Grasp the fundamentals of real estate accounting, finance, and investments Real Estate Accounting Made Easy is just that-an accessible beginner's guide for anyone who needs to get up to speed on the field of real estate accounting, finance, and investments. Beginning with the elementary aspects of real estate to ensure that you're comfortable with the subject matter, it goes on to explore more in-depth topics in a way that's easy to digest. The book begins with discussions on introduction to the real estate industry and basic real estate accounting. Building on knowledge from the initial…mehr
Grasp the fundamentals of real estate accounting, finance, and investments Real Estate Accounting Made Easy is just that-an accessible beginner's guide for anyone who needs to get up to speed on the field of real estate accounting, finance, and investments. Beginning with the elementary aspects of real estate to ensure that you're comfortable with the subject matter, it goes on to explore more in-depth topics in a way that's easy to digest. The book begins with discussions on introduction to the real estate industry and basic real estate accounting. Building on knowledge from the initial chapters, the book goes on to cover the different form of real estate organizations, financial statements such as the balance sheet, income statement, shareholders equity and the statement cash flow, and more. ¿ Provides theories and practices of real estate from an accounting, financial, and investments perspective ¿ Advanced transactions are discussed in an easy-to-understand manner ¿ Content reflects the FASB's new standards on revenue recognition and lease accounting ¿ Accounting for operating property expenses, operating expenses reconciliation and recoveries, lease incentives and tenant improvements, budgeting, variance analysis are discussed in detail ¿ Covers types of financing for real estate acquisitions, accounting for real estate investments, project development costs, and real estate brokerage ¿ The book also walks you through the financial audit process If real estate is a new territory for you, fear not! This book helps new auditors, accounting, finance, and investment professionals, and users of financial reports understand the fundamentals of the financial aspect of the real estate business.
OBIOMA ANTHONY EBISIKE is an economist, certified public accountant (CPA), and a chartered accountant. He holds a PhD in Economics (with honors) from The New School for Social Research, a Master's degree in Real Estate Finance and Investments from New York University, and a Bachelor's degree in Accounting (Magna cum Laude) with minors in Finance and in Economics from The College of Staten Island, The City University of New York. Dr. Ebisike has extensive work experience and has held senior management positions at industry leading firms, such as Douglas Elliman Real Estate, ICON Investments, Hines Interests LP and was an Audit and Advisory Services Manager at Deloitte & Touche LLP. Dr. Ebisike is a faculty member at the NYU Real Estate Institute. He is also the author of The Fallouts: Banks and Financial Crises. He lives in New York City.
Inhaltsangabe
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 22 Recording of Business Transactions in the Accounting System 23 Journal Entries 24 Basic Accounting Reports 26 Chapter 3 Forms of Real Estate Organizations 39 Sole Ownership 40 Common and Joint Ownership 40 Partnerships 41 Joint Ventures 43 Corporations 44 Limited Liability Companies 45 Real Estate Investment Trusts 46 Chapter 4 Accounting for Operating Property Revenues 49 Contracts with Multiple Components 49 Lease Classification 50 Lessor Accounting of Operating Leases 51 Types of Operating Leases 52 Additional Cost Recoveries 57 Operating Expenses Gross-Up 58 Contingent Rents 59 Rent Straight-Lining 60 Modification of an Operating Lease 65 Sublease of Operating Lease 67 Chapter 5 Accounting for Operating Property Expenses 69 Lessee Measurement and Recording of Operating and Finance Leases 70 Contracts with Multiple Components 71 Lease Liabilities and Right-of-Use Assets 73 Initial Direct Costs 74 Lessee Journal Entries of Operating and Finance Leases 75 Lessor Operating Property Expenses 81 Operating Costs 82 Chapter 6 Operating Expense Reconciliation and Recoveries 91 Most Common Recoverable Operating Expenses 92 Most Common Nonrecoverable Operating Expenses 92 Calculating Tenant Pro Rata Share of Expenses 93 Chapter 7 Lease Incentives and Tenant Improvements 97 Lease Incentives 97 Tenant Improvements 99 Tenant Improvement Journal Entries 99 Further Comparison of Lease Incentives and Tenant Improvements 100 Differences in Cash Flow Statement Presentation 101 Demolition of Building Improvement 101 Chapter 8 Budgeting for Operating Properties 103 What is a Budget? 