Real Estate Accounting Made Easy

Real Estate Accounting Made Easy

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All the fundamentals of accounting and finance of the real estate industry-made easy Providing both the theories and practices of real estate from an accounting and financial perspective, Real Estate Accounting Made Easy is a must-read for anyone who needs a thorough and easier understanding of the real estate industry. * 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.
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Product details

  • Hardback | 208 pages
  • 161 x 235 x 20mm | 388g
  • John Wiley & Sons Ltd
  • Chichester, United Kingdom
  • English
  • 0470603399
  • 9780470603390
  • 860,674

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Real Estate Accounting Made Easy

For laypeople and accountants with little or no real estate accounting experience, Real Estate Accounting Made Easy is a complete and easy-to-use road map to a broad range of real estate account- ing topics.

Starting with an introduction to real estate terms and products, and the fundamentals of real estate accounting, this book goes from sole ownership--the simplest form of real estate ownership --to other forms of ownership such as partnerships, joint ventures, and real estate investment trusts (REITs).

Take a look inside for just-the-basics coverage of: Forms of real estate entities Accounting for operating property revenues and expenses Accounting for capital improvements and tenant inducements Real estate valuation and investment analysis Accounting for real estate investments and acquisition costs Accounting for project development costs on GAAP basis

More complex types of transactions, such as development project revenue recognition, are also discussed in depth. In addition, you'll learn what to expect from audits that real estate entities are subjected to, with audit processes and procedures broken down to help you--whether you are an auditor, accountant, or manager--to understand the roles and importance of audits.

This how-to guide offers a wealth of practical information for putting real estate accounting principles to work for your organization. It's the ins and outs of accounting for real estate--made easy.
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Back cover copy

A hands-on guide to the ins and outs of real estate accounting--made easy!

Boiling down the complicated details of real estate accounting into manageable essentials, Real Estate Accounting Made Easy equips you with the tools you need to successfully run the financial and accounting operations within your organization.

Always practical and never over-technical, this helpful guide: Discusses straightforward accounting terminology Clearly explains real estate accounting Covers the characteristics, advantages, and disadvantages of entities in which real estate assets are held Equips you to understand the reporting entity Helps you become conversant in various real estate accounting topics

Author Obioma Anthony Ebisike, a leading authority on real estate accounting, offers workable information in basic terminology. Even if you do not have a professional grasp of accounting principles and financial reporting, this book makes it all clear with accounting rules explained in terms anyone can understand, to help you better fulfill your duties.

Suitable for investors, analysts, accountants, and auditors, Real Estate Accounting Made Easy is your essential guide for a clear, concise explanation of real estate accounting finance.
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Table of contents

About the Author. Preface. Chapter 1 Introduction to Real Estate. Types of Real Estate Assets. Common Industry Terms. Chapter 2 Basic Real Estate Accounting. History of Double-Entry Bookkeeping. Types of Accounts. Accounting Methods. Recording of Business Transactions in the Accounting System. Journal Entries. Basic Accounting Reports. Chapter 3 Forms of Real Estate Organizations. Sole Ownership. Common and Joint Ownership. Partnerships. Joint Ventures. Corporations. Limited Liability Companies. Real Estate Investment Trusts. Chapter 4 Accounting for Operating Property Revenues. Types of Leases. Revenue Recognition. Lease Classification. Additional Cost Recoveries. Operating Expenses Gross-up. Contingent Rents. Rent Straight-Lining. Modification of an Operating Lease. Sublease of Operating Lease. Chapter 5 Accounting for Operating Property Expenses. Operating Costs. Chapter 6 Operating Expenses Reconciliation and Recoveries. Most Common Recoverable Operating Expenses. Most Common Nonrecoverable Operating Expenses. Calculating Tenant Pro-Rata Share of Expenses. Chapter 7 Lease Incentives and Tenant Improvements. Lease Incentives. Tenant Improvements. Tenant Improvement Journal Entries. Further Comparison of Lease Incentives and Tenant Improvements. Differences in Cash Flow Statement Presentation. Demolition of Building Improvement. Chapter 8 Budgeting for Operating Properties. What Is a Budget? Components of a Budget. Chapter 9 Variance Analysis. Sample Operating Property Variance Analysis. Salient Points on a Variance Analysis. Chapter 10 Market Research and Analysis. Market Research Defined. Market Analysis Defined. Market Research: Practical Process. Chapter 11 Real Estate Valuation and Investment Analysis. What Is Real Estate Valuation? Approaches to Real Estate Valuation. Chapter 12 Financing of Real Estate. Equity. Debt Financing. Other Financing Sources. Types of Loans. Debt Agreements. Financing Costs. Relationship Between a Note and a Mortgage. Accounting for Financing Costs. Chapter 13 Accounting for Real Estate Investments and Acquisition Costs. Methods of Accounting for Real Estate Investments. Purchase Price Allocation of Acquisition Costs of an Operating Property. Chapter 14 Accounting for Project Development Costs on GAAP Basis. Stages of Real Estate Development Project. Postdevelopment Stage. Chapter 15 Development Project Revenue Recognitions. Full Accrual Method. Deposit Method. Installment Method. Reduced-Profit Method. Percentage-of-Completion Method. Cost Recovery Method. Chapter 16 Audits. Audit Overview. Types of Audits. Index.
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About Obioma A. Ebisike

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.
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Rating details

15 ratings
4 out of 5 stars
5 40% (6)
4 27% (4)
3 27% (4)
2 7% (1)
1 0% (0)
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