By Maria K. Davis
Accounting for actual property Transactions is an up to date, finished reference advisor, particularly written that can assist you comprehend and practice the accounting principles in relation to actual property transactions. This publication offers you a robust software to judge the accounting effects of particular bargains, permitting 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 info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
21 Questions also arise with respect to the capitalization of environmental remediation costs. 2 Indirect Costs Indirect project costs are capitalized to the extent they clearly relate to the acquisition, development, or construction of a real estate project. 1 of this chapter. FAS 67, paragraph 14 Proposed SOP, Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment, paragraph 34 Id. 5 for further discussion regarding environmental remediation costs. 2 Acquisition, Development, and Construction Costs 11 For internally incurred indirect costs to be capitalizable, a cost accounting system needs to be in place and adequate documentation needs to be maintained to support cost capitalization.
The first step is to allocate the cost of the land to the individual parcels based on the relative fair value before construction; accordingly, an amount of $1 million is allocated to Parcel 2. The land value allocated to the parcel on which townhouses are to be constructed then becomes part of the common cost pool for the townhouse, which is allocated to each townhouse based on its relative sales value. As such, TH 1 will be allocated land costs of $41,667. 58 Cost reallocations within or between phases of a project are not uncommon, as the design of a project may evolve.
Once the real estate property is acquired, any capitalized preacquisition costs are included in project costs. 7 The proposed SOP, Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment, states with respect to preacquisition costs when it becomes probable that the property will not be acquired:8 If it becomes no longer probable that specific PP&E [property, plant, and equipment] will be acquired or constructed, previously capitalized preacquisition stage costs related to the specific PP&E should be reduced to the lower of cost or fair value.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis