By Maria K. Davis(auth.)
Accounting for genuine property Transactions, moment Edition is an up to date, entire reference consultant, particularly written to assist execs comprehend and observe the accounting principles in relation to genuine property transactions. This e-book offers monetary execs with a robust instrument to guage the accounting effects of particular offers, permitting them to constitution transactions with the accounting results in brain, and to account for them in response to US GAAP. Accountants and auditors are supplied with significant innovations, transparent and concise causes of genuine property accounting ideas, certain functions people 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 actual 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 genuine 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
93 ASC 350-30-25-4 (FAS 142, paragraphs 9 (footnote 7) and B37). 30 & Acquisition, Development, and Construction of Real Estate In-Place Leases. Companies acquiring income-producing properties segregate leases that are in place at the date of acquisition (“in-place leases”) into (1) an at-market component and (2) an above- and below-market component. The at-market component of in-place leases represents the value of having lease contracts in place at terms that are market. The above- and below-market components of in-place leases represent the present value of the difference in cash ﬂows between the contractually agreed-upon rentals and current prevailing rental rates for the in-place leases.
In that scenario, revenues related to the transactions creating 63 ASC 970-340-25-13 and 25-14 (FAS 67, paragraph 18). 64 ASC 970-340-40-1 (FAS 67, paragraph 19). ASC 340-20-35-2 (SOP 93-7, paragraph 46). 65 22 & Acquisition, Development, and Construction of Real Estate those obligations are earned and recognized before the expenditures are made. For purposes of applying Subtopic 340-20 (SOP 93-7), those obligations should be accrued and the advertising costs should be expensed when the related revenues are recognized.
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.