By Maria K. Davis
Accounting for actual property Transactions is an updated, accomplished reference consultant, particularly written that can assist you comprehend and practice the accounting principles in terms of genuine property transactions. This booklet offers you a robust device to judge the accounting outcomes of particular offers, allowing you to constitution transactions with the accounting results in brain, and to account for them in line with US GAAP.
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Additional resources for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
The first public showing of a television commercial or the first appearance of a magazine advertisement) with the following two exceptions provided for in paragraphs 26 and 27 of that SOP. 1. 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.
57 Under the area method, costs are allocated based on lot sizes, the square footage of a structure, or the number of units in a development. 2 Acquisition, Development, and Construction Costs 19 an allocation that is based on relative value methods, or if the application of the relative value method is impracticable. EXAMPLE—COST ALLOCATION Developers-R-Us (D) purchases land for $10 million, which it intends to divide into three parcels. On Parcel 1, which is along the highway, it plans to construct a shopping center.
Generally, any changes in cost estimates are accounted for prospectively as changes in estimate, in accordance with paragraphs 19 through 22 of FASB Statement No. 154, Accounting Changes and Error Corrections. indd 19 FAS 67, paragraph 12 3/6/08 9:53:58 PM 20 Chapter 1 Acquisition, Development, and Construction of Real Estate The accounting for any cost revisions may be reflected in the current period or in current or future periods, depending on the facts and circumstances: • • If the difference in cost estimates relates to direct costs for units already sold, such as additional sales commissions, they are charged to expense at the time the information becomes available to the developer.