Real Estate Accounting
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1 Real Estate Accounting Steven M. Bragg
2 Chapter 1 Introduction to Accounting... 1 Learning Objectives... 1 Introduction... 1 Financial Accounting Basics... 1 Accounting Frameworks... 2 The Accounting Cycle... 3 Accounting Transactions... 4 Types of Transaction Cycles... 4 Source Documents... 5 Double Entry Accounting... 5 The Accounting Equation... 6 Journal Entries... 8 The Ledger Concept... 8 Posting to the General Ledger... 9 General Ledger Overview The Accruals Concept The Realization Concept Accrual Basis of Accounting Cash Basis of Accounting Real Estate Entities Sole Proprietorship Partnership Corporation Limited Liability Company The Following Chapters Summary Review Questions Review Answers Chapter 2 Initial Real Estate Costs Learning Objectives Introduction Relevant Accounting Sources Capitalization Real Estate Preacquisition Costs Treatment of Preacquisition Costs Operating and Non-Operating Classifications Internally-Generated Preacquisition Costs Real Estate Project Costs Real Estate Taxes and Property Insurance Real Estate Interest Costs Assets for Which Interest Must be Capitalized Assets for Which Interest is Not Capitalized The Interest Capitalization Period The Capitalization Rate Calculating Interest Capitalization Impact of Financing on Property Purchase Price Costs Allocated to Real Estate Projects Real Estate Donated to the Government Changes in Estimates Changes in Expected Use Project Abandonment Real Estate Selling Costs Capitalized Selling Costs... 31
3 Capitalized Advertising Costs Selling Costs Charged to Expense Real Estate Rental Costs Real Estate Incidental Operations Initial Rental Operations Real Estate Amenities Startup Costs Presentation and Disclosure Topics Classifications within the Statement of Cash Flows Public Company Disclosures Capitalized Interest Disclosures Imputed Interest Disclosures Summary Review Questions Review Answers Chapter 3 Purchase of Income-Producing Property Learning Objectives Introduction Relevant Accounting Sources Overview of Business Combinations Identifiable Assets and Liabilities, and Noncontrolling Interests Goodwill or Gain from Bargain Purchase Goodwill Calculation Bargain Purchase Purchase of Assets Amortization of Intangibles Goodwill Goodwill Amortization Presentation and Disclosure Topics General Disclosures Identifiable Assets and Liabilities, and any Noncontrolling Interest Goodwill or Gain from Bargain Purchase Goodwill Disclosures Summary Review Questions Review Answers Chapter 4 Real Estate Sales Learning Objectives Introduction Relevant Accounting Sources Replacement of the Accounting Standards Step One: Link Contract to Customer Step Two: Note Performance Obligations Step Three: Determine Prices Step Four: Allocate Prices to Obligations Step Five: Recognize Revenue What Constitutes a Real Estate Sale? Full Accrual Method Revenue Recognition Buyer s Commitment to Pay Profit Recognition Not Using the Full Accrual Method Sale is Not Completed Buyer s Initial Investment Does Not Qualify Buyer s Continuing Investment Does Not Qualify Receivable is Subject to Future Subordination Continuing Seller Involvement ii
4 Decision Tree for Use of Methods Revenue and Profit Recognition Methods Installment Method Cost Recovery Method Reduced-Profit Method Percentage-of-Completion Method Deposit Method Financing Method Leasing Method Profit-Sharing Method Real Estate Project Recoverability Derecognition of Real Estate Project Costs Real Estate Held-for-Sale Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 5 Retail Land Sales Learning Objectives Introduction Relevant Accounting Sources Retail Land Full Accrual Method Percentage-of-Completion Method Installment Method Deposit Method Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 6 Nonmonetary Exchanges Learning Objectives Introduction Relevant Accounting Sources Overview of Nonmonetary Transactions Exchanges Involving Monetary Consideration Exchanges of a Nonfinancial Asset for a Noncontrolling Ownership Interest Spin-off Transactions Like-Kind Exchanges Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 7 Time-Sharing Activities Learning Objectives Introduction Relevant Accounting Sources Time-Share Characteristics Criteria for Revenue Recognition Buyer s Initial Investment Buyer s Continuing Investment Sales Value Revenue Recognition Methods Full Accrual Method iii
5 Percentage-of-Completion Method Deposit Method Cost Recognition Additional Time-Share Transactions Additional Products and Services Treatment of Selling Costs Effects of Below-Market Financing Estimating Uncollectible Receivables Debt Restructurings Deferral of Rental Costs Upgrade Transactions Reload Transactions Payments by Seller to Support Operations Management Services Operation of Affinity Programs Holding Period Impairment Accounting Changes and Error Corrections Special-Purpose Entities Assumptions and Sales of Debt Leases Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 8 Rent Topics Learning Objectives Introduction Relevant Accounting Sources Types of Leases Contingent Rent Lease Incentives Leasehold Improvements Prepaid Rent Straight-Line Rent Operating Expense Issues Sub-Leases Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 9 Asset Retirement and Environmental Obligations Learning Objectives Introduction Relevant Accounting Sources Overview of Asset Retirement Obligations The Initial Measurement of an Asset Retirement Obligation Subsequent Measurement of an Asset Retirement Obligation Settlement of an Asset Retirement Obligation Overview of Environmental Obligations Measurement of Environmental Obligations Recoveries Related to Environmental Obligations Presentation and Disclosure Topics Asset Retirement Obligations Environmental Obligations iv
6 Summary Review Questions Review Answers Chapter 10 Real Estate Ventures Learning Objectives Introduction Relevant Accounting Sources Accounting for an Interest in a Real Estate Venture Consolidations Consolidation Examples Recognition of Noncontrolling Interest Sale of Shares by Subsidiary Share of Accumulated Other Comprehensive Income Full Consolidation Example Equity Method of Accounting Cost Method Changing Methods Transactions with a Real Estate Venture Contributions Loans Purchase of Real Estate from a Venture Sale of an Investment in a Real Estate Venture Real Estate Syndication Syndication Activities Syndicator Risks and Rewards Income Recognition by Syndicators Acquisition, Development, and Construction Arrangements Participating Mortgage Loans Real Estate Investment Trusts Presentation and Disclosure Topics Summary Review Questions Review Answers Chapter 11 Housing Associations Learning Objectives Introduction Common Interest Realty Associations Issues Specific to Cooperative Housing Associations Presentation and Disclosure Topics Common Interest Realty Association Presentation Requirements Common Interest Realty Association Disclosures Cooperative Housing Association Presentation Requirements Cooperative Housing Corporation Disclosures Summary Review Questions Review Answers Glossary Index v
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