Table of Contents-Real Estate
Chapter 1 - Introduction to Accounting
Financial Accounting Basics
Accounting Frameworks
The Accounting Cycle
Accounting Transactions
Types of Transaction Cycles
Source Documents
Double Entry Accounting
The Accounting Equation
Journal Entries
The Ledger Concept
Posting to the General Ledger
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
Chapter 2 - Initial Real Estate Costs
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 You Must Capitalize Interest
Assets for Which You Do Not Capitalize Interest
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
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
Chapter 3 - Purchase of Income-Producing Property
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
Chapter 4 - Real Estate Sales
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
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
Chapter 5 - Retail Land Sales
Relevant Accounting Sources
Retail Land
Full Accrual Method
Percentage-of-Completion Method
Installment Method
Deposit Method
Presentation and Disclosure Topics
Chapter 6 - Nonmonetary Exchanges
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
Chapter 7 - Time-Sharing Activities
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
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
Chapter 8 - Rent Topics
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
Chapter 9 - Asset Retirement and Environmental Obligations
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
Chapter 10 - Real Estate Ventures
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
Chapter 11 - Housing Associations
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
Answers to Chapter Questions
Glossary
Index
Exam Score Sheet ……………………………………………………………………………199
Cpe Exam …………………………………………………………………………………….200
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