Accounting for Real Estate Transactions - A Guide for Public Accountants and Corporate Financial Professionals

Informationen zum Autor The General Editor of the Statistics without Mathematics series at Vor Press is a researcher and data analyst with experience in government, business and the third sector, who is also well-known as an internationally published author of books on statistical testing. Klappentext Accounting for Real Estate Transactions, Second Edition is an up-to-date, comprehensive reference guide, specifically written to help professionals understand and apply the accounting rules relating to real estate transactions. This book provides financial professionals with a powerful tool to evaluate the accounting consequences of specific deals, enabling them to structure transactions with the accounting consequences in mind, and to account for them in accordance with US GAAP. Accountants and auditors are provided with major concepts, clear and concise explanations of real estate accounting rules, detailed applications of US GAAP, flowcharts, and exhaustive cross-references of the authoritative literature. Zusammenfassung Accounting for Real Estate Transactions, Second Edition is an up-to-date, comprehensive reference guide, specifically written to help professionals understand and apply the accounting rules relating to real estate transactions. Inhaltsverzeichnis Preface xiii About the Author xv List of Abbreviations xvii Part 1 Accounting for Real Estate Transactions-General 1 Chapter 1: Acquisition, Development, and Construction of Real Estate 3 1.1. Overview 3 1.2. Acquisition, Development, and Construction Costs 4 1.2.1. Preacquisition Costs 4 1.2.2. Project Costs 8 1.2.3. Cost Allocation 15 1.2.4. Change in Estimates or Project Plans and Abandonments of Projects 18 1.3. Costs Incurred to Sell or Rent a Real Estate Project 20 1.3.1. Costs Incurred to Sell a Real Estate Project 20 1.3.2. Costs Incurred to Rent a Real Estate Project 23 1.4. Incidental Operations 24 1.5. Accounting for Costs Incurred Subsequent to Project Completion 24 1.5.1. Determining the Date of Project Completion 24 1.5.2. Costs Incurred Subsequent to Project Completion 25 1.6. Purchase of Income-Producing Property 26 1.6.1. Purchase of a Business 26 1.6.2. Purchase of an Asset/Asset Group 28 1.6.3. Recognition of Intangible Assets Acquired 29 1.6.4. Measurement of Property, Plant, Equipment, and Intangibles 30 1.6.5. Allocation of Acquisition Cost 33 1.6.6. Accounting for Intangibles Subsequent to Acquisition 36 1.6.7. Key Differences: Business versus Asset Acquisitions 37 1.7. Special Accounting Issues 38 1.7.1. Costs of Amenities 38 1.7.2. Start-up Costs 39 1.7.3. Land Options 41 1.7.4. Financing as Part of a Purchase Transaction 45 1.7.5. Environmental Costs and Liabilities 46 1.7.6. Transactions with Related Parties 54 1.8. Financial Statement Presentation and Disclosure 57 1.8.1. Cash Flow Statement Presentation 57 1.8.2. Segment Disclosures for Public Companies 57 1.8.3. Other Presentation and Disclosure Requirements 58 1.9. International Financial Reporting Standards 60 1.9.1. IAS 16, Property, Plant and Equipment 60 1.9.2. IAS 40, Investment Property 64 1.9.3. IFRS 3, Business Combinations 69 1.10. Synopsis of Authoritative Literature (Pre-Codification References) 72 Chapter 2: Nonmonetary Exchanges of Real Estate 83 2.1. Overview 83 2.2. Section 1031 Exchange 84 2.3. Nonmonetary Exchanges Not Governed by Topic 845 (APB Opinion No. 29) 88 2.3.1. Exchange with Continuing Involvement of the Transferor 89 2.3.2. In-Substance Sale and Purchase Transaction 90 2.3.3. Nonmonetary Exchange Involving Business 90 2.3.4. Involuntary Conversion 91 2....

