By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an updated, entire reference advisor, in particular written to assist execs comprehend and observe the accounting principles with regards to actual property transactions. This booklet presents monetary execs with a strong software to guage the accounting effects of particular bargains, permitting them to constitution transactions with the accounting outcomes in brain, and to account for them according to US GAAP. Accountants and auditors are supplied with significant thoughts, transparent and concise causes of genuine property accounting ideas, distinct purposes people GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Additional resources for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
Intangible assets commonly encountered in the acquisition of income-producing real estate properties—both in the acquisition of businesses and the acquisition of assets—are: & In-place leases At-market component & Above- and below-market component Tenant (customer) relationships & & Other intangible assets, such as tenant (customer) lists or trade names, may also be present, depending on the individual facts and circumstances. 91 92 ASC 805-10-20 (FAS 141(R), paragraph 3(k)). An asset has three essential characteristics: (a) it embodies a probable future beneﬁt that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inﬂows; (b) a particular entity can obtain the beneﬁt and control others’ access to it; and (c) the transaction or other event giving rise to the entity’s right to or control of the beneﬁt has already occurred (Concepts Statement (CON) No.
66 ASC 970-340-25-15 (FAS 67, paragraph 19). 2 Costs Incurred to Rent a Real Estate Project67 Costs to rent a real estate project under operating leases fall in one of two categories: (1) initial direct costs and (2) other than initial direct costs. Costs to rent projects under direct ﬁnancing or sales-type leases are treated like costs to sell. The Real Estate Project Costs guidance in Topic 970 (FASB Statement No. 69 The accounting for such costs is provided in Subtopic 840-20 (FASB Statement No.
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.