusive ownership of a defined space and an undivided interest in the common elements. (Also referred to as a condo.) A common interest realty association is not a condominium unless the undivided interests in the common elements are vested in the unit owners.\"><span>Condominium</span></a> associations</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Time-share associations</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\"><a href=\"/glossary/p/#planned-unit-development\" class=\"term\" title=\"A real estate development that consists of separate lots with contiguous or noncontiguous common areas and facilities owned and maintained by a common interest realty association in which owners have stock or a membership interest.\"><span>Planned-unit developments</span></a></div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\"><a href=\"/glossary/c/#cooperative-housing-corporation\" class=\"term\" title=\"Also referred to as a coop, a cooperative housing corporation is an entity established as a corporation that owns the real estate, usually a multi-unit dwelling, and all improvements on it and is responsible for its maintenance and payment of debt service. Ownership in the corporation is evidenced by shares of stock owned by tenant-shareholders who are entitled to occupy a unit under a proprietary lease. The individual ownership interests in most cooperatives are structured as personal property interests, but some are structured as real property interests.\"><span>Cooperative housing corporations</span></a>.</div></li></ol></div></div>","snippet":"The Real Estate—Common Interest Realty Associations Topic provides guidance for all entities that are common interest realty associations. A key feature of these forms of real estate ownership is the existence of an asso…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e1bc124c5f663d7ab15e3285d39dcf06bbe11b815d58af4a25ee18302727674a","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d3d855a86671722b42338b989c323403980ba8ec5e90e45350d46ca058c7c1f","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}},{"block":null,"heading":"Transactions","paragraphs":[{"citation":"972-10-15-3","para":"15-3","html":"<div class=\"asc-body\"><div class=\"norm-text\">The guidance in the Real Estate—Common Interest Realty Associations Topic applies to all transactions conducted by common interest realty associations.</div></div>","snippet":"The guidance in the Real Estate—Common Interest Realty Associations Topic applies to all transactions conducted by common interest realty associations.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:59ade04520d01616fe893a2c5c8ab9d43eb75dd55ff819ad98466a6cdd39a813","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:51b564346b975282b5b4906f5f362523e4ceec29ad8732fcd7185334d2b62946","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6c0ed737545ee29e9f100b56f1eae43e8365c09445535d7c3485608b4489561","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a6c0ed737545ee29e9f100b56f1eae43e8365c09445535d7c3485608b4489561","downloaded_from":"2026-09-10T02:26:19.483Z","last_downloaded_at":"2026-09-10T02:26:19.483Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482877","source_sha256":"2d871103b72750a19b340a0c2ab66dccce525458a8bdca0a466af09d18a9cda6"}}