List of contents

Preface xiii
 
About the Author xv
 
List of Abbreviations xvii
 
PART 1 ACCOUNTING FOR REAL ESTATE TRANSACTIONS--GENERAL 1
 
Chapter 1: Acquisition, Development, and Construction of Real Estate 3
 
1.1. Overview 3
 
1.2. Acquisition, Development, and Construction Costs 4
 
1.3. Costs Incurred to Sell or Rent a Real Estate Project 20
 
1.4. Incidental Operations 24
 
1.5. Accounting for Costs Incurred Subsequent to Project Completion 24
 
1.6. Purchase of Income-Producing Property 26
 
1.7. Special Accounting Issues 38
 
1.8. Financial Statement Presentation and Disclosure 57
 
1.9. International Financial Reporting Standards 60
 
1.10. Synopsis of Authoritative Literature (Pre-Codification References) 72
 
Chapter 2: Nonmonetary Exchanges of Real Estate 83
 
2.1. Overview 83
 
2.2. Section 1031 Exchange 84
 
2.3. Nonmonetary Exchanges Not Governed by Topic 845 (APB Opinion No. 29) 88
 
2.4. Accounting for Nonmonetary Exchanges 91
 
2.5. Nonmonetary Exchange of Real Estate Involving Monetary Consideration 94
 
2.6. Special Accounting Issues 97
 
2.7. Financial Statement Presentation and Disclosure 99
 
2.8. International Financial Reporting Standards 100
 
2.9. Synopsis of Authoritative Literature (Pre-Codification References) 101
 
Chapter 3: Real Estate Sales 107
 
3.1. Overview 107
 
3.2. Applicability of the Real Estate Sale Guidance 110
 
3.3. Sale and Profit Recognition 112
 
3.4. Profit Recognition under the Accrual Method 113
 
3.5. Failure to Meet Criteria for the Application of the Accrual Method 123
 
3.6. Application of Other Accounting Methods 142
 
3.7. Special Accounting Issues 158
 
3.8. Financial Statement Presentation and Disclosure 168
 
3.9. International Financial Reporting Standards 173
 
3.10. Synopsis of Authoritative Literature (Pre-Codification References) 182
 
Chapter 4: Real Estate Leases 191
 
4.1. Overview 191
 
4.2. Definition of a Lease 195
 
4.3. Lease Classification--General 201
 
4.4. Lease Classification--Leases Involving Real Estate 210
 
4.5. Accounting for Leases 218
 
4.6. Special Accounting Issues 222
 
4.7. Financial Statement Presentation and Disclosure 250
 
4.8. International Financial Reporting Standards 252
 
4.9. Synopsis of Authoritative Literature (Pre-Codification References) 258
 
Chapter 5: Sale-Leaseback of Real Estate 275
 
5.1. Overview 275
 
5.2. Accounting for Sale-Leaseback Transactions Involving Real Estate 276
 
5.3. Specific Accounting Issues 293
 
5.4. Financial Statement Presentation and Disclosure 303
 
5.5. International Financial Reporting Standards 303
 
5.6. Synopsis of Authoritative Literature (Pre-Codification References) 305
 
PART 2 ACCOUNTING FOR REAL ESTATE INDUSTRY-SPECIFIC TRANSACTIONS 311
 
Chapter 6: Interests in Real Estate Ventures 313
 
6.1. Overview 313
 
6.2. Methods of Accounting for Interests in Real Estate Ventures 314
 
6.3. Accounting for Transactions with a Real Estate Venture 343
 
6.4. Special Accounting Issues Related to Consolidation 349
 
6.5. Special Accounting Issues Related to the Equity Method of Accounting 355
 
6.6. Financial Statement Presentation and Disclosure 364
 
6.7. International Financial Reporting Standards 370
 
6.8. Synopsis of Authoritative Literature (Pre-Codification References) 380
 
Chapter 7: Time-Sharing Transactions 395
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Product details

• Authors: DAVIS, Maria K Davis, Maria K. Davis, Mk Davis, DAVIS MARIA K, Davis Maria K.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 27.01.2012
• EAN: 9780470603383
• ISBN: 978-0-470-60338-3
• No. of pages: 496
• Series: Wiley Corporate F&A; Wiley Corporate F&A
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Bewertung, Accounting, Valuation, Property and real estate