Statement of Position Issued on Time-Share Transactions.

• Position: Accounting & auditing news - Statement of Position 04-2, Accounting for Real Estate Time-Sharing Transactions - Brief article

Statement of Position 04-2, Accounting for Real Estate Time-Sharing Transactions (No. 014942CPA01), has been issued by the Accounting Standards Executive Committee. The SOP is effective for financial statements issued for fiscal years beginning after June 15, 2005, with earlier application encouraged.

The SOP provides guidance on a seller's accounting for real estate time sharing transactions in financial statements prepared in conformity with generally accepted accounting principles. Concurrently, the Financial Accounting Standards Board has issued Statement of Financial Accounting Standards No...