FASB ASC 978 - Real Estate - Time-Sharing Activities

FASB ASC Guide > FASB ASC 978

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 978 (ASC 978) to address time sharing activities in real estate. Transactions related to time sharing are characterized from other real estate transactions by the following:

  • Volume based homogeneous sales
  • Seller financing
  • High selling and marketing costs
  • In default, recovery of the time-share by the seller and a forfeiture of principal by the buyer

As time-sharing companies generally have varied structures, there is more flexibility for these companies in the code than other industries which adopt more homogeneous operation structures.

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.

VN:F [1.9.22_1171]
Rating: 0.0/10 (0 votes cast)

Enter you Email and Win!

Sign up for our drawing for an Apple IPhone to help you organize your business contacts, calendar events, and more, by subscribing to our periodic newsletter. Simply add your email below and you will be enrolled. We will never, ever sell or spam your email, and you can cancel at any time!

Cite this page:

Contribute meaningful comments to the Accounting community...