{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/972/10/","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.","number":"972-10","topic":"972","title":"Overall","area":"Industry","paragraphs":8,"summary":"ASC 972-10 is the Overall subtopic that sets the scope and background for accounting by common interest realty associations (CIRAs) — associations of owners such as homeowners associations, condominium associations, time-share associations, planned-unit developments, and cooperative housing corporations. It provides only incremental, industry-specific guidance; CIRAs must also follow all other applicable GAAP. Topic 972 is one of several real estate topics, each addressing a different real estate subindustry.","concepts":["common interest realty association","homeowners association","condominium association","cooperative housing corporation","undivided interest in common property","periodic assessments","incremental industry-specific guidance","scope"],"categories":["Industry-specific","Presentation","Disclosure"],"level":"introductory","topic_title":"Real Estate—Common Interest Realty Associations","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"972-10-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL50392389-165356\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/glossary/t/#time-sharing\" class=\"term\" title=\"An arrangement in which a seller sells or conveys the right to occupy a dwelling unit for specified periods in the future. Forms of time-sharing arrangements include but are not limited to fixed and floating time, interval ownership, undivided interests, points programs, vacation clubs, right-to-use arrangements such as tenancy-for-years arrangements, and arrangements involving special-purpose entities. In this context, an undivided interest is a time-sharing arrangement that involves a tenant-in-common interest in a condominium unit or entire improved property, and in which the interest holder is assigned a specific period (generally, a specific week). The interest holder is also assigned a specific unit if the undivided interest is in the entire improved property.\"><span>Time-Sharing</span></a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"><strong class=\"ph b\">Undivided Interest</strong> (2nd def.)</td><td class=\"entry\">Superseded</td><td class=\"entry\"><a href=\"/updates/asu-2014-06/\" class=\"xref\">Accounting Standards Update No. 2014-06</a></td><td class=\"entry\">03/14/2014</td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/972/10/#972-10-05-1\" class=\"xref\">972-10-05-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2016-02/\" class=\"xref\">Accounting Standards Update No. 2016-02</a></td><td class=\"entry\">02/25/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/972/10/#972-10-05-1\" class=\"xref\">972-10-05-1</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr><tr><td class=\"entry\"><a href=\"/asc/972/10/#972-10-05-2\" class=\"xref\">972-10-05-2</a></td><td class=\"entry\">Amended</td><td class=\"entry\"><a href=\"/updates/asu-2014-09/\" class=\"xref\">Accounting Standards Update No. 2014-09</a></td><td class=\"entry\">05/28/2014</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nTime-Sharing | Amended | Accounting Standards Update No. 2014-06 | 03/14/2014 |\nUndivide…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a3765f78235cf47d249293b3bc4fad470bd5fd9483aa9caa65607209e84411d8","downloaded_from":"2026-09-10T02:26:14.164Z","last_downloaded_at":"2026-09-10T02:26:14.164Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482728","source_sha256":"a0a8c2e42ea124688c34e69c041bd44c1f55f77bdf5c54b5186207f4c6db5aeb"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c962e95b6b834ee87977ef6411e96d126b1e24e0aa830f9baea17a8ba10b3c43","downloaded_from":"2026-09-10T02:26:14.164Z","last_downloaded_at":"2026-09-10T02:26:14.164Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482728","source_sha256":"a0a8c2e42ea124688c34e69c041bd44c1f55f77bdf5c54b5186207f4c6db5aeb"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3ecaaf5e8130a2c4b49103319c6e4961231b8ee8bafebd0a30f04cd7d3fed56f","downloaded_from":"2026-09-10T02:26:14.164Z","last_downloaded_at":"2026-09-10T02:26:14.164Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482728","source_sha256":"a0a8c2e42ea124688c34e69c041bd44c1f55f77bdf5c54b5186207f4c6db5aeb"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"972-10-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. The Topics include:<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—<a href=\"/glossary/t/#time-sharing\" class=\"term\" title=\"An arrangement in which a seller sells or conveys the right to occupy a dwelling unit for specified periods in the future. Forms of time-sharing arrangements include but are not limited to fixed and floating time, interval ownership, undivided interests, points programs, vacation clubs, right-to-use arrangements such as tenancy-for-years arrangements, and arrangements involving special-purpose entities. In this context, an undivided interest is a time-sharing arrangement that involves a tenant-in-common interest in a condominium unit or entire improved property, and in which the interest holder is assigned a specific period (generally, a specific week). The interest holder is also assigned a specific unit if the undivided interest is in the entire improved property.