By Maria K. Davis
Accounting for actual property Transactions, moment Edition is an updated, entire reference advisor, in particular written to aid execs comprehend and follow the accounting principles when it comes to actual property transactions. This e-book presents monetary execs with a robust instrument to guage 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 suggestions, transparent and concise factors of genuine property accounting ideas, precise purposes people GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
The intent is to achieve a constant gross margin on sales for the project, irrespective of the point in time sales occur. The Real Estate Project Costs guidance in Topic 970 (FASB Statement No. 67) outlines three different ways to allocate costs:53 1. Speciﬁc identiﬁcation method 2. Relative value method 3. Area methods or other value methods Speciﬁc Identiﬁcation Method. Where practicable, the costs of a real estate project are assigned to individual components of a project based on speciﬁc identiﬁcation.
2. 91 In a purchase of income-producing property that does not meet the deﬁnition of a business, however, all intangible assets that meet the asset recognition criteria in Concepts Statement (CON) No. 93 Examples are specially trained employees or a unique manufacturing process related to an acquired manufacturing plant. Intangible Assets in the Acquisition of Income-Producing Properties. 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.
141: “That excess shall be allocated as a pro rata reduction of the amounts that otherwise would have been assigned to all of the acquired assets . . except (a) ﬁnancial assets other than investments accounted for by the equity method, (b) assets to be disposed of by sale, (c) deferred tax assets, (d) prepaid assets relating to pension or other postretirement beneﬁt plans, and (e) any other current assets. ” 108 In other situations, a “bargain purchase” may be the result of applying the guidance in Topic 805 (Statement No.