Accounting for Real Estate Transactions: A Guide For Public by Maria K. Davis

By Maria K. Davis

Accounting for actual property Transactions, moment Edition is an up to date, complete reference consultant, particularly written to assist execs comprehend and follow the accounting ideas with regards to actual property transactions. This booklet presents monetary execs with a robust instrument to guage the accounting outcomes of particular offers, allowing them to constitution transactions with the accounting effects in brain, and to account for them in response to US GAAP. Accountants and auditors are supplied with significant techniques, transparent and concise factors of actual property accounting ideas, designated purposes people GAAP, flowcharts, and exhaustive cross-references of the authoritative literature

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ASC 805-10-55-5 (FAS 141(R), paragraph A5). ASC 805-10-55-4 (FAS 141(R), paragraph A4); before the effective date of Statement No. 141(R), inputs, processes, and outputs were required for a business. Thus, the acquisition of an entity in the development stage, such as the acquisition of a shopping mall under development, did not constitute a business, whereas it may meet the definition of a business under current guidance. 85 ASC 805-10-55-7 (FAS 141(R), paragraph A7). 86 For purposes of determining whether the acquisition of a set of assets and activities acquired meets the definition of a business, it is irrelevant whether the seller operated the set as a business; it is also irrelevant whether the acquirer intends to operate the set as a business.

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. 66 Costs that do not meet the criteria for capitalization as project costs or for cost deferral are expensed as incurred. EXAMPLE—SELLING COSTS D evelopers-R-Us (D) sells developed lots.

99 This is the case even if an entity acquires PP&E—for example, a real estate property—that it intends to use in a manner other than its highest and best use. 100 In particular for PP&E, the application of the highest and best use concept could have a significant effect on the fair value measurement. EXAMPLE—HIGHEST AND BEST USE101 A miCar Corp. (A) acquires land in a business combination. The land is currently used as the site for a car manufacturing facility. Nearby sites have recently been developed for residential use as sites for high-rise condominiums.

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