Download Accounting for Real Estate Transactions: A Guide for Public by Maria K. Davis(auth.) PDF

By Maria K. Davis(auth.)

Accounting for genuine property Transactions, moment Edition is an up to date, complete reference consultant, particularly written to aid execs comprehend and observe the accounting ideas in relation to genuine property transactions. This booklet presents monetary pros with a strong device to judge the accounting outcomes of particular offers, allowing 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 techniques, transparent and concise reasons of actual property accounting principles, designated functions folks GAAP, flowcharts, and exhaustive cross-references of the authoritative literature.Content:
Chapter 1 Acquisition, improvement, and development of genuine property (pages 1–81):
Chapter 2 Nonmonetary Exchanges of actual property (pages 83–106):
Chapter three actual property revenues (pages 107–189):
Chapter four actual property rentals (pages 191–274):
Chapter five Sale?Leaseback of genuine property (pages 275–310):
Chapter 6 pursuits in actual property Ventures (pages 311–394):
Chapter 7 Time?Sharing Transactions (pages 395–419):
Chapter eight Retail Land revenues (pages 421–434):

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Additional info for Accounting for Real Estate Transactions: A Guide for Public Accountants and Corporate Financial Professionals, Second Edition

Example text

D intends to defer five types of costs incurred in connection with D’s efforts to sell the lots: 1. Wages and commissions paid to sales personnel, and related insurance, taxes, and benefits for sales personnel 2. Costs for the corporate sales department 3. Radio and newspaper advertising expenses 4. Telephone, hospitality, meals, and travel costs for customers and prospective customers 5. Title insurance and professional fees incurred in the sale D intends to defer these costs as they are incurred in connection with its efforts to sell the lots.

ASC 970-340-25-14 (FAS 67, paragraph 17). 63 ASC 970-340-25-15 (FASB Statement No. 67) provides for the deferral of certain selling costs. It is important to note that deferred selling costs are not part of project costs. If the percentage-of-completion method were applied, the incurrence of selling costs would not increase a project’s percentage of completion. Additionally, deferred selling costs are not part of qualifying expenditures for interest capitalization. Selling costs are accounted for as prepaid costs; that is, they are deferred if they meet these criteria: They must be directly associated with successful sales efforts, and their recovery must be reasonably expected from sales.

5 in this chapter includes an example that illustrates the purchase price allocation in the acquisition of a business versus the acquisition of an asset group. Another key difference is that under business combinations accounting guidance, the acquirer is required to expense all acquisition-related costs, such as fees paid to brokers, accountants, lawyers, and valuation specialists,90 whereas acquisition-related costs are capitalized in asset acquisitions. 86 ASC 805-10-55-5 (FAS 141(R), paragraph A5).

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