By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an up to date, finished reference consultant, particularly written to assist execs comprehend and follow the accounting principles when it comes to actual property transactions. This e-book offers monetary pros with a strong device to guage the accounting results of particular bargains, permitting them to constitution transactions with the accounting outcomes in brain, and to account for them in response to US GAAP. Accountants and auditors are supplied with significant ideas, transparent and concise reasons of genuine property accounting principles, designated 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
This is achieved by assuming that all of the units will be completed and ready for sale at the same point in time; any expected price increases for units that will be completed in future periods are not taken into consideration. The relative sales value method results in allocating greater costs to more valuable components of a project. In practice, the relative value method is often implemented through the application of a gross proﬁt method. Under the gross proﬁt method, a costof-sales percentage is calculated by dividing the sum of capitalized project costs and project costs to be incurred in the current and future periods by the estimated sales value of the unsold units.
The speciﬁc identiﬁcation method is most frequently used for the allocation of acquisition costs and direct construction costs in small projects. For example, costs charged by a contractor to install a staircase in a new home directly relate to that home. The amount invoiced by the contractor should be included in the cost basis of that home. Relative Value Method. 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.
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. Generally, any changes in cost estimates are accounted for prospectively as changes in estimate, in accordance with ASC 250-10-45-17 through 45-20 and 250-10-50-4 (paragraphs 19 through 22 of FASB Statement No. 154, Accounting Changes and Error Corrections).
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis