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Real Estate: The Many Complexities of GAAP, SSARS, and GAAS Compliance (GSGC)

  • Format Live Seminar
  • Credits 8
  • Level Basic
  • Field of Study Accounting (5), Auditing (1), Taxes (2)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

Accounting for real estate activities is always a complicated adventure. From how to account for development costs, to how to recognize impairment losses, to how to recognize gain or loss on its sale are all challenging issues for the accountant. And then to top things off, when it comes to the income tax side, we have a whole set of different rules. No other industry has such differences between GAAP and income tax reporting.

Major Topics

  • An overview of the real estate industry in today’s economy
  • GAAP compliance involving the purchase and development of real estate
  • GAAP compliance involving the operation of real estate
  • GAAP compliance involving various revenue recognition issues associated with real estate under today’s Standards
  • An overview of the new FASB dealing with leases with an emphasis on its impact on the real estate industry
  • GAAP compliance involving various revenue recognition issues associated with real estate under the new Revenue Recognition Standards
  • GAAP issues involving recognition of impairment losses
  • Financial Statement preparation issues for real estate entities
  • Key issues involving a review of a real estate entity under today’s SSARS
  • Key issues involving an audit of a real estate entity under today’s GAAS
  • Computation of tax basis
  • Definition of Section 1231 property
  • Understanding the difference and recognizing gain under Sections 1245 and 1250
  • Understanding the passive activity rules

Learning Objectives

  • Understand the many complexities involving compliance with GAAP and financial statement preparation
  • Understand the many difficulties involving compliance with the SSARS and GAAS when reviewing/auditing a real estate entity
  • Understand select issues involving income tax preparation of a real estate entity and individuals who invest in real estate

Who should take this course:


CPAs in both public accounting and industry who want to know more about GAAP, financial statement preparation SSARS, GAAS, and tax compliance involving real estate entities

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