By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an up to date, entire reference consultant, particularly written to assist pros comprehend and follow the accounting ideas when it comes to actual property transactions. This publication presents monetary pros with a strong device to judge 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 options, transparent and concise reasons of genuine property accounting ideas, particular functions folks GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Additional info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
54 Under this method, costs are allocated based on the relative fair values of the individual components of a project, based on either (1) the fair value before construction or (2) the relative sales value of the units. 1. 53 ASC 970-360-30-1 (FAS 67, paragraph 11). ASC 970-360-30-1 (FAS 67, paragraph 11). 54 Acquisition, Development, and Construction Costs & 17 Allocation Based on Relative Fair Value before Construction. Land costs and all other common costs incurred before construction occurs (including the costs of any amenities) are allocated to the land parcels beneﬁted, with cost allocation based on the relative fair value before construction.
141: “That excess shall be allocated as a pro rata reduction of the amounts that otherwise would have been assigned to all of the acquired assets . . except (a) ﬁnancial assets other than investments accounted for by the equity method, (b) assets to be disposed of by sale, (c) deferred tax assets, (d) prepaid assets relating to pension or other postretirement beneﬁt plans, and (e) any other current assets. ” 108 In other situations, a “bargain purchase” may be the result of applying the guidance in Topic 805 (Statement No.
As a general rule, costs should be allocated to the portions of a project that beneﬁt from the costs. The intent is to achieve a constant gross margin on sales for the project, irrespective of the point in time sales occur. The Real Estate Project Costs guidance in Topic 970 (FASB Statement No. 67) outlines three different ways to allocate costs:53 1. Speciﬁc identiﬁcation method 2. Relative value method 3. Area methods or other value methods Speciﬁc Identiﬁcation Method. Where practicable, the costs of a real estate project are assigned to individual components of a project based on speciﬁc identiﬁcation.