By Maria K. Davis
Accounting for actual property Transactions is an up to date, entire reference consultant, in particular written that will help you comprehend and follow the accounting principles with regards to actual property transactions. This ebook offers you a strong instrument to guage the accounting results 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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Extra info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
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. For example, time may be recorded by the in-house designers to determine the percentage of their salaries to be allocated to a certain project. 25 Statement 67 does not provide any further guidance on how to determine what costs are clearly associated with the acquisition, development, and construction of a real estate project.
Selling costs that qualify for inclusion in project costs become part of a common cost pool that is allocated to individual units. indd 21 FAS 67, paragraph 13 FAS 67, paragraph 17 FAS 67, paragraph 17 3/6/08 9:53:59 PM 22 Chapter 1 Acquisition, Development, and Construction of Real Estate generally sold at the end of the sales period; the amount allocated to common costs is the excess of the costs of the model units over their estimated sales proceeds. SELLING COSTS TO BE DEFERRED64 FASB Statement No.
As such, capitalized amounts financed through trade payables, retainages, or progress payment collections from customers may lead to differences between capitalized project costs and the amount of expenditures that qualify for interest capitalization. Paragraph 16 of FASB Statement No. 34 provides, however, that capitalized expenditures for an asset may be used as a reasonable approximation of expenditures on which interest is capitalized, unless the difference is material. STEP 3. DETERMINE THE CAPITALIZATION PERIOD Interest is capitalized when the following three conditions are present:44 • • • Expenditures for the asset (that qualify for interest capitalization) have been made.