By Maria K. Davis
Accounting for actual property Transactions, moment Edition is an updated, entire reference consultant, in particular written to assist pros comprehend and observe the accounting ideas in terms of genuine property transactions. This ebook presents monetary execs with a robust device to judge the accounting outcomes 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 strategies, transparent and concise reasons of actual property accounting principles, special purposes people GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Extra resources for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
109 The allocation of the acquisition cost based on the fair values of individual assets and liabilities, with a residual being allocated 106 This section assumes that an acquirer purchases 100% of a business; the accounting for situations in which an acquirer purchases less than 100% of a business is more complex. 1. 107 For business combinations with an acquisition date before 2009 (for entities with a December 31 yearend), any excess of the fair value of the net assets acquired over the consideration transferred was “reallocated” to assets that were acquired in the purchase transaction, following the allocation method for negative goodwill, described in paragraphs 44 and 45 of Statement No.
13, Accounting for Leases) The amount of interest cost to be capitalized in an accounting period is determined by applying an interest rate to the average amount of accumulated expenditures for the asset during the period. In determining what interest rate to use, the objective is to determine a reasonable measure of the cost of ﬁnancing the acquisition and development of the asset. The interest rate or interest rates used should be based on the rates applicable to borrowings outstanding during the period.
To the extent the costs for wages and commissions to sales personnel relate directly to successful sales efforts, their deferral (together with the deferral of any related insurance, taxes, and beneﬁts) is appropriate. 2. Costs of the corporate sales department are not directly associated with successful sales and should not be deferred. 3. For advertising costs, the guidance in Subtopic 720-35 (SOP 93-7) should be followed. 4. To the extent that telephone, hospitality, meals, and travel costs for customers and prospective customers are incurred directly for successful sales efforts, their deferral is appropriate.