project phase accounting

Industry1

1. 978-10Overall978 Real Estate—Time-Sharing Activities

   ASC 978-10 is the Overall subtopic for real estate time-sharing activities, describing the scope of the industry guidance and the transaction structures it covers. It applies to all entities that sell real estate time-share interests — fee simple sales, sales where title remains with or reverts to the seller, and reseller transactions — but not to time-sharing in other long-lived assets like cruise ships or corporate jets. It also supplies the tests for determining what constitutes real estate (including integral equipment) and requires that each phase of a time-share project be delineated at the outset and accounted for separately.