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Course Details

Real Estate Accounting - A Practitioners Guide (Course Id 819)

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Author : Steven Bragg, CPA
Status : Production
CPE Credits : 10.0
IRS Credits : 0
Price : $99.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 819

Description :

This course describes the accounting to be used for all types of real estate transactions, such as retail land sales, real estate sales, property exchanges, and the sale of time-share intervals. It also reveals the related financial statement presentations and accompanying disclosures. In addition, the course describes the accounting related to the rental of property, and investments in real estate ventures.

Usage Rank : 0
Release : 2015
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 26-Jun-2015
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 819

Keywords : Accounting, Real, Estate, Accounting, Practitioners, Guide, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    Recognize the underlying principles of accounting, the nature of the accounting cycle, and the types of organizations that can be used to engage in real estate transactions.
    Note the types of project costs, as well as when and how to capitalize interest on a real estate project.
    Identify the steps involved in accounting for an acquired income-producing property, as well as the process flow for goodwill impairment testing. Also, recognize the alternative treatment of amortizing goodwill, and the circumstances under which it can be used.
    Note the criteria for determining a buyers commitment to pay, and the types of income recognition methods that can be used.
    Recognize the nature of a retail land sale, the manner in which income recognition methods can be applied to these sales, and the calculation of the net sales figure associated with a retail land sale.
    Identify the options available for valuing exchanged property, and the use of boot in calculating profits.
    Identify the characteristics of time-share arrangements, as well as the calculation of sale prices and the criteria for recognizing a time-share sale.
    Recognize the nature of contingent rent agreements, lease incentives, and leasehold improvements, and the accounting for them.
    Note the criteria for recognizing asset retirement obligations, as well as the rules for calculating these obligations. Also, identify the criteria for recognizing environmental obligations.
    Identify the calculation requirements for the equity method of accounting, as well as the origin of the costs used in the cost method, and the treatment of investor loans to a venture.
    Recognize the types of entities that can be classified as common interest realty associations, as well as the accounting for special assessments.

Chapter 1
Introduction to Accounting

Recognize the underlying principles of accounting, the nature of the accounting cycle, and the types of organizations that can be used to engage in real estate transactions.

Chapter 2
Initial Real Estate Costs

Note the types of project costs, as well as when and how to capitalize interest on a real estate project.

Chapter 3
Purchase of Income-Producing Property

Identify the steps involved in accounting for an acquired income-producing property, as well as the process flow for goodwill impairment testing. Also, recognize the alternative treatment of amortizing goodwill, and the circumstances under which it can be used.

Chapter 4
Real Estate Sales

Note the criteria for determining a buyers commitment to pay, and the types of income recognition methods that can be used.

Chapter 5
Retail Land Sales

Recognize the nature of a retail land sale, the manner in which income recognition methods can be applied to these sales, and the calculation of the net sales figure associated with a retail land sale.

Chapter 6
Nonmonetary Exchanges

Identify the options available for valuing exchanged property, and the use of boot in calculating profits.

Chapter 7
Time-Sharing Activities

Identify the characteristics of time-share arrangements, as well as the calculation of sale prices and the criteria for recognizing a time-share sale.

Chapter 8
Rent Topics

Recognize the nature of contingent rent agreements, lease incentives, and leasehold improvements, and the accounting for them.

Chapter 9
Asset Retirement and Environmental Obligations

Note the criteria for recognizing asset retirement obligations, as well as the rules for calculating these obligations. Also, identify the criteria for recognizing environmental obligations.

Chapter 10
Real Estate Ventures

Identify the calculation requirements for the equity method of accounting, as well as the origin of the costs used in the cost method, and the treatment of investor loans to a venture.

Chapter 11
Housing Associations

Recognize the types of entities that can be classified as common interest realty associations, as well as the accounting for special assessments.
Course Contents :

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

Buyers Commitment to Pay

Profit Recognition Not Using the Full Accrual Method

Sale is Not Completed

Buyers Initial Investment Does Not Qualify

Buyers 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

Buyers Initial Investment

Buyers 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

Glossary

Accounting Course 819 Home: https://www.cpethink.com/accounting-cpa-courses
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