By Maria K. Davis
Accounting for actual property Transactions, moment Edition is an updated, complete reference consultant, in particular written to aid pros comprehend and follow the accounting principles in relation to genuine property transactions. This e-book presents monetary pros with a strong software to judge the accounting effects of particular offers, allowing them to constitution transactions with the accounting effects in brain, and to account for them in line with US GAAP. Accountants and auditors are supplied with significant strategies, transparent and concise reasons of genuine property accounting principles, certain purposes folks 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 above- and below-market components of acquired leases are determined on a lease-by-lease basis. As a result, the acquisition of one income-producing property may result in both abovemarket leases (assets) and below-market leases (liabilities/balance sheet credits); the amounts of above- and below-market leases are not presented “net” on the balance sheet. Tenant Relationships. A tenant relationship is a relationship between the lessor of the property and its tenants, akin to a customer relationship.
In practice, the relative value method is often implemented through the application of a gross proﬁt method. Under the gross proﬁt method, a costof-sales percentage is calculated by dividing the sum of capitalized project costs and project costs to be incurred in the current and future periods by the estimated sales value of the unsold units. When a unit is sold, the cost-of-sales amount attributable to that sale is determined by multiplying the sales value of that unit by the cost-of-sales percentage.
76 Once a real estate project 73 ASC 970-340-25-12 (FAS 67, paragraph 10). S. GAAP. 1 of this chapter. ASC 970-605-25-2 (FAS 67, paragraph 22). Accounting for Costs Incurred Subsequent to Project Completion & 25 is substantially completed and held available for occupancy, a rental project changes from nonoperating to operating, with these consequences: & & & & & Rental revenues and operating costs are recognized in income and expense as they accrue. Carrying costs (such as taxes and insurance) are expensed when incurred.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis