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