By Maria K. Davis(auth.)
Accounting for genuine property Transactions, moment Edition is an up to date, entire reference consultant, particularly written to assist execs comprehend and practice the accounting ideas when it comes to actual property transactions. This publication presents monetary pros with a robust device to guage the accounting effects of particular bargains, permitting them to constitution transactions with the accounting results in brain, and to account for them based on US GAAP. Accountants and auditors are supplied with significant recommendations, transparent and concise factors of genuine property accounting ideas, unique functions folks GAAP, flowcharts, and exhaustive cross-references of the authoritative literature.Content:
Chapter 1 Acquisition, improvement, and development of actual property (pages 1–81):
Chapter 2 Nonmonetary Exchanges of actual property (pages 83–106):
Chapter three genuine property revenues (pages 107–189):
Chapter four genuine property rentals (pages 191–274):
Chapter five Sale?Leaseback of genuine property (pages 275–310):
Chapter 6 pursuits in genuine property Ventures (pages 311–394):
Chapter 7 Time?Sharing Transactions (pages 395–419):
Chapter eight Retail Land revenues (pages 421–434):
Read Online or Download Accounting for Real Estate Transactions: A Guide for Public Accountants and Corporate Financial Professionals, Second Edition PDF
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Extra info for Accounting for Real Estate Transactions: A Guide for Public Accountants and Corporate Financial Professionals, Second Edition
141(R), now codiﬁed in Topic 805, Business Combinations, the deﬁnition of a business was signiﬁcantly broadened. For example, under current guidance, the acquisition of an entity in the development stage may qualify as the acquisition of a business but would not have qualiﬁed as business prior to the effective date of Statement No. 80 The determination of whether an acquisition constitutes the acquisition of a business or of an asset/asset group is essential for appropriate accounting—for example, for the allocation of purchase price and for the accounting for transaction costs.
4 Change in Estimates or Project Plans and Abandonments of Projects Due to the length of time involved in the development and construction of real estate properties, a project’s plans, cost estimates, and expected sales prices may change over the course of the project. Change in Estimates. ASC 970-340-35-1 (paragraph 12 of FASB Statement No. 67) requires that estimates and cost allocations be reviewed at the end of each ﬁnancial reporting period until a project is substantially completed and available for sale.
Successful preleasing and preselling efforts are evidence of a project’s viability, and funds received from buyers are often used to ﬁnance a project’s development. Commissions, legal fees, closing costs, advertising costs, and costs for grand openings are examples of costs to sell or rent. However, based on the type of real estate property, leasing and sales activities—and related costs incurred—may vary. 1 Costs Incurred to Sell a Real Estate Project Costs incurred to sell a real estate project are generally substantial.
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