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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