 The AICPA Accounting Standards Executive
Committee (AcSEC) issued Statement of Position (SOP) 04-2,
Accounting for Real Estate Time-Sharing Transactions
, to address diversity in practice caused by a lack of
guidance specific to real estate time-sharing transactions.
Concurrently the Financial Accounting Standards Board (FASB)
issued Statement of Financial Accounting Standards no. 152,
Accounting for Real Estate Time-Sharing
Transactions—an amendment of FASB Statements No. 66 and 67
, which includes amendments to FASB pronouncements
being made in conjunction with issuance of the SOP, which is
effective for financial statements issued for fiscal years
beginning after June 15, 2005, with earlier application
encouraged. The SOP is available separately (product no.
014942JA) or through a Technical Practice Aids
subscription (product no. WTP-XXJA) from the AICPA
order department at 888-777-7077 or online at www.cpa2biz.com .
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Accounting