\"><span>Time-Sharing</span></a> Activities</div></li><li class=\"li-norm\"><span class=\"linum\">e</span><div class=\"p\">Real Estate—Retail Land.</div></li></ol><div class=\"p\">See also Subtopic <a altsource=\"GUID-DEB4A805-0F16-411F-92EA-6269206682D5.ditamap\" class=\"ditamap\">842-40</a> for accounting guidance for the sale of real estate that is part of a sale and leaseback transaction.</div></div> </div>","snippet":"The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. The Topics include:\n(a) Real Estate—General\n(b) Real Estate—Common Interest Realty…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b488ceac2184c412806d72b7685626eb11fa7b90e314d8cbc7235feae15098e","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}},{"citation":"972-10-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\">The Real Estate—Common Interest Realty Associations Topic addresses the unique accounting and reporting issues for <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>. This Topic 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\">Presentation of Financial Statements</div></li><li class=\"li-norm\"><span class=\"linum\">c</span><div class=\"p\">Notes to Financial Statements</div></li><li class=\"li-norm\"><span class=\"linum\">d</span><div class=\"p\">Property, Plant, and Equipment</div></li><li class=\"li-norm\"><span class=\"linum\">e</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\">f</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\">g</span><div class=\"p\">Other Expenses</div></li><li class=\"li-norm\"><span class=\"linum\">h</span><div class=\"p\">Income Taxes</div></li><li class=\"li-norm\"><span class=\"linum\">i</span><div class=\"p\">Related Party Disclosures.</div></li></ol></div> </div>","snippet":"The Real Estate—Common Interest Realty Associations Topic addresses the unique accounting and reporting issues for common interest realty associations. This Topic includes the following Subtopics:\n(a) Overall\n(b) Present…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2bfbfe656c58e57c8ae705de54b0caa9d06b8186601086f526576f83fa7cf8de","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:24319198461b17e2e25667422a356d8c8c285daa458d441bb18a63b3b62831c1","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}},{"block":null,"heading":"Other Considerations","paragraphs":[{"citation":"972-10-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_29886274-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Although housing cooperatives have been around since the 1920s, and planned unit developments since the 1840s, it was not until new forms of real estate ownership, such as <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>condominiums</span></a> and time-share associations, emerged in the 1960s that the terms used to describe them became common. 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, referred to in this Topic as a common interest realty association, which is responsible for providing certain services and maintaining certain property that all the owners share or own in common. Homeowners' associations and condominium associations are two examples of common interest realty associations. </span></span> </div> </div>","snippet":"Although housing cooperatives have been around since the 1920s, and planned unit developments since the 1840s, it was not until new forms of real estate ownership, such as condominiums and time-share associations, emerge…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:597fcfd6adfcde1224e274271d4aec81fdc03a7aee177d965dee898f60a25e8e","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}},{"citation":"972-10-05-4","para":"05-4","html":"<div class=\"asc-body\"><div class=\"norm-text\"> <span class=\"sfragment\" id=\"sfr_298863CA-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The main characteristics of such ownership are the following: </span></span> <ol class=\"ol-norm\"> <li class=\"li-norm\"><span class=\"linum\">a</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_298864AE-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Individual ownership of a lot, defined interior space, or shares of stock </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">b</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_2988658C-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Ownership of an undivided interest in the <a href=\"/glossary/c/#common-property\" class=\"term\" title=\"A common interest realty association's real or personal property to which title or other evidence of ownership is held by either: Individual members in common The common interest realty association directly.