By Maria K. Davis
Accounting for genuine property Transactions is an up to date, complete reference advisor, particularly written that will help you comprehend and observe the accounting ideas when it comes to genuine property transactions. This ebook offers you a robust instrument to judge the accounting outcomes of particular offers, allowing you to constitution transactions with the accounting outcomes in brain, and to account for them according to US GAAP.
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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
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. 1. FAS 67, paragraph 11 FAS 67, paragraph 11 3/6/08 9:53:57 PM 18 Chapter 1 Acquisition, Development, and Construction of Real Estate Allocation Based on Relative Fair Value before Construction. Land costs and all other common costs incurred before construction occurs (including the costs of any amenities) are allocated to the land parcels benefited, with cost allocation based on the relative fair value before construction.
The term “activities that are necessary to get the asset ready for its intended use” is interpreted broadly in practice. 2 Acquisition, Development, and Construction Costs 15 technical activities before ground is broken, such as the development of plans or the process of obtaining permits from governmental authorities. If a company suspends substantially all activities related to the development of the property, the company has to evaluate the reason and duration of the suspension and determine whether interest capitalization during such period of suspension is appropriate.
141(R) does not include a similar indicator. EITF Issue No. 98-3, paragraph 6; like EITF Issue No. 98-3, FASB Statement No.