Download PDF by Maria K. Davis: Accounting for Real Estate Transactions: A Guide For Public

By Maria K. Davis

ISBN-10: 0470198524

ISBN-13: 9780470198520

ISBN-10: 0470285192

ISBN-13: 9780470285190

Accounting for genuine property Transactions is an up to date, complete reference consultant, particularly written that will help you comprehend and practice the accounting principles in relation to genuine property transactions. This e-book offers you a strong instrument to judge the accounting results of particular bargains, permitting you to constitution transactions with the accounting outcomes in brain, and to account for them in response to US GAAP.

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For example, a seller may incur brokerage commissions at the time of closing. If profit from a real estate sale is recognized under a method of accounting other than the accrual method, such as the deposit or installment method, paragraph 18 of Statement 67 provides for cost deferral until the related profit is recognized. 65 ADVERTISING COSTS Costs of advertising, which include the costs of producing advertisements (such as the costs of idea development, artwork, printing, and audio and video production) and communicating advertisements that have been produced (such as the costs of magazine space, television airtime, billboard space, and distribution costs) are accounted for based on the provisions of SOP 93-7, Reporting on Advertising Costs.

Assets that are constructed or otherwise produced for a company’s own use 2. 6 of this chapter. FASB Statement No. 42 Land that is not undergoing activities necessary to get it ready for its intended use is not an asset qualifying for interest capitalization. Once activities are undertaken for the purpose of developing land for a particular use, the acquisition and development expenditures qualify for interest capitalization while those activities are in progress. If a structure is built on the land, such as a plant or an office building, interest capitalized on the land expenditures is part of the cost of the structure.

1 COSTS INCURRED TO SELL A REAL ESTATE PROJECT Costs incurred to sell a real estate project are generally substantial. Depending on the type of selling costs incurred, they are accounted for in one of three ways: • • • Included in project costs Deferred Expensed SELLING COSTS TO BE INCLUDED IN PROJECT COSTS62 Selling costs are included in project costs if all of the following criteria are met: • • They are reasonably expected to be recovered from the sale of the project or from incidental operations They are incurred for: ▪ Tangible assets that are used directly throughout the selling period to aid in the sale of the project, or ▪ Services that have been performed to obtain regulatory approval of sales Examples of costs that generally qualify as project costs are:63 • • • • Costs of model units and their furnishings Costs of sales facilities Legal fees for the preparation of prospectuses Costs of semipermanent signs.

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Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis


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