ASPE - Real Estate Industry
CPD Hours: 7 |
Overview:
Real estate impacts the personal and/or professional lives of everyone: homeowners, renters, landlords, property managers, developers, agents, and accountants. Regardless of the role that real estate fulfills in one’s life, this course addresses accounting issues that pertain to various aspects of the topic. Real estate entities have unique financial reporting issues under Accounting Standards for Private Enterprise (ASPE). This course will use exercises and examples to illustrate these issues to provide practical advice for those involved.
This course reviews the ASPE standards relevant to the real estate industry, as applicable to both developers and those with income-producing properties, using industry guidance available from the Real Property Association of Canada (REALpac). Additionally, we will discuss the unique accounting issues encountered by builders, developers, and landlords that have direct or indirect ownership in real estate.
Course Content:
In this course, you will gain knowledge about the following topics:
- Accounting for real estate development costs
- Accounting for construction of rental properties
- Interest capitalization and accounting for transaction and financing fees
- Accounting for holdbacks
- Revenue recognition on the sale of real estate
- Revenue recognition from rental properties
- Impairment of real estate properties
- Contract modifications and claims
- Determination of cost of sales for properties sold
Learning Objectives:
Upon completing this course, you should be able to:
- Recognize choices available in accounting for real estate entities and the impact of such choices
- Identify what costs should be capitalized for properties under development
- Recognize revenue on real estate properties for sale
- Recognize revenue from rental properties
- Draft financial statement note disclosures for a real estate company
Who Will Benefit:
Professionals involved in the preparation of private enterprise financial statements for real estate companies and practitioners who serve private clients in the real estate industry.
More Information
| Competency | Accounting |
|---|