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

By Maria K. Davis(auth.)

ISBN-10: 0470603380

ISBN-13: 9780470603383

ISBN-10: 111838623X

ISBN-13: 9781118386231

Accounting for actual property Transactions, moment Edition is an up to date, complete reference advisor, particularly written to assist pros comprehend and practice the accounting ideas in relation to actual property transactions. This e-book presents monetary execs with a strong instrument to guage the accounting results of particular bargains, permitting them to constitution transactions with the accounting outcomes in brain, and to account for them in line with US GAAP. Accountants and auditors are supplied with significant recommendations, transparent and concise factors of actual property accounting ideas, targeted purposes 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 genuine property (pages 83–106):
Chapter three actual property revenues (pages 107–189):
Chapter four genuine property rentals (pages 191–274):
Chapter five Sale?Leaseback of actual 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):

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

Example text

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. Depending on the type of selling costs incurred, they are accounted for in one of three ways: 1. Included in project costs 2. Deferred 3.

When a unit is sold, the cost-of-sales amount attributable to that sale is determined by multiplying the sales value of that unit by the cost-of-sales percentage. Area Methods or Other Value Methods. If the relative value method cannot be applied, as would be the case if a real estate development company has not determined the ultimate use of the land, another method for cost allocation has to be used. The Real Estate Project Costs guidance in Topic 970 (FASB Statement No. 57 Under the area method, costs are allocated based on lot sizes, the square footage of a structure, or the number of units in a development.

The use of the area method is appropriate only if the allocation is not materially different from an allocation that is based on relative value methods or if the application of the relative value method is impracticable. 55 ASC 970-360-35-1 (FAS 67, paragraph 14). 56 ASC 970-360-30-1 (FAS 67, paragraph 11). ASC 970-360-30-1 (FAS 67, paragraph 11). 57 18 & Acquisition, Development, and Construction of Real Estate EXAMPLE—COST ALLOCATION D evelopers-R-Us (D) purchases land for $10 million, which it intends to divide into three parcels.

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Accounting for Real Estate Transactions: A Guide for Public Accountants and Corporate Financial Professionals, Second Edition by Maria K. Davis(auth.)

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