By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an updated, entire reference consultant, particularly written to aid execs comprehend and practice the accounting ideas in relation to actual property transactions. This booklet offers monetary execs with a robust device to judge the accounting effects of particular offers, allowing them to constitution transactions with the accounting outcomes in brain, and to account for them in line with US GAAP. Accountants and auditors are supplied with significant techniques, transparent and concise factors of genuine property accounting principles, targeted functions 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
Change in Estimates. ASC 970-340-35-1 (paragraph 12 of FASB Statement No. 67) requires that estimates and cost allocations be reviewed at the end of each ﬁnancial reporting period until a project is substantially completed and available for sale. Generally, any changes in cost estimates are accounted for prospectively as changes in estimate, in accordance with ASC 250-10-45-17 through 45-20 and 250-10-50-4 (paragraphs 19 through 22 of FASB Statement No. 154, Accounting Changes and Error Corrections).
EXAMPLE—ACQUISITION OF INCOMEPRODUCING REAL ESTATE T his example illustrates the difference in the initial recording of the tangible and intangible assets acquired based on the assessment of whether the purchase of real estate property is the acquisition of a business or the acquisition of an asset/asset group. Company B purchases a hotel for a purchase price of $10 million. The fair values of the individual components amount to: (continued ) 110 ASC 805-20-S99-3 (EITF Topic No. D-108, Use of the Residual Method to Value Acquired Assets Other Than Goodwill).
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. The FASB observed that “a contract may have value for reasons other than terms that are favorable relative to market prices. ”105 Since the issuance of Statements Nos. 141 and 142, industry practice, largely driven by Securities and Exchange Commission (SEC) comment letters, has developed with respect to identifying and measuring the individual assets and liabilities (balance sheet credits) that are recorded upon the acquisition of real estate properties.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis