By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an up to date, finished reference consultant, in particular written to assist pros comprehend and observe the accounting ideas with regards to genuine property transactions. This publication offers monetary execs with a strong software to judge the accounting effects of particular bargains, allowing them to constitution transactions with the accounting effects in brain, and to account for them according to US GAAP. Accountants and auditors are supplied with significant options, transparent and concise causes of actual property accounting ideas, designated functions folks GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
The accounting treatment of such costs will depend on the type of costs incurred and the reason for their incurrence. Costs incurred may be start-up costs within the 77 ASC 970-340-35-2 (paragraph 21 of FASB Statement No. 67) provides, in part: “Capitalized rental costs directly related to revenue from a speciﬁc operating lease shall be amortized over the lease term. ” 78 FAS 67, paragraph 38 (not codiﬁed). 26 & Acquisition, Development, and Construction of Real Estate scope of Subtopic 720-15, Other Expenses—Start-up Costs (SOP 98-5, Reporting on the Costs of Start-up Activities);79 they may constitute normal maintenance expenses; or they may stem from renovations, remodeling, or refurbishing activities.
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. 141: “That excess shall be allocated as a pro rata reduction of the amounts that otherwise would have been assigned to all of the acquired assets .
Others have indicated that the residual method should be used as a proxy for fair value of the intangible asset in these situations, since the fair value of the intangible asset in question is not determinable. . The SEC staff believes that the residual method does not comply with the requirements of Statement 141. . The SEC staff notes that a fundamental distinction between other recognized intangible assets and goodwill is that goodwill is both deﬁned and measured as an excess or residual asset, while other recognized intangible assets are required to be measured at fair value.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis