By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an updated, complete reference consultant, in particular written to aid execs comprehend and practice the accounting principles when it comes to genuine property transactions. This publication presents monetary pros with a robust instrument to guage the accounting outcomes of particular offers, allowing them to constitution transactions with the accounting results in brain, and to account for them based on US GAAP. Accountants and auditors are supplied with significant ideas, transparent and concise factors of genuine property accounting ideas, special 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
51 ASC 835-20-30-4 (paragraph 14 of Statement No. 34) provides with respect to the weighted average interest rate to be used: “In identifying the borrowings to be included in the weighted average rate, the objective is a reasonable measure of the cost of ﬁnancing acquisition of the asset in terms of the interest cost incurred that otherwise could have been avoided. 6 of this chapter discusses special considerations if ﬁnancing is provided by related parties. It also discusses interest capitalization by a company on investments in an equity method investee.
1. To the extent the costs for wages and commissions to sales personnel relate directly to successful sales efforts, their deferral (together with the deferral of any related insurance, taxes, and beneﬁts) is appropriate. 2. Costs of the corporate sales department are not directly associated with successful sales and should not be deferred. 3. For advertising costs, the guidance in Subtopic 720-35 (SOP 93-7) should be followed. 4. To the extent that telephone, hospitality, meals, and travel costs for customers and prospective customers are incurred directly for successful sales efforts, their deferral is appropriate.
4 Change in Estimates or Project Plans and Abandonments of Projects Due to the length of time involved in the development and construction of real estate properties, a project’s plans, cost estimates, and expected sales prices may change over the course of the project. Change in Estimates. ASC 970-340-35-1 (paragraph 12 of FASB Statement No. 67) requires that estimates and cost allocations be reviewed at the end of each ﬁnancial reporting period until a project is substantially completed and available for sale.