Read e-book online Accounting for Real Estate Transactions: A Guide For Public PDF

By Maria K. Davis

Accounting for genuine property Transactions is an up to date, entire reference advisor, particularly written that will help you comprehend and observe the accounting ideas in relation to actual property transactions. This e-book provide you with a robust instrument to judge the accounting effects of particular bargains, permitting you to constitution transactions with the accounting effects in brain, and to account for them in line with US GAAP.

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Additional resources for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals

Sample text

D]irectly identifiable costs include only: a. Incremental direct costs of PP&E preacquisition activities incurred for the specific PP&E. b. Certain costs directly related to preacquisition activities performed by the entity (or by parties not independent of the entity) for the specific PP&E. Those costs include only payroll and payroll benefit–related costs (for example, costs of health insurance) of employees who devote time to a PP&E preacquisition stage activity, to the extent of time the employees spent directly on that activity and in proportion to the total hours employed.

After the real estate property is ready for its intended use, property taxes and insurance are charged to expense as incurred. Special considerations are necessary when development activities occur only on a portion of a real estate property. For example, a company may own a 50-acre parcel of land and is constructing a building on 5 of these 50 acres. 34 Insurance and taxes are capitalized during the construction period irrespective of whether the real estate is newly acquired or whether it has been used subsequent to its acquisition, with construction activities starting at a later point in time.

67 do not apply to real estate rental activity, in which the predominant rental period is less than one month. 5 Accounting for Costs Incurred Subsequent to Project Completion 25 may engage in the following incidental operations to reduce the cost of project development: • • • Operation of temporary parking facility on the future site of an office building before construction of the building commences Lease of undeveloped land for farming or for a golf driving range while the project is in the planning phase of development Lease of apartment building while it is converted into a condominium building Incremental revenue from incidental operations in excess of incremental costs of incidental operations is accounted for as a reduction of development costs, whereas incremental costs from incidental operations in excess of incremental revenue from incidental operations are charged to current operations.

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