By Maria K. Davis
Accounting for genuine property Transactions is an updated, finished reference advisor, in particular written that will help you comprehend and observe the accounting principles when it comes to genuine property transactions. This e-book provide you with a robust software to guage the accounting outcomes of particular offers, allowing you to constitution transactions with the accounting results in brain, and to account for them in keeping with US GAAP.
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Additional resources for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
On Parcel 1, which is along the highway, it plans to construct a shopping center. On Parcel 2, which is behind the shopping center, D plans on building a row of 40 townhouses. Parcel 3 will be developed into a master-planned community. The fair value of the land before construction has been determined to be $4 million, $1 million and $5 million for parcels 1, 2, and 3, respectively. The sales prices for the shopping center, the town houses, and the master-planned community are estimated to amount to $40 million, $12 million, and $100 million.
To the extent that telephone, hospitality, meals, and travel costs for customers and prospective customers are incurred directly for successful sales efforts, their deferral is appropriate. Title insurance and professional fees are incurred directly in connection with the sales; their deferral is appropriate. The AICPA has issued SOP 04-2, Accounting for Real Estate Time-Sharing Transactions, which includes guidance relating to the deferral of costs for the sale of time-sharing intervals. That guidance may provide additional insights when considering what types of selling costs to defer.
1 PURCHASE OF A BUSINESS A business is a self-sustaining integrated set of activities and assets conducted and managed for the purpose of providing a return to investors. indd 27 In December 2007, the FASB issued FASB Statement No. 141(R), Business Combinations, which will replace FASB Statement No. 141 and nullify EIT Issue No. 98-3. FASB Statement No. ” [FAS 141(R), paragraph 3(d)]. That Statement applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis