CONTINUING EDUCATION FOR TAX & FINANCIAL PROFESSIONALS

Real Estate Accounting

Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
9 Credits: Accounting

Course Description

The real estate professional needs to be aware of the accounting rules for real estate, in order to avoid adverse reporting outcomes. Real Estate Accounting covers the accounting rules for every type of real estate transaction, which can be used to structure real estate deals appropriately. The course covers the accounting for real estate sales, property exchanges, and time-share intervals. It also reveals the related financial statement presentations and accompanying disclosures. In addition, it describes the accounting related to the rental of property, and investments in real estate ventures. In short, this course is the go-to reference for discerning the proper accounting treatment for a real estate transaction.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize the underlying principles of accounting, the nature of the accounting cycle, and the types of organizations that can be used to engage in real estate transactions.
  • Specify the types of project costs, as well as when and how to capitalize interest on a real estate project.
  • Identify the steps involved in accounting for an acquired income-producing property, as well as the process flow for goodwill impairment testing. Also, recognize the alternative treatment of amortizing goodwill, and the circumstances under which it can be used.
  • Specify the steps in the five-step revenue recognition process.
  • Identify the options available for valuing exchanged property, and the use of boot in calculating profits.
  • Identify the characteristics of time-share arrangements, as well as the factors to consider when evaluating the sufficiency of the bad debt allowance.
  • Identify the main characteristics of lease accounting as it pertains to rental arrangements.
  • Recognize the nature of contingent rent agreements, lease incentives, and leasehold improvements, and the accounting for them.
  • Specify the fiduciary role played by a property manager, as well as the accounting issues faced by this person.
  • Specify the criteria for recognizing asset retirement obligations, as well as the rules for calculating these obligations. Also, identify the criteria for recognizing environmental obligations.
  • Identify the calculation requirements for the equity method of accounting, as well as the origin of the costs used in the cost method, and the treatment of investor loans to a venture.
  • Recognize the types of entities that can be classified as common interest realty associations, as well as the accounting for special assessments.

Course Specifics

Course ID
1213551
Revision Date
September 14, 2021
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Real Estate Accounting

Expert Instructors
Format
CPE CREDITS
9 Credits: Accounting

$261.00$291.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Overview
Credits
CPE Credits
9 Credits: Accounting

Course Description

The real estate professional needs to be aware of the accounting rules for real estate, in order to avoid adverse reporting outcomes. Real Estate Accounting covers the accounting rules for every type of real estate transaction, which can be used to structure real estate deals appropriately. The course covers the accounting for real estate sales, property exchanges, and time-share intervals. It also reveals the related financial statement presentations and accompanying disclosures. In addition, it describes the accounting related to the rental of property, and investments in real estate ventures. In short, this course is the go-to reference for discerning the proper accounting treatment for a real estate transaction.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize the underlying principles of accounting, the nature of the accounting cycle, and the types of organizations that can be used to engage in real estate transactions.
  • Specify the types of project costs, as well as when and how to capitalize interest on a real estate project.
  • Identify the steps involved in accounting for an acquired income-producing property, as well as the process flow for goodwill impairment testing. Also, recognize the alternative treatment of amortizing goodwill, and the circumstances under which it can be used.
  • Specify the steps in the five-step revenue recognition process.
  • Identify the options available for valuing exchanged property, and the use of boot in calculating profits.
  • Identify the characteristics of time-share arrangements, as well as the factors to consider when evaluating the sufficiency of the bad debt allowance.
  • Identify the main characteristics of lease accounting as it pertains to rental arrangements.
  • Recognize the nature of contingent rent agreements, lease incentives, and leasehold improvements, and the accounting for them.
  • Specify the fiduciary role played by a property manager, as well as the accounting issues faced by this person.
  • Specify the criteria for recognizing asset retirement obligations, as well as the rules for calculating these obligations. Also, identify the criteria for recognizing environmental obligations.
  • Identify the calculation requirements for the equity method of accounting, as well as the origin of the costs used in the cost method, and the treatment of investor loans to a venture.
  • Recognize the types of entities that can be classified as common interest realty associations, as well as the accounting for special assessments.

Course Specifics

Course ID
1213551
Revision Date
September 14, 2021
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

Course Instructor

Steven M. Bragg Headshot
Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast. Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with …

Steven M. Bragg, CPA Read More »

Real Estate Accounting

Expert Instructors
Format
CPE CREDITS
9 Credits: Accounting

$261.00$291.00

Clear