# ASC 972-10-15: Real Estate—Common Interest Realty Associations — Overall — 15 Scope and Scope Exceptions Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/972/10/#15-scope-and-scope-exceptions) 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): 2026-09-10T02:26:19.483Z to 2026-09-10T02:26:19.483Z Record version: sha256:a6c0ed737545ee29e9f100b56f1eae43e8365c09445535d7c3485608b4489561 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 972-10-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/972/10/#15-scope-and-scope-exceptions) SEC content: no #### Overall Guidance ##### [972-10-15-1](https://asc.understandingaccounting.org/asc/972/10/#972-10-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T02:26:19.483Z to 2026-09-10T02:26:19.483Z Record version: sha256:c053e635762b8044b4dd3194cab7e9b58589eebaf52590a75e856e6c72a27f96 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. 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. #### Entities ##### [972-10-15-2](https://asc.understandingaccounting.org/asc/972/10/#972-10-15-2) Pending content: no Source downloaded (UTC): 2026-09-10T02:26:19.483Z to 2026-09-10T02:26:19.483Z Record version: sha256:e1bc124c5f663d7ab15e3285d39dcf06bbe11b815d58af4a25ee18302727674a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The Real Estate—Common Interest Realty Associations Topic provides guidance for all entities that are [common interest realty associations](https://asc.understandingaccounting.org/glossary/c/#common-interest-realty-association "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."). A key feature of these forms of real estate ownership is the existence of an [association](https://asc.understandingaccounting.org/glossary/a/#association "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.") 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: 1. a [Homeowners associations](https://asc.understandingaccounting.org/glossary/h/#homeowners-association "See Association.") 2. b [Condominium](https://asc.understandingaccounting.org/glossary/c/#condominium "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.") associations 3. c Time-share associations 4. d [Planned-unit developments](https://asc.understandingaccounting.org/glossary/p/#planned-unit-development "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.") 5. e [Cooperative housing corporations](https://asc.understandingaccounting.org/glossary/c/#cooperative-housing-corporation "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."). #### Transactions ##### [972-10-15-3](https://asc.understandingaccounting.org/asc/972/10/#972-10-15-3) Pending content: no Source downloaded (UTC): 2026-09-10T02:26:19.483Z to 2026-09-10T02:26:19.483Z Record version: sha256:59ade04520d01616fe893a2c5c8ab9d43eb75dd55ff819ad98466a6cdd39a813 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The guidance in the Real Estate—Common Interest Realty Associations Topic applies to all transactions conducted by common interest realty associations.