103 Components of a Budget 103 Chapter 9 Variance Analysis 109 Sample Operating Property Variance Analysis 109 Salient Points on a Variance Analysis 112 Chapter 10 Market Research and Analysis 113 Market Research Defined 113 Market Analysis Defined 113 Market Research: Practical Process 114 Chapter 11 Real Estate Valuation and Investment Analysis 121 What is Real Estate Valuation? 121 Approaches to Real Estate Valuation 122 Chapter 12 Financing of Real Estate 133 Equity 133 Debt Financing 133 Other Financing Sources 136 Types of Loans 137 Debt Agreements 137 Financing Costs 141 Relationship Between a Note and a Mortgage 142 Accounting for Financing Costs 142 Chapter 13 Accounting for Real Estate Investments and Acquisition Costs 143 Methods of Accounting for Real Estate Investments 143 Purchase Price Allocation of Acquisition Costs of an Operating Property 148 Chapter 14 Accounting for Project Development Costs on GAAP Basis 153 Stages of Real Estate Development Projects 153 Pre-development Stage 154 Development Stage 156 Post-development Stage 161 Chapter 15 Real Estate Development Revenue Recognitions 163 Requirements for Revenue Recognition 164 Revenue Recognition Journal Entries 165 Revenue Recognition When Performance Obligation is Satisfied Over Time 166 Chapter 16 Real Estate Brokerage Accounting 169 Real Estate Brokerage Revenues 169 Brokerage Commissions in Real Estate Development Projects 174 Real Estate Brokerage Costs 176 Chapter 17 Audits 179 Audit Overview 179 Types of Audits 185 Index 191
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 22 Recording of Business Transactions in the Accounting System 23 Journal Entries 24 Basic Accounting Reports 26 Chapter 3 Forms of Real Estate Organizations 39 Sole Ownership 40 Common and Joint Ownership 40 Partnerships 41 Joint Ventures 43 Corporations 44 Limited Liability Companies 45 Real Estate Investment Trusts 46 Chapter 4 Accounting for Operating Property Revenues 49 Contracts with Multiple Components 49 Lease Classification 50 Lessor Accounting of Operating Leases 51 Types of Operating Leases 52 Additional Cost Recoveries 57 Operating Expenses Gross-Up 58 Contingent Rents 59 Rent Straight-Lining 60 Modification of an Operating Lease 65 Sublease of Operating Lease 67 Chapter 5 Accounting for Operating Property Expenses 69 Lessee Measurement and Recording of Operating and Finance Leases 70 Contracts with Multiple Components 71 Lease Liabilities and Right-of-Use Assets 73 Initial Direct Costs 74 Lessee Journal Entries of Operating and Finance Leases 75 Lessor Operating Property Expenses 81 Operating Costs 82 Chapter 6 Operating Expense Reconciliation and Recoveries 91 Most Common Recoverable Operating Expenses 92 Most Common Nonrecoverable Operating Expenses 92 Calculating Tenant Pro Rata Share of Expenses 93 Chapter 7 Lease Incentives and Tenant Improvements 97 Lease Incentives 97 Tenant Improvements 99 Tenant Improvement Journal Entries 99 Further Comparison of Lease Incentives and Tenant Improvements 100 Differences in Cash Flow Statement Presentation 101 Demolition of Building Improvement 101 Chapter 8 Budgeting for Operating Properties 103 What is a Budget? 103 Components of a Budget 103 Chapter 9 Variance Analysis 109 Sample Operating Property Variance Analysis 109 Salient Points on a Variance Analysis 112 Chapter 10 Market Research and Analysis 113 Market Research Defined 113 Market Analysis Defined 113 Market Research: Practical Process 114 Chapter 11 Real Estate Valuation and Investment Analysis 121 What is Real Estate Valuation? 121 Approaches to Real Estate Valuation 122 Chapter 12 Financing of Real Estate 133 Equity 133 Debt Financing 133 Other Financing Sources 136 Types of Loans 137 Debt Agreements 137 Financing Costs 141 Relationship Between a Note and a Mortgage 142 Accounting for Financing Costs 142 Chapter 13 Accounting for Real Estate Investments and Acquisition Costs 143 Methods of Accounting for Real Estate Investments 143 Purchase Price Allocation of Acquisition Costs of an Operating Property 148 Chapter 14 Accounting for Project Development Costs on GAAP Basis 153 Stages of Real Estate Development Projects 153 Pre-development Stage 154 Development Stage 156 Post-development Stage 161 Chapter 15 Real Estate Development Revenue Recognitions 163 Requirements for Revenue Recognition 164 Revenue Recognition Journal Entries 165 Revenue Recognition When Performance Obligation is Satisfied Over Time 166 Chapter 16 Real Estate Brokerage Accounting 169 Real Estate Brokerage Revenues 169 Brokerage Commissions in Real Estate Development Projects 174 Real Estate Brokerage Costs 176 Chapter 17 Audits 179 Audit Overview 179 Types of Audits 185 Index 191
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