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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 : |
Real Estate
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| 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:
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 Amenities 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 Glossary |
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