Proposed AICPA Statement of Position and Proposed FASB Statement of Financial Accounting Standards (Exposure Drafts)

(Comment Period Ends April 30, 2003)
Proposed AICPA Statement of Position (SOP), Accounting for Real Estate Time-Sharing Transactions, and proposed FASB Statement of Financial Accounting Standards, Accounting for Real Estate Time-Sharing Transactions—an amendment of FASB Statements No. 66 and 67, are being issued simultaneously for public comment. The proposed FASB Statement would amend other authoritative pronouncements should the proposed SOP be issued as final. For your convenience both documents are available for downloading below.

The proposed SOP would provide guidance on a seller's accounting for real estate time-sharing transactions in financial statements prepared in conformity with generally accepted accounting principles (GAAP). The provisions of this proposed SOP would be effective for financial statements issued for fiscal years beginning after June 15, 2004. Earlier application would be encouraged.

(Adobe Acrobat Reader is required to download and view the two exposure drafts.)

Download the AICPA Exposure Draft (161 pages)
Accounting for Real Estate Time-Sharing Transactions (Permission has been granted by the AICPA to include the proposed SOP at this website.)
February 20, 2003

Download the FASB Exposure Draft (9 pages)
Accounting for Real Estate Time-Sharing Transactions—an amendment of FASB Statements No. 66 and 67
February 20, 2003