By Maria K. Davis(auth.)
Accounting for actual property Transactions, moment Edition is an updated, entire reference consultant, in particular written to aid execs comprehend and follow the accounting ideas with regards to actual property transactions. This e-book presents monetary execs with a strong software to judge the accounting results of particular offers, 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 strategies, transparent and concise factors of actual property accounting ideas, targeted purposes 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 genuine 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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Extra resources for Accounting for Real Estate Transactions: A Guide for Public Accountants and Corporate Financial Professionals, Second Edition
154). Change in Development Plans. Changes in market demand or other factors may arise after signiﬁcant development and construction costs have already been incurred (such as the decline in the housing market in the summer of 2007). 59 This charge to expense based on the fair value upon completion is required irrespective of whether an impairment loss needs to be recognized pursuant to the provisions of Subtopic 360-10 (FASB Statement No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets).
Adapted from ASC 820-10-55-30 and 55-31 (FAS 157, paragraphs A10 and A11). 32 & Acquisition, Development, and Construction of Real Estate Property, Plant, and Equipment to Be Sold. An exception to the fair value measurement principle is provided in situations in which PP&E is acquired with the intention that it be sold, provided that the PP&E meets the criteria as “held for sale” outlined in ASC 360-10-45-9 (paragraph 30 of Statement No. 103 Intangible Assets. 104 An intangible asset arising from a contractual or other legal right represents the future cash ﬂows that are expected to result from the ownership of that contractual or legal right.
Output The result of inputs and processes applied to those inputs that provide or have the ability to provide a return in the form of dividends, lower costs, or other economic beneﬁts directly to investors or other owners, members, or participants. Source: Adapted from ASC 805-10-55-4 (FAS 141(R), paragraph A4). 2 depicts the elements of a business. 84 If the integrated set of activities and assets does not have outputs, the acquirer should consider other factors to determine whether the set is a business.