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FASB ASC Guide > FASB ASC 972

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 972 (ASC 972) to address topics related to Common Interest Realty Associations – most commonly known today as including condominiums and time-shares. These CIRA’s are defined by:

• Individual ownership of a lot, defined space, or shares of stock
• Ownership of an undivided interest in common property, with all owners bound in some way
• Membership which is automatic in the association to maintain the property
• Regular funding of the association by all members

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

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