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Specialized Industry GAAP: Real Estate - v11 (Course Id 1960)

QAS / Registry
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Author : Jae K. Shim, Ph.D., CPA
Course Length : Pages: 34 ||| Review Questions: 20 ||| Final Exam Questions: 18
CPE Credits : 3.5
IRS Credits : 0
Price : $31.45
Passing Score : 70%
Course Type: NASBA QAS - Text - Technical - NASBA Registry
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 1960

Description :

Specialized Industry Gaap - Real Estate covers the important authoritative pronouncements on GAAP for the specialized real estate industry. This course focuses on financial reporting requirements for real estate project costs (Part I), real estate sales (Part II), and the rental of property (Part III). Part I addresses whether costs associated with real estate projects should be capitalized or charged to expense as incurred.  Part II explains how to apply the five-step revenue recognition model on real estate sales under ASC 606 Revenue from Contracts with Customers. Part III discusses how lessors (landlords) and lessees (tenants) account for leased property under ASC 842 Leases. This course also includes specific examples to illustrate the application of these requirements. 

Usage Rank : 0
Release : 2021
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 22-Feb-2022
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 - Text - Technical - NASBA Registry - 1960

Keywords : Accounting, Specialized, Industry, GAAP, Real, Estate, v11, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

After completing this course, you should be able to:
    1. Recognize accounting principles for real estate project costs (capitalization vs. expensed)
    2. Identify the revenue recognition requirements applied to sales of real estate.
    3. Recognizes key concepts in lease accounting applied to lessors (landlords) and lessees (tenants)
Course Contents :

Chapter 1 - Specialized Industry GAAP: Real Estate

Part I: Real Estate Project Costs

General Rules

Acquisition, Development, and Construction Costs

Preacquisition Costs

Property Taxes and Insurance


Initial Rental Operations

Costs Incurred to Rent

Costs Incurred to Sell

Costs of Obtaining a Contract

Costs to Fulfill a Contract

Allocation of Capitalized Costs

Review Questions - Section 1

Part II: Real Estate Sales

General Rules

Five-Step Revenue Recognition Model

Step 1: Identify a Contract

Step 2. Identify the Performance Obligations

Step 3. Determine the Transaction Price

Step 4. Allocate the Transaction Price

Step 5: Recognize Revenue

Real Estate Sales Q&As

Partial Sales

Repurchase Agreements

Forward or Call Option

Put Option

Other Considerations

Combining Contracts

Modifying Contracts

Changes to the Transaction Price

Comprehensive Illustrations: Assessing Whether a Performance Obligation Is Satisfied at a Point in Time or Over Time

Scenario 1: Seller Does Not Have an Enforceable Right to Payment for Performance Completed to Date

Scenario 2: Seller Has an Enforceable Right to Payment for Performance Completed to Date

Review Questions - Section 2

Part III: Property Rentals

General Rules

Lease Classification

Accounting Model

Lessor (Landlord)

Lessee (Tenant)

Other Considerations

Lease Commence Date

Lease Term and Purchase Options

Lease Payments

Initial Direct Costs

Sale-Leaseback Transactions

Comprehensive Illustrations: Activities or Costs That Are Not Components of a Contract

Scenario 1: Payments for Taxes and Insurance Are Variable

Scenario 2: Payments for Taxes and Insurance are Fixed

Scenario 3: Common Area Maintenance

Review Questions - Section 3


CPE Accounting Course: https://www.cpethink.com/gaap-cpe-for-cpas
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