By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an updated, complete reference advisor, particularly written to assist pros comprehend and observe the accounting principles on the subject of actual property transactions. This publication presents monetary execs with a robust software to judge the accounting outcomes of particular bargains, permitting them to constitution transactions with the accounting outcomes in brain, and to account for them in response to US GAAP. Accountants and auditors are supplied with significant suggestions, transparent and concise reasons of actual property accounting principles, unique functions folks 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
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:70 & & & & & Model units and their furnishings Rental facilities Semipermanent signs Grand openings 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.
The costs to issue debt or equity securities as part of a business combination are recognized in accordance with other applicable guidance. 3 Recognition of Intangible Assets Acquired Before the effective date of FASB Statements No. 141, Business Combinations, and No. 142, Goodwill and Other Intangible Assets, in June 2001, the purchase price for incomeproducing real estate was generally allocated to land and buildings. Any intangible assets acquired, such as lease agreements, were considered part of the value of the land or buildings and not separately accounted for.
Since then the FASB has mandated that intangible assets be identiﬁed and recognized separately from land and buildings. Recognition Criteria in Business Acquisitions versus Asset Acquisitions. ” An asset is “identiﬁable” if one of these two criteria is met: 1. The asset arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations. 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.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis
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