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

By Maria K. Davis

Accounting for genuine property Transactions is an updated, entire reference consultant, in particular written that can assist you comprehend and practice the accounting ideas on the subject of genuine property transactions. This booklet will give you a strong software to judge the accounting effects 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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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals

Sample text

D]irectly identifiable costs include only: a. Incremental direct costs of PP&E preacquisition activities incurred for the specific PP&E. b. Certain costs directly related to preacquisition activities performed by the entity (or by parties not independent of the entity) for the specific PP&E. Those costs include only payroll and payroll benefit–related costs (for example, costs of health insurance) of employees who devote time to a PP&E preacquisition stage activity, to the extent of time the employees spent directly on that activity and in proportion to the total hours employed.

3 Costs Incurred to Sell or Rent a Real Estate Project 21 ABANDONMENT OF A REAL ESTATE PROJECT If a real estate project is abandoned, the capitalized costs of that project need to be expensed to the extent they are not recoverable. 3 COSTS INCURRED TO SELL OR RENT A REAL ESTATE PROJECT In real estate properties that are intended for rent or sale after development is completed, leasing and selling activities generally occur throughout the acquisition, development, and construction phases of a project.

If a company has obtained a specific loan for a qualifying asset, the company may use the rate on that borrowing as the capitalization rate for the expenditures for the asset. 51 Paragraph 14 of Statement 34 provides with respect to the weighted average interest rate to be used: “In identifying the borrowings to be included in the weighted average rate, the objective is a reasonable measure of the cost of financing the acquisition of the asset in terms of the interest cost incurred that otherwise could have been avoided.

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