time-sharing transactions

Revenue1

1. 605-978Real Estate—Time-Sharing Activities605 Revenue Recognition

   ASC 605-978 formerly contained the specialized revenue recognition guidance for real estate time-sharing transactions (interval sales, vacation clubs), including profit recognition tests, buyer's commitment and continuing investment thresholds, relative sales value accounting, and reload/upgrade transactions. Every paragraph in every section of the subtopic was superseded by Accounting Standards Update No. 2014-09. Time-sharing revenue is now accounted for under ASC 606, with transfers of real estate outside a customer contract addressed in ASC 610-20.