By Maria K. Davis
Accounting for genuine property Transactions is an updated, entire reference consultant, in particular written that will help you comprehend and follow the accounting ideas with regards to genuine property transactions. This ebook offers you a strong device to judge the accounting results of particular bargains, allowing you to constitution transactions with the accounting outcomes in brain, and to account for them in response to US GAAP.
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Additional info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
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. The specific identification method is most frequently used for the allocation of acquisition costs and direct construction costs in small projects. For example, costs charged by a contractor to install a staircase in a new home directly relate to that home.
2 of Chapter 4. Costs other than initial direct costs to rent real estate projects under operating leases that are related to and are expected to be recovered from future rental operations are deferred (capitalized). Examples of such costs are costs of:71 • • • • • Model units and their furnishings Rental facilities Semipermanent signs Grand openings, and Unused rental brochures Deferred rental costs that are directly related to a specific operating lease are amortized over the lease term. Deferred rental costs not directly related to revenue from a specific operating lease are amortized over the period of expected benefit.
Title insurance and professional fees are incurred directly in connection with the sales; their deferral is appropriate. The AICPA has issued SOP 04-2, Accounting for Real Estate Time-Sharing Transactions, which includes guidance relating to the deferral of costs for the sale of time-sharing intervals. That guidance may provide additional insights when considering what types of selling costs to defer. 2 COSTS INCURRED TO RENT A REAL ESTATE PROJECT68 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.