# ASC 978-10-25: Real Estate—Time-Sharing Activities — Overall — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

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## ASC 978-10-25: 25 Recognition

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##### [978-10-25-1](https://asc.understandingaccounting.org/asc/978/10/#978-10-25-1)

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As indicated in paragraph [978-10-15-6](https://asc.understandingaccounting.org/asc/978/10/#978-10-15-6), a [time-share](https://asc.understandingaccounting.org/glossary/t/#time-share "See Interval.") seller shall establish and delineate a [project](https://asc.understandingaccounting.org/glossary/p/#project "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.") and its phases at the outset of the project and each [phase](https://asc.understandingaccounting.org/glossary/p/#phase "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.") shall be accounted for separately.