房地产会计（英文版）

lws00289

CONTENTS
PREFACE XV
ABOUT THE AUTHOR XVII
ABBREVIATIONS XIX
PART 1 ACCOUNTING FOR REAL ESTATE
TRANSACTIONS—GENERAL 1
CHAPTER 1 ACQUISITION, DEVELOPMENT, AND
CONSTRUCTION OF REAL ESTATE 3
1.1 Overview 4
1.2 Acquisition, Development, and Construction Costs 5
1.2.1 Preacquisition Costs 6
1.2.2 Project Costs 9
1.2.3 Cost Allocation 16
1.2.4 Change in Estimates or Project Plans and
Abandonments of Projects 19
1.3 Costs Incurred to Sell or Rent a
Real Estate Project 21
1.3.1 Costs Incurred to Sell a
Real Estate Project 21
1.3.2 Costs Incurred to Rent a
Real Estate Project 24
1.4 Incidental Operations 24
1.5 Accounting for Costs Incurred Subsequent to
Project Completion 25
1.5.1 Determining the Date of Project
Completion 25
1.5.2 Costs Incurred Subsequent to Project
Completion 26
1.6 Purchase of Income Producing Property 27
1.6.1 Purchase of a Business 27
1.6.2 Purchase of an Asset /Asset Group 29
1.6.3 Recognition of Intangible Assets Acquired 29
1.6.4 Valuation of Land, Buildings,
and Intangibles 31
1.6.5 Allocation of Acquisition Cost 33
1.6.6 Accounting Subsequent to Acquisition 36
1.7 Special Accounting Issues 36
1.7.1 Costs of Amenities 36
1.7.2 Start-Up Costs 38
1.7.3 Land Options 39
1.7.4 Financing as Part of a
Purchase Transaction 43
1.7.5 Environmental Costs and Liabilities 44
1.7.6 Transactions with Related Parties 52
1.8 Financial Statement Presentation and Disclosure 54
1.8.1 Cash Flow Statement Presentation 54
1.8.2 Segment Disclosures for
Public Companies 55
1.8.3 Other Presentation and Disclosure
Requirements 55
1.9 International Financial Reporting Standards 57
1.9.1 IAS 16 57
1.9.2 IAS 40 61
1.10 S ynopsis of Authoritative Literature 65
CHAPTER 2 NONMONETARY EXCHANGES OF REAL ESTATE 77
2.1 Overview 77
2.2 Section 1031 Exchange 79
2.3 Nonmonetary Exchanges Not Governed by
APB Opinion No. 29 83
2.3.1 Exchange with Continuing
Involvement of the Transferor 83
2.3.2 In-Substance Sale and Purchase Transaction 84
2.3.3 Nonmonetary Exchange Involving Business 85
2.3.4 Involuntary Conversion 86
2.4 Accounting for Nonmonetary Exchanges 86
2.4.1 General Principle—Fair Value 86
2.4.2 Exceptions to the Fair Value Principle 87
2.5 Nonmonetary Exchange of Real Estate
Involving Monetary Consideration 89
2.5.1 Accounting by Receiver of Monetary
Consideration 90
2.5.2 Accounting by Payer of Monetary
Consideration 90
2.6 Special Accounting Issues 92
2.6.1 Exchange-Leaseback 92
2.6.2 Transactions between Related Parties 93
2.7 Financial Statement Presentation and Disclosure 94
2.8 International Financial Reporting Standards 95
2.8.1 Commercial Substance of Exchange
Transaction 95
2.8.2 Fair Value Measurement 96
2.9 Synopsis of Authoritative Literature 96
CHAPTER 3 REAL ESTATE SALES 101
3.1 Overview 102
3.2 Applicability of FASB Statement No. 66 102
3.3 Sale and Profi t Recognition 104
3.4 Profi t Recognition under the Accrual Method 105
3.4.1 General Rule 105
3.4.2 Specifi c Criteria 106
3.5 Failure to Meet Criteria for the
Application of the Accrual Method 116
3.5.1 Inadequate Initial Investment 116
3.5.2 Inadequate Continuing Investment 117
3.5.3 Receivable Subject to Future
Subordination 118
3.5.4 Continuing Involvement 118
3.6 Application of Other Accounting Methods 135
3.6.1 Deposit Method 135
3.6.2 Installment Method 139
3.6.3 Cost Recovery Method 141
3.6.4 Reduced Profi t Method 143
3.6.5 Percentage-of-Completion Method 145
3.6.6 Financing Method 146
3.6.7 Leasing Method 148
3.6.8 Profi t-Sharing Method 149
3.6.9 Performance-of-Services Method 149
3.7 Special Accounting Issues 152
3.7.1 Impairment and Loss on Sale 152
3.7.2 Extinguishment of Debt with the
Sale of Property 155
3.7.3 Wrap-around Mortgage 156
3.7.4 Effect of Nonrecourse Financing on
Profi t Recognition 156
3.8 Financial Statement Presentation and Disclosure 158
3.8.1 Presentation of Gain on Sale of
Land Option 158
3.8.2 Presentation of Properties as Held
for Sale 158
3.8.3 Discontinued Operations Presentation 159
3.8.4 Disclosures upon Recognition of
Impairment Loss 162
3.9 International Financial Reporting Standards 162
3.10 Synopsis of Authoritative Literature 163
CHAPTER 4 REAL ESTATE LEASES 171
4.1 Overview 172
4.2 Defi nition of a Lease 174
4.2.1 Right to Use 175
4.2.2 Specifi ed Property, Plant, or Equipment 177
4.2.3 Stated Period of Time 178
4.2.4 Reassessment of the Arrangement 178
4.3 Lease Classifi cation—General 180
4.3.1 Lease Classifi cation—Lessee 180
4.3.2 Lease Classifi cation—Lessor 182
4.3.3 Lease Classifi cation Criteria 183
4.4 Lease Classifi cation—Leases Involving
Real Estate 188
4.4.1 Leases Involving Land Only 189
4.4.2 Leases Involving Land and Building 190
4.4.3 Leases Involving Equipment as
Well as Real Estate 194
4.4.4 Leases Involving Part of a Building 194
4.5 Accounting for Leases 196
4.5.1 Accounting for Leases—Lessee 196
4.5.2 Accounting for Leases—Lessor 197
4.6 Special Accounting Issues 200
4.6.1 Extensions and Renewals of a Lease 200
4.6.2 Modifi cations to the Provisions of
a Lease 204
4.6.3 Lease Termination 206
4.6.4 Purchase and Sale of Leased Asset
before the End of the Lease Term 209
4.6.5 Rent Holiday and Scheduled
Rent Increases/Decreases 210
4.6.6 Contingent Rentals 212
4.6.7 Lease Incentives in Operating Leases 214
4.6.8 Subleases and Lease Substitutions 217
4.6.9 Leases and Leasehold Improvements
Acquired in a Business Combination 219
4.6.10 Impairment of Assets under Lease
and Losses on Leasing Activities 221
4.6.11 Build-to-Suit Leases 222
4.6.12 Leases between Related Parties 225
4.7 Financial Statement Presentation and Disclosure 227
4.7.1 Presentation and Disclosure—Lessee 227
4.7.2 Presentation and Disclosure—Lessor 228
4.8 International Financial Reporting Standards 229
4.8.1 Lease Classifi cation 229
4.8.2 Accounting and Disclosures—Lessee 231
4.8.3 Accounting and Disclosures—Lessor 233
4.9 Synopsis of Authoritative Literature 235
CHAPTER 5 SALE-LEASEBACK OF REAL ESTATE 253
5.1 Overview 253