By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This very hot reference is depended on by means of a substantial a part of the accounting career of their day by day paintings. This instruction manual is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is widely known and trusted. it really is designed as a unmarried reference resource that gives solutions to all average questions about accounting and fiscal reporting requested by means of accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting details.
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Extra info for Accountants’ handbook. Special Industries and Special Topics
The guidelines used in determining these criteria are complex and, within certain provisions, arbitrary. Companies dealing with these types of transactions are often faced with the difficult task of analyzing the exact nature of a transaction in order to determine the appropriate accounting approach. Only with a thorough understanding of the details of a transaction can the accountant perform the analysis required to decide on the appropriate accounting method. (c) CRITERIA FOR RECORDING A SALE.
1, lists minimum down payments ranging from 5 percent to 25 percent of sales value based on usual loan limits for various types of properties. These percentages should be considered as specific requirements because it was not intended that exceptions be made. Additionally, EITF Consensus No. 88-24, “Effect of Various Forms of Financing under FASB Statement No. 66,” discusses the impact of the source and nature of the buyer’s down payment on profit recognition. Exhibit A to EITF No. 2. If a newly placed permanent loan or firm permanent loan commitment for maximum financing exists, the minimum down payment must be the higher of (1) the amount derived from Appendix A Minimum Initial Investment Payment Expressed as a Percentage of Sales Value Land: Held for commercial, industrial, or residential development to commence within two years after sale Held for commercial, industrial, or residential development after two years Commercial and industrial property: Office and industrial buildings, shopping centers, and so forth: Properties subject to lease on a long-term lease basis to parties having satisfactory credit rating; cash flow currently sufficient to service all Indebtedness Single-tenancy properties sold to a user having a satisfactory credit rating All other Other income-producing properties (hotels, motels, marinas, mobile home parks, and so forth): Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Multifamily residential property: Primary residence: Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Secondary or recreational residence: Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Single-family residential property (including condominium or cooperative housing) Primary residence of buyer Secondary or recreational residence 20% 25% 10% 15% 20% 15% 25% 10% 15% 10% 25% 5%a 10%a a As set forth in Appendix A of SFAS No.
The sources and extent of available capital for financings and construction will be a concern. This concern will be centered on the ability and willingness of financing institutions to continue lending in an uncertain market, and lenders will increasingly require creditworthiness or enhancements to reduce to their exposure to real estate risk. 2 SALES OF REAL ESTATE (a) ANALYSIS OF TRANSACTIONS. Real estate sales transactions are generally material to the entity’s financial statements. ” is the primary question that must be answered regarding such sales.
Accountants’ handbook. Special Industries and Special Topics by D. R. Carmichael, O. Ray Whittington, Lynford Graham