To review the prescribed and/or preferred accounting principles for the recording and reporting of real estate development, operations and sales, including common construction accounting issues faced by real estate developers. The webinar will also discuss current and proposed changes in real estate accounting, with an emphasis on making meaningful financial presentations for real estate entities, including partnerships and other investment vehicles.

• Update of FASB statements and proposals, including ASC (Accounting Standards Codification)
• Informative and useful financial statement presentation and disclosures
• Accounting for impairment of long-lived assets and for long-lived assets to be disposed
• Variable interest entities and consolidation rules
• Climate-related disclosures
• Bonding, common fraud schemes, mechanic's lien laws and other common statutes relevant to the industry
• Choice of entity issues facing the industry
• Profit recognition
• Accounting for acquisition, development and construction costs
• Cash flow reporting
• IFRS vs. GAAP

To review the prescribed and/or preferred accounting principles for the recording and reporting of real estate development, operations and sales, including common construction accounting issues faced by real estate developers. The self-study webinar will also discuss current and proposed changes in real estate accounting, with an emphasis on making meaningful financial presentations for real estate entities, including partnerships and other investment vehicles.

DETAILED LEARNING OBJECTIVES

• Identify factors affecting the choice of entity 

• Identify entity choices as they relate to specified characteristics

• Recognize specified differences between US GAAP and IFRS

• Recognize codification topics related directly to accounting for real estate 

• Recognize the characteristics of a REIT

• Recognize the characteristics of the valuation levels within the fair value hierarchy

• Recognize acceptable valuation techniques identified in ASC 820 

• Identify specified characteristics of different valuation techniques identified in ASC 820

• Identify the accounting treatment of real estate acquisition, development and construction costs

• Identify the circumstances in which interest is appropriately capitalized

• Identify the type of commercial lease where the landlord covers all the building expenses

• Identify the basis on which the new lease standard is modeled

• Identify the components of the lessee’s ROU asset at the lease commencement date

• Recognize the accounting treatment of costs incurred to rent real estate projects

• Identify the primary reasons behind the new revenue recognition standard

• Identify specified issues with the revenue recognition standard as it relates to real estate

• Recognize when a good or service is considered distinct (and therefore a separate performance obligation) under the revenue recognition standard

• Recognize the basis for allocation of a transaction price to a separate performance obligation

• Recognize the criteria under which a long-lived asset would be classified as held for sale 

• Recognize the circumstances under which the impairment guidance for long-lived assets to be held and used would apply

• Identify indications of impairment in long-lived assets

• Identify the steps for determining if an impairment of long-lived assets exists

• Identify the methodology for measuring long-lived assets held for sale 

• Recognize the appropriate accounting model for a restructured loan from the perspective of a debtor

• Recognize the characteristics of a troubled debt restructure

• Identify the typical range of a surety bond

• Understand the requirements for a corporation to maintain REIT status, including governance structure and dividend distribution requirements

• Identify the criteria used to classify leases as either finance or operating leases under ASC 842, focusing on the relationship between lease term and asset life

• Recognize the conditions under which interest costs are capitalized as part of the construction costs for real estate, as specified by US GAAP

• Identify indicators that may necessitate an impairment test for real estate assets under ASC 360, including changes in market conditions and property usage

• Understand the criteria for recognizing a sale in a sale-leaseback transaction and the implications of transfer of control under ASC 842

• Update of FASB statements and proposals, including ASC (Accounting Standards Codification)
• Informative and useful financial statement presentation and disclosures
• Accounting for impairment of long-lived assets and for long-lived assets to be disposed
• Variable interest entities and consolidation rules
• Climate-related disclosures
• Bonding, common fraud schemes, mechanic's lien laws and other common statutes relevant to the industry
• Choice of entity issues facing the industry
• Profit recognition
• Accounting for acquisition, development and construction costs
• Cash flow reporting
• IFRS vs. GAAP