By Maria K. Davis
Accounting for genuine property Transactions is an updated, accomplished reference consultant, particularly written that will help you comprehend and practice the accounting principles in terms of actual property transactions. This ebook provide you with a strong device to judge the accounting effects of particular offers, allowing you to constitution transactions with the accounting results in brain, and to account for them in keeping with US GAAP.
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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
The land value allocated to the parcel on which townhouses are to be constructed then becomes part of the common cost pool for the townhouse, which is allocated to each townhouse based on its relative sales value. As such, TH 1 will be allocated land costs of $41,667. 58 Cost reallocations within or between phases of a project are not uncommon, as the design of a project may evolve. 4 CHANGE IN ESTIMATES OR PROJECT PLANS AND ABANDONMENTS OF Due to the length of time involved in the development and construcPROJECTS tion of real estate properties, a project’s plans, cost estimates, and expected sales prices may change over the course of the project.
4 INCIDENTAL OPERATIONS Incidental operations are revenue-producing activities, such as rentals, that are undertaken during the holding or development period to reduce the cost of holding or developing the property for its intended purpose. indd 24 Paragraphs 20 through 23 of FASB Statement No. 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.
Direct-response advertising whose primary purpose is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future economic benefits. 3 Costs Incurred to Sell or Rent a Real Estate Project 23 2. Expenditures for advertising costs that are made subsequent to recognizing revenues related to those costs. For example, a company may assume an obligation to reimburse its customers for some or all of the customers’ advertising costs (cooperative advertising).
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis