Accounting for real estate transactions: a guide for public accountants and corporate financial professionals
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, N.J.
Wiley
2008
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XX, 430 S. |
| ISBN: | 0470198524 9780470198520 |
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| 100 | 1 | |a Davis, Maria K. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Accounting for real estate transactions |b a guide for public accountants and corporate financial professionals |c Maria K. Davis |
| 264 | 1 | |a Hoboken, N.J. |b Wiley |c 2008 | |
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Datensatz im Suchindex
| _version_ | 1804138755774218240 |
|---|---|
| adam_text | CONTENTS
Preface
About the Author
Abbreviations
xv
XVII
XIX
PART 1 ACCOUNTING FOR REAL ESTATE
TRANSACTIONS—GENERAL 1
Chapter 1 Acquisition, Development, and
Construction of Real Estate 3
1.1 Overview 4
1.2 Acquisition, Development, and Construction Costs 5
1.2.1 Preacquisition Costs 6
1.2.2 Project Costs 9
1.2.3 Cost Allocation 16
1.2.4 Change in Estimates or Project Plans and
Abandonments of Projects 19
1.3 Costs Incurred to Sell or Rent a
Real Estate Project 21
1.3.1 Costs Incurred to Sell a
Real Estate Project 21
1.3.2 Costs Incurred to Rent a
Real Estate Project 24
1.4 Incidental Operations 24
1.5 Accounting for Costs Incurred Subsequent to
Project Completion 25
1.5.1 Determining the Date of Project
Completion 25
1.5.2 Costs Incurred Subsequent to Project
Completion 26
VII
viii Contents
1.6 Purchase of Income Producing Property 27
1.6.1 Purchase of a Business 27
1.6.2 Purchase of an Asset/Asset Group 29
1.6.3 Recognition of Intangible Assets Acquired 29
1.6.4 Valuation of Land, Buildings,
and Intangibles 31
1.6.5 Allocation of Acquisition Cost 33
1.6.6 Accounting Subsequent to Acquisition 36
1.7 Special Accounting Issues 36
1.7.1 Costs of Amenities 36
1.7.2 Start-Up Costs 38
1.7.3 Land Options 39
1.7.4 Financing as Part of a
Purchase Transaction 43
1.7.5 Environmental Costs and Liabilities 44
1.7.6 Transactions with Related Parties 52
1.8 Financial Statement Presentation and Disclosure 54
1.8.1 Cash Flow Statement Presentation 54
1.8.2 Segment Disclosures for
Public Companies 55
1.8.3 Other Presentation and Disclosure
Requirements 55
1.9 International Financial Reporting Standards 57
1.9.1 IAS 16 57
1.9.2 IAS 40 61
1.10 Synopsis of Authoritative Literature 65
Chapter 2 Nonmonetary Exchanges of Real Estate 77
2.1 Overview 77
2.2 Section 1031 Exchange 79
2.3 Nonm onetarv Exchanges Not Governed bv
APB Opinion No. 29 83
2.3.1 Exchange with Continuing
Involvement of the Transferor 83
2.3.2 In-Substance Sale and Purchase Transaction 84
2.3.3 Nonmonetary Exchange Involving Business 85
2.3.4 Involuntary Conversion 86
Contents ix
2.4 Accounting for Nonmonetary Exchanges 86
2.4.1 General Principle—Fair Value 86
2.4.2 Exceptions to the Fair Value Principle 87
2.5 Nonmonetary Exchange of Real Estate
Involving Monetary Consideration 89
2.5.1 Accounting by Receiver of Monetary
Consideration 90
2.5.2 Accounting by Payer of Monetary
Consideration 90
2.6 Special Accounting Issues 92
2.6.1 Exchange-Leaseback 92
2.6.2 Transactions between Related Parties 93
2.7 Financial Statement Presentation and Disclosure 94
2.8 International Financial Reporting Standards 95
2.8.1 Commercial Substance of Exchange
Transaction 95
2.8.2 Fair Value Measurement 96
2.9 Synopsis of Authoritative Literature 96
Chapter 3 Real Estate Sales 101
3.1 Overview 102
3.2 Applicability of FASB Statement No. 66 102
3.3 Sale and Profit Recognition 104
3.4 Profit Recognition under the Accrual Method 105
3.4.1 General Rule 105
3.4.2 Specific Criteria 106
3.5 Failure to Meet Criteria for the
Application of the Accrual Method 116
3.5.1 Inadequate Initial Investment 116
3.5.2 Inadequate Continuing Investment 117
3.5.3 Receivable Subject to Future
Subordination 118
3.5.4 Continuing Involvement 118
3.6 Application of Other Accounting Methods 135
3.6.1 Deposit Method 135
3.6.2 Installment Method 139
3.6.3 Cost Recovery Method 141
Contents
3.7
3.8
3.6.4 Reduced Profit Method 143
3.6.5 Percentage-of-Completion Method 145
3.6.6 Financing Method 146
3.6.7 Leasing Method 148
3.6.8 Profit-Sharing Method 149
3.6.9 Performance-of-Services Method 149
Special Accounting Issues 152
3.7.1 Impairment and Loss on Sale 152
3.7.2 Extinguishment of Debt with the
Sale of Property 155
3.7.3 Wrap-around Mortgage 156
3.7.4 Effect of Nonrecourse Financing on
Profit Recognition 156
Financial Statement Presentation and Disclosure 158
3.8.1 Presentation of Gain on Sale of
Land Option 158
3.8.2 Presentation of Properties as Held
for Sale 158
3.8.3 Discontinued Operations Presentation 159
3.8.4 Disclosures upon Recognition of
Impairment Loss 162
International Financial Reporting Standards 162
3.9
3.10 Synopsis of Authoritative Literature 163
Chapter 4 Real Estate Leases 171
4.1 Overview 172
4.2 Definition of a Lease 174
4.2.1 Right to Use 175
4.2.2 Specified Property, Plant, or Equipment 177
4.2.3 Stated Period of Time 178
4.2.4 Reassessment of the Arrangement 178
4.3 Lease Classification—General 180
4.3.1 Lease Classification—Lessee 180
4.3.2 Lease Classification—Lessor 182
4.3.3 Lease Classification Criteria 183
4.4 Lease Classification—Leases Involving
Real Estate 188
Contents xi
4.4.1 Leases Involving Land Only 189
4.4.2 Leases Involving Land and Building 190
4.4.3 Leases Involving Equipment as
Well as Real Estate 194
4.4.4 Leases Involving Part of a Building 194
4.5 Accounting for Leases 196
4.5.1 Accounting for Leases—Lessee 196
4.5.2 Accounting for Leases—Lessor 197
4.6 Special Accounting Issues 200
4.6.1 Extensions and Renewals of a Lease 200
4.6.2 Modifications to the Provisions of
a Lease 204
4.6.3 Lease Termination 206
4.6.4 Purchase and Sale of Leased Asset
before the End of the Lease Term 209
4.6.5 Rent Holiday and Scheduled
Rent Increases/Decreases 210
4.6.6 Contingent Rentals 212
4.6.7 Lease Incentives in Operating Leases 214
4.6.8 Subleases and Lease Substitutions 217
4.6.9 Leases and Leasehold Improvements
Acquired in a Business Combination 219
4.6.10 Impairment of Assets under Lease
and Losses on Leasing Activities 221
4.6.11 Build-to-Suit Leases 222
4.6.12 Leases between Related Parties 225
4.7 Financial Statement Presentation and Disclosure 227
4.7.1 Presentation and Disclosure—Lessee 227
4.7.2 Presentation and Disclosure—Lessor 228
4.8 International Financial Reporting Standards 229
4.8.1 Lease Classification 229
4.8.2 Accounting and Disclosures—Lessee 231
4.8.3 Accounting and Disclosures—Lessor 233
4.9 Synopsis of Authoritative Literature 235
Chapter 5 Sale-Leaseback of Real Estate 253
5.1 Overview 253
xii Contents
5.2 Accounting for Sale-Leaseback Transactions
Involving Real Estate 254
5.2.1 Accounting by the Seller-Lessee 256
5.2.2 Accounting by the Buyer-Lessor 270
5.3 Specific Accounting Issues 271
5.3.1 Unusual Terms of Sale-Leaseback
Transactions 271
5.3.2 Impairment of Property 272
5.3.3 Minor Subleases 273
5.3.4 Sale of a Partial Interest 274
5.3.5 Leaseback of a Portion of the
Property Sold 275
5.3.6 Sale-Leaseback of Multiple Assets 275
5.3.7 Contribution-Leaseback Transactions 276
5.3.8 Wrap Lease Transactions 276
5.3.9 Leaseback with Fixed-Price Renewal
Options for Substantially All of the
Property s Economic Life 277
5.3.10 Sale-Leaseback Transactions by
Regulated Enterprises 278
5.3.11 Sale-Leaseback Involving Related Parties 279
5.4 Financial Statement Presentation and Disclosure 281
5.5 International Financial Reporting Standards 281
5.6 Synopsis of Authoritative Literature 284
PART 2 ACCOUNTING FOR REAL ESTATE
INDUSTRY-SPECIFIC TRANSACTIONS 291
Chapter 6 Interests in Real Estate Ventures 293
6.1 Overview 294
6.2 Methods of Accounting for Interests in
Real Estate Ventures 295
6.2.1 Consolidation 295
6.2.2 Equity Method of Accounting 304
6.2.3 Pro Rata Consolidation 309
Contents xiii
6.2.4 Cost Method 310
6.2.5 Change between the Cost and
Equity Method of Accounting 310
6.2.6 Measuring Interests in Real Estate
Ventures at Fair Value 311
6.3 Accounting for Transactions with a
Real Estate Venture 314
6.3.1 Capital Contributions 314
