- NY Credits : 5.0
- TX Credits : 5.0
Real estate transactions can be tricky if not handled with the proper expertise and guidance. This course covers the accounting and auditing issues related to real estate transactions found in FASB Accounting Standards Codification Topics 360, 970 as well as 976. It details the costs of real estate projects including the determination to capitalize or expense particular real estate costs, including the capitalization of interest. Furthermore, this course presentsIt discusses each revenue recognition methods and applies these methods to real estate transactions based upon the criteria found in the standards. In addition, audit issues are presented related to real estate sales and exchange transactions including profit recognition, related party transactions and the evaluation of an appraiser's work. Finally, the course wraps up with using appraisals in the audit and the appropriate methodology for acquisition, development or construction (ADC) arrangements and a brief overview of real estate investment trusts (REITs). This course has been updated to reflect changes in the TAX Cut and Jobs Act.
A detailed knowledge in real estate transactions and/or experience at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of Accounting and Auditing Real Estate Transactions, the user should be able to:
describe retail land sales and other real estate transactions and the required profit methods;
explain audit issues related to real estate sales and exchanges;
discuss related-party transactions and the use of appraisals;
summarize acquisition, development, or construction (ADC) arrangements; and
explain real estate investment trusts (REITs).