\"><span>common property</span></a>, with all owners bound by covenant, restriction, or contract through an association of owners </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">c</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_29886665-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Automatic membership in a common interest realty association that has been established under state laws and that performs maintenance and other service activities for the owners </span></span> </div> </li> <li class=\"li-norm\"><span class=\"linum\">d</span> <div class=\"p\"> <span class=\"sfragment\" id=\"sfr_2988674F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Funding of the common interest realty association's activities by periodic assessments of all owners. </span></span> </div> </li> </ol> </div> </div>","snippet":"The main characteristics of such ownership are the following:\n(a) Individual ownership of a lot, defined interior space, or shares of stock\n(b) Ownership of an undivided interest in the common property, with all owners b…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ee84db944d1dfef5bd39bdb8638853b51ab4a5f9dfe2e3a014dd3f37910da0d2","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:579c763e571e68f9c2359c9e2153b4bb5139bc084ba2e957ec006e70fba2a0e5","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:18cab9a1896df27319c164ec5907283bcb6428e2ff6f9d0420ee99f9794b4b39","downloaded_from":"2026-09-10T02:26:17.763Z","last_downloaded_at":"2026-09-10T02:26:17.763Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482903","source_sha256":"5d42f3a28b92c82624726a94f0b07861f79728989882720bc139aeb24cdf8682"}},{"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"}}],"enrichment":{"summary":"ASC 972-10 is the Overall subtopic that sets the scope and background for accounting by common interest realty associations (CIRAs) — associations of owners such as homeowners associations, condominium associations, time-share associations, planned-unit developments, and cooperative housing corporations. It provides only incremental, industry-specific guidance; CIRAs must also follow all other applicable GAAP. Topic 972 is one of several real estate topics, each addressing a different real estate subindustry.","key_points":["The Codification splits real estate guidance among Real Estate—General, Common Interest Realty Associations, Real Estate Investment Trusts, Time-Sharing Activities, and Retail Land; sale of real estate in a sale and leaseback is addressed in Subtopic 842-40 (972-10-05-1).","Topic 972 addresses unique accounting and reporting issues of CIRAs through Subtopics on Overall, Presentation of Financial Statements, Notes to Financial Statements, Property, Plant, and Equipment, Other Expenses, Income Taxes, and Related Party Disclosures; two former subparagraphs were superseded by ASU 2014-09 (972-10-05-2).","A common interest realty association is an association of owners responsible for providing services and maintaining property that all owners share or own in common, such as homeowners' and condominium associations (972-10-05-3).","The defining characteristics are individual ownership of a lot, defined interior space, or shares of stock; an undivided interest in common property subject to covenant, restriction, or contract; automatic membership in an association formed under state law; and funding through periodic assessments of all owners (972-10-05-4).","Topic 972 provides only incremental industry-specific guidance, so entities within its scope must also comply with applicable guidance not included in the Topic (972-10-15-1).","The Topic applies to all entities that are CIRAs — including time-share associations, planned-unit developments, and cooperative housing corporations — and to all transactions they conduct (972-10-15-2 through 15-3)."],"categories":["Industry-specific","Presentation","Disclosure"],"audience_level":"introductory","student_note":"This Overall subtopic is pure scope and background — it tells you who is a CIRA and reminds you that Topic 972 layers on top of, rather than replaces, general GAAP. A common misunderstanding is treating Topic 972 as a complete accounting model; its revenue-related subparagraphs were superseded by ASU 2014-09, so assessments revenue is analyzed under Topic 606.","related_topics":["972-205","972-235","972-360","972-740","606","842-40"],"key_concepts":["common interest realty association","homeowners association","condominium association","cooperative housing corporation","undivided interest in common property","periodic assessments","incremental industry-specific guidance","scope"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa134bf1355b20e08a8914f5d5c3055fc9f85b52504427983ac2ee4fc74bf14e","downloaded_from":"2026-09-10T02:26:14.164Z","last_downloaded_at":"2026-09-10T02:26:21.543Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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