6.3.2 Loans and Advances to a Venture 316
6.3.3 Sales of Real Estate 317
6.3.4 Service Arrangements 318
6.3.5 Sale of Interest in Real Estate Venture 319
6.4 Special Accounting Issues Relating to the
Equity Method of Accounting 319
6.4.1 Other-than-Common Stock Investments in
Corporate Ventures 319
6.4.2 Differences between Accounting
Principles of Investor and Venture 320
6.4.3 Recognition of Losses by the Investor 321
6.4.4 Investments in an Investee after
Suspension of Loss Recognition 323
6.4.5 Cash Distributions in Excess of
Investment 324
6.4.6 Hypothetical Liquidation at
Book Value Method 324
6.4.7 Impairment 325
6.4.8 Interest Capitalization 327
6.5 Financial Statement Presentation and Disclosure 328
6.5.1 Consolidated Investments 329
6.5.2 Equity Method Investees 329
6.5.3 Items Measured at Fair Value 331
6.6 International Financial Reporting Standards 332
6.6.1 Investments in Subsidiaries 333
6.6.2 Interests in Joint Ventures 335
6.6.3 Investments in Associates 339
6.7 Synopsis of Authoritative Literature 340
xiv Contents
Chapter 7
Glossary
Index
Time-Sharing Transactions
355
7.1 Overview 355
7.2 Types of Time-Sharing Arrangements 357
7.3 Accounting for the Sale of Time-Sharing
Intervals 359
7.3.1 Application of the Accrual and
Percentage-of-Completion Methods 360
7.3.2 Accounting for Costs to Sell
Time-Sharing Intervals 369
7.4 Special Accounting Issues 370
7.4.1 Uncollectibility of Receivables 370
7.4.2 Incentives and Inducements 373
7.4.3 Incidental Operations 374
7.4.4 Upgrade and Reload Transactions 375
7.4.5 Seller Support of Operations 376
7.4.6 Division of Project into Phases 377
7.5 Financial Statement Presentation and Disclosure 377
7.6 Synopsis of Authoritative Literature 378
Chapter 8 Retail Land Sales
8.1 Overview
8.2 Accounting for Retail Land Sales
8.2.1 Revenue Recognition
8.2.2 Profit Recognition
8.3 Special Accounting Issues
8.3.1 Change from the Installment to the
Percentage-of-Completion Method
8.3.2 Accounting for Repossessed Land
8.4 Financial Statement Presentation and Disclosure
8.5 Synopsis of Accounting Literature
379
379
380
381
382
390
390
390
392
392
393
409
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| spelling | Davis, Maria K. Verfasser aut Accounting for real estate transactions a guide for public accountants and corporate financial professionals Maria K. Davis Hoboken, N.J. Wiley 2008 XX, 430 S. txt rdacontent n rdamedia nc rdacarrier Real estate investment Accounting Real property Accounting Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Immobilienanlage (DE-588)4120474-8 s 1\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017242873&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
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| title | Accounting for real estate transactions a guide for public accountants and corporate financial professionals |
| title_auth | Accounting for real estate transactions a guide for public accountants and corporate financial professionals |
| title_exact_search | Accounting for real estate transactions a guide for public accountants and corporate financial professionals |
| title_full | Accounting for real estate transactions a guide for public accountants and corporate financial professionals Maria K. Davis |
| title_fullStr | Accounting for real estate transactions a guide for public accountants and corporate financial professionals Maria K. Davis |
| title_full_unstemmed | Accounting for real estate transactions a guide for public accountants and corporate financial professionals Maria K. Davis |
| title_short | Accounting for real estate transactions |
| title_sort | accounting for real estate transactions a guide for public accountants and corporate financial professionals |
| title_sub | a guide for public accountants and corporate financial professionals |
| topic | Real estate investment Accounting Real property Accounting Immobilienanlage (DE-588)4120474-8 gnd |
| topic_facet | Real estate investment Accounting Real property Accounting Immobilienanlage |
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