{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/978/10/#05-overview-and-background","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":"978","topic_title":"Real Estate—Time-Sharing Activities","subtopic":"978-10","subtopic_title":"Overall","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"978-10-05-1","para":"05-1","html":"
The Codification contains several Topics for real estate due to the differing accounting treatment for various real estate subindustries. The Topics include:
  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—Time-Sharing Activities
  5. e
    Real Estate—Retail Land.
See also Subtopic 842-40 for accounting guidance for the sale of real estate that is part of a sale and leaseback transaction.
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The Real Estate—Time-Sharing Activities Topic addresses the unique accounting and reporting issues for real estate time-sharing activities. This Topic includes the following Subtopics:
  1. a
    Overall
  2. b
    Statement of Cash Flows
  3. c
    Accounting Changes and Error Corrections
  4. d
    Receivables
  5. e
    Inventory
  6. f
    Other Assets and Deferred Costs
  7. g
    Subparagraph superseded by Accounting Standards Update No. 2014-09.
  8. h
    Other Expenses
  9. i
    Consolidation
  10. j
    Subparagraph superseded by Accounting Standards Update No. 2016-02.
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The real estate time-sharing industry has a variety of time-sharing structures used by sellers. The term developer is used interchangeably and synonymously with seller in this Topic.
","snippet":"The real estate time-sharing industry has a variety of time-sharing structures used by sellers. The term developer is used interchangeably and synonymously with seller in this Topic.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b5dc756afde6717045e5600fdee211947f88f692c3f2b530e2c6292924e7cc5c","downloaded_from":"2026-09-10T02:27:06.253Z","last_downloaded_at":"2026-09-10T02:27:06.253Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482768","source_sha256":"4e99de4f003c8651280e876b29baabc670b1dc1ab0aab081c709e5e8f1a078ac"}},{"citation":"978-10-05-4","para":"05-4","html":"
Paragraph superseded by Accounting Standards Update No. 2014-09.
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Time-sharing transactions are characterized by the following:
  1. a
    Volume-based, homogeneous sales
  2. b
    Seller financing
  3. c
    Relatively high selling and marketing costs
  4. d
    Upon default, recovery of the time-sharing interval by the seller and some forfeiture of principal by the buyer.
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The time-sharing industry has introduced a variety of transaction structures to differentiate its products and enhance sales volumes. For example, buyers often have the right to exchange periodic use of their time-sharing intervals for use of other time-sharing intervals or for various consumer products, frequently through a third-party exchange entity. In this context, an exchange is the trading, by a purchaser of a time-sharing interval, of that time-sharing interval for a given year for another time interval, another location, or another kind of privilege of ownership. Such trading is often effected through the buyer's membership in an exchange entity. Many developers also offer an internal exchange program. Buyers typically pay a fee for exchange privileges. Time-sharing transactions include the sale of fixed time and floating time, points (which may be redeemed so that a buyer may occupy a specific property), vacation clubs, and fractional interests; the use of time-sharing special-purpose entities to hold title to real estate; and the provision of the right to use real estate for a specified period.
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