Get Accounting for Real Estate Transactions: A Guide for Public 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 updated, accomplished reference consultant, particularly written to assist pros comprehend and practice the accounting principles with regards to actual property transactions. This booklet presents monetary execs with a robust software to guage the accounting effects of particular offers, allowing them to constitution transactions with the accounting effects in brain, and to account for them in response to US GAAP. Accountants and auditors are supplied with significant thoughts, transparent and concise reasons of genuine property accounting principles, specific functions people 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 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 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

A) acquires land in a business combination. The land is currently used as the site for a car manufacturing facility. Nearby sites have recently been developed for residential use as sites for high-rise condominiums. A determines that the land acquired could be developed as a site for residential use (for high-rise condominiums). In this instance, the highest and best use of the land is determined by comparing (a) the fair value of the manufacturing operations, which presumes that the land continues to be used as currently developed for industrial use (in use) and (b) the value of the land as a vacant site for residential use, considering the demolition and other costs necessary to convert the land to a vacant site (in exchange).

87 ASC 805-10-55-6 (FAS 141(R), paragraph A6). 88 EITF Issue No. 98-3, nullified by Statement No. 141(R), provided examples (Exhibit 98-3A, Examples 2 and 3) related to the determination of whether a transfer of hotels and restaurants constituted a business. 89 90 The purchase of real estate also includes the acquisition of equity interests in a real estate entity. The costs to issue debt or equity securities as part of a business combination are recognized in accordance with other applicable guidance.

If the difference in cost estimates arises from an increase or decrease in common costs—streets, utilities, and so on—any cost increases or decreases are accounted for prospectively. The prospective accounting for changes in common cost estimates can lead to different margins over the time of project development and construction. If cost estimates for common costs increase, common costs attributable to units already sold will be allocated to the costs of unsold units. Consequently, the profit margin of units sold in future periods would be lower than the profit margin of units already sold.

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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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