By Maria K. Davis
Accounting for genuine property Transactions, moment Edition is an updated, accomplished reference consultant, particularly written to aid pros comprehend and practice the accounting principles with regards to genuine property transactions. This publication presents monetary execs with a robust instrument to judge the accounting results of particular offers, allowing them to constitution transactions with the accounting results in brain, and to account for them according to US GAAP. Accountants and auditors are supplied with significant recommendations, transparent and concise factors of genuine property accounting principles, certain purposes folks GAAP, flowcharts, and exhaustive cross-references of the authoritative literature
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Additional info for Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals
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. 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 .
97 ASC 820-10-20 (FAS 157, paragraph 5). 98 ASC 820-10-35-10 (FAS 157, paragraph 12). 99 Before the effective date of Statement No. 141(R) in 2009, Statement No. 141 provided speciﬁc guidance regarding the valuation of plant and equipment: That guidance suggested the use of current replacement cost to determine the value at which plant and equipment acquired in a business combination should initially be recorded and that the replacement cost of used PP&E should be estimated by determining the replacement cost new less accumulated depreciation [FAS 141, paragraph 37(f); 37(d)(1) (not codiﬁed)].
105 Since the issuance of Statements Nos. 141 and 142, industry practice, largely driven by Securities and Exchange Commission (SEC) comment letters, has developed with respect to identifying and measuring the individual assets and liabilities (balance sheet credits) that are recorded upon the acquisition of real estate properties. Changes to prior industry practice relate primarily to the valuation of buildings—to be valued on an as-if-vacant basis—and the separate recognition and valuation of in-place leases.
Accounting for Real Estate Transactions: A Guide For Public Accountants and Corporate Financial Professionals by Maria K. Davis