FASB ASC 972 - Real Estate - Common Interest Realty Associations


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!

For more in depth information on this and other FASB ASC topics, check out the following books.

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