{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/978/10/#25-recognition","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":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"978-10-25-1","para":"25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">As indicated in paragraph <a href=\"/asc/978/10/#978-10-15-6\" class=\"xref\">978-10-15-6</a>, a <a href=\"/glossary/t/#time-share\" class=\"term\" title=\"See Interval.\"><span>time-share</span></a> seller shall establish and delineate a <a href=\"/glossary/p/#project\" class=\"term\" title=\"A time-sharing development; some projects may be completed in a single phase, such as a single, one-story building containing several time-sharing units. Other projects may be completed in several phases, for example: A hotel that is being converted to time-sharing units one floor at a time while the unconverted units continue to be rented A number of buildings, each containing several time-sharing units, being built on a piece of property over an extended period of time.\"><span>project</span></a> and its phases at the outset of the project and each <a href=\"/glossary/p/#phase\" class=\"term\" title=\"A contractually or physically distinguishable portion of a real estate project (including time-sharing projects). That portion is distinguishable from other portions based on shared characteristics such as: Units a developer has declared or legally registered to be for sale Units linked to an owners association Units to be constructed during a particular time period How a developer plans to build the real estate project.\"><span>phase</span></a> shall be accounted for separately.</div></div>","snippet":"As indicated in paragraph 978-10-15-6, a time-share seller shall establish and delineate a project and its phases at the outset of the project and each phase shall be accounted for separately.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a067590466df5f483fc0a7e571bc7a7e7edfbf77893090dac23f96c111eb90fc","downloaded_from":"2026-09-10T02:27:14.744Z","last_downloaded_at":"2026-09-10T02:27:14.744Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482690","source_sha256":"9ccf13171f3c572e9ea094dd4c173edab15978dbaeea0c34de98457180af51bc"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:69dc3a87ae3ad0b53a0632689f93e0bd03fb93181173d49585d095057fe2126b","downloaded_from":"2026-09-10T02:27:14.744Z","last_downloaded_at":"2026-09-10T02:27:14.744Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482690","source_sha256":"9ccf13171f3c572e9ea094dd4c173edab15978dbaeea0c34de98457180af51bc"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:39841880a71663b4578f4f1f4b19616da9615767d421a37c51c42d444847f737","downloaded_from":"2026-09-10T02:27:14.744Z","last_downloaded_at":"2026-09-10T02:27:14.744Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482690","source_sha256":"9ccf13171f3c572e9ea094dd4c173edab15978dbaeea0c34de98457180af51bc"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:39841880a71663b4578f4f1f4b19616da9615767d421a37c51c42d444847f737","downloaded_from":"2026-09-10T02:27:14.744Z","last_downloaded_at":"2026-09-10T02:27:14.744Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147482690","source_sha256":"9ccf13171f3c572e9ea094dd4c173edab15978dbaeea0c34de98457180af51bc"}}