# ASC 974-10-15: Real Estate—Real Estate Investment Trusts — Overall — 15 Scope and Scope Exceptions

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/974/10/#15-scope-and-scope-exceptions)

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## ASC 974-10-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/974/10/#15-scope-and-scope-exceptions)

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#### Overall Guidance

##### [974-10-15-1](https://asc.understandingaccounting.org/asc/974/10/#974-10-15-1)

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The Subtopics within the Real Estate—Real Estate Investment Trusts 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

##### [974-10-15-2](https://asc.understandingaccounting.org/asc/974/10/#974-10-15-2)

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The guidance in this Topic applies to all [real estate investment trusts](https://asc.understandingaccounting.org/glossary/r/#real-estate-investment-trust "Real estate investment trusts generally are formed as trusts, associations, or corporations. They employ equity capital, coupled with substantial amounts of debt financing, in making real estate loans and investments. Real estate investment trusts must distribute substantially all of their taxable income to their shareholders annually in order to retain their favorable tax status (that is, dividends paid are treated as deductions in arriving at taxable income)."). The accounting issues discussed in this Topic may also be encountered by other entities which are not real estate investment trusts but which are engaged in the business of making loans on or investing in real estate. The conclusions in this Topic may, therefore, also be appropriate for those entities. However, the accounting practices of entities that are not real estate investment trusts are beyond the scope of this Topic.