Real Estate Accounting Made Easy
John Wiley & Sons Inc (Verlag)
9780470603390 (ISBN)
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Walks you through the audit processes, including how to prepare the audit and the different kinds of audits
Helps new auditors, the company being audited, and users of audit reports understand the fundamentals of the financial aspect of the real estate business
Includes forms of real estate ownership, sole ownership, partnerships, joint ventures and real estate investment trusts (REITs), including the advantages and disadvantages of these entities covered in detail
A practical guide to the field of real estate accounting and finance, this easy-to-understand introductory and intermediary book on the field of real estate begins with the elementary and basic aspects of real estate to ensure that those that are new to the field are comfortable with this often-complicated subject matter.
OBIOMA ANTHONY EBISIKE, CPA, MS, has over ten years' experience in the accounting industry, both in the audit and real estate fields. He is currently a controller at a New York-based inter- national real estate investment firm, and was a former audit and advisory services manager with Deloitte & Touche LLP. He has provided accounting training to his accounting and finance team and led discussions on the impact of emerging accounting rules and regulations.
About the Author xi
Preface xiii
Chapter 1 Introduction to Real Estate 1
Types of Real Estate Assets 1
Common Industry Terms 8
Chapter 2 Basic Real Estate Accounting 17
History of Double-Entry Bookkeeping 17
Types of Accounts 18
Accounting Methods 21
Recording of Business Transactions in the Accounting System 23
Journal Entries 24
Basic Accounting Reports 26
Chapter 3 Forms of Real Estate Organizations 37
Sole Ownership 38
Common and Joint Ownership 38
Partnerships 39
Joint Ventures 41
Corporations 41
Limited Liability Companies 43
Real Estate Investment Trusts 44
Chapter 4 Accounting for Operating Property Revenues 47
Types of Leases 47
Revenue Recognition 52
Lease Classification 53
Additional Cost Recoveries 55
Operating Expenses Gross-up 56
Contingent Rents 57
Rent Straight-Lining 58
Modification of an Operating Lease 61
Sublease of Operating Lease 65
Chapter 5 Accounting for Operating Property Expenses 67
Operating Costs 67
Chapter 6 Operating Expenses Reconciliation and Recoveries 77
Most Common Recoverable Operating Expenses 78
Most Common Nonrecoverable Operating Expenses 78
Calculating Tenant Pro-Rata Share of Expenses 79
Chapter 7 Lease Incentives and Tenant Improvements 83
Lease Incentives 83
Tenant Improvements 85
Tenant Improvement Journal Entries 85
Further Comparison of Lease Incentives and Tenant Improvements 86
Differences in Cash Flow Statement Presentation 87
Demolition of Building Improvement 87
Chapter 8 Budgeting for Operating Properties 89
What Is a Budget? 89
Components of a Budget 89
Chapter 9 Variance Analysis 95
Sample Operating Property Variance Analysis 95
Salient Points on a Variance Analysis 98
Chapter 10 Market Research and Analysis 99
Market Research Defined 99
Market Analysis Defined 99
Market Research: Practical Process 100
Chapter 11 Real Estate Valuation and Investment Analysis 107
What Is Real Estate Valuation? 107
Approaches to Real Estate Valuation 108
Chapter 12 Financing of Real Estate 119
Equity 119
Debt Financing 119
Other Financing Sources 122
Types of Loans 123
Debt Agreements 123
Financing Costs 127
Relationship Between a Note and a Mortgage 128
Accounting for Financing Costs 128
Chapter 13 Accounting for Real Estate Investments and Acquisition Costs 129
Methods of Accounting for Real Estate Investments 129
Purchase Price Allocation of Acquisition Costs of an Operating Property 135
Chapter 14 Accounting for Project Development Costs on GAAP Basis 139
Stages of Real Estate Development Project 139
Postdevelopment Stage 147
Chapter 15 Development Project Revenue Recognitions 149
Full Accrual Method 150
Deposit Method 154
Installment Method 156
Reduced-Profit Method 157
Percentage-of-Completion Method 159
Cost Recovery Method 170
Chapter 16 Audits 173
Audit Overview 173
Types of Audits 179
Index 185
| Erscheint lt. Verlag | 20.8.2010 |
|---|---|
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 158 x 231 mm |
| Gewicht | 431 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Immobilienwirtschaft | |
| ISBN-13 | 9780470603390 / 9780470603390 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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