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assets rst, to demonstrate their importance to the companies In either case, real estate assets should be disclosed in the manner that is most demonstrative of the company s operations These assets are often grouped according to the type of investment or operation as follows:
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Unimproved land Land under development Residential lots Condominium and single-family dwellings Rental properties
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(ii) Statement of Income Revenues and costs of sales are generally classi ed in a manner consistent with that described for real estate investments In 1976, the FASB issued SFAS No 14, Financial Reporting for Segments of a Business Enterprise, which states that the nancial statements of an enterprise should include certain information about the industry segments of the enterprise An industry segment is de ned in paragraph 10(a) as a component of an enterprise engaged in providing a product or service or a group of related products and services primarily to unaf liated customers (ie customers outside the enterprise) for pro t Some developers, however, have traditionally considered themselves to be in only one line of business In June 1997, the FASB issued SFAS No 131, Disclosures about Segments of an Enterprise and Related Information SFAS No 131 supersedes SFAS No 14, although it retains the requirement to report information about major customers SFAS No 131 also amends SFAS No 94, Consolidation of All Majority-Owned Subsidiaries, to eliminate the disclosure requirements for subsidiaries that were not consolidated prior to the effective date of SFAS No 94 SFAS No 131 does not apply to nonpublic entities SFAS No 131 adopts a management approach to identifying segments and permits entities to aggregate operating segments if certain attributes are present (b) ACCOUNTING POLICIES Because of the alternatives currently available in accounting for real estate developments, it is especially important to follow the guidelines of APB Opinion No 22, Disclosure of Accounting Policies The Opinion states (par 12) that disclosures should include the accounting principles and methods that involve any of the following:
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A selection from existing acceptable alternatives Principles and methods peculiar to the industry in which the reporting entity operates, even if such principles and methods are predominantly followed in that industry Unusual or innovative applications of GAAP (and, as applicable, of principles and methods peculiar to the industry in which the reporting entity operates)
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The following lists four accounting policy disclosures that are appropriate in the nancial statements of a real estate company, as opposed to a manufacturing or service enterprise 1 Pro t Recognition The accounting method used to determine income should be disclosed Where different methods are used, the circumstances surrounding the application of each should also be disclosed Similarly, a comment should be included indicating the timing of sales and related pro t recognition 2 Cost Accounting The method of allocating cost to unit sales should be disclosed (eg, relative market values, area, unit, speci c identi cation) Financial statement disclosure should include, where applicable, capitalization policies for property taxes and other carrying costs, and policies with respect to capitalization or deferral of start-up or preoperating costs (selling costs, rental costs, initial operations) 3 Impairment of Long-lived Assets Real estate held for development and sale, including property to be developed in the future as well as that currently under development, should follow
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the recognition and measurement principles set forth in SFAS No 121 for assets to be held and used A real estate project, or parts thereof, that is substantially complete and ready for its intended use shall be accounted for at the lower of carrying amount or fair value less cost to sell 4 Investment in Real Estate Ventures Disclosures of the following accounting policies should be made: a Method of inclusion in investor s accounts (eg, equity or consolidation) b Method of income recognition (eg, equity or cost) c Accounting principles of signi cant ventures d Pro t recognition practices on transactions between the investor and the venture (c) NOTE DISCLOSURES The following list describes other nancial statement disclosures that are appropriate in the notes to the nancial statements of a real estate developer Real Estate Assets If a breakdown is not re ected on the balance sheet, it should be included in the footnotes Disclosure should also be made of inventory subject to sales contracts that have not been recorded as sales and the portion of inventory serving as collateral for debts Inventory Write-Downs Summarized information or explanations with respect to signi cant inventory write-downs should be disclosed in the footnotes because write-downs are generally important and unusual items Nonrecourse Debt Although it is not appropriate to offset nonrecourse debt against the related asset, a note to the nancial statements should disclose the amount and interrelationship of the nonrecourse debt with the cost of the related property Capitalization of Interest SFAS No 34 requires the disclosure of the amount of interest expensed and the amount capitalized Deferral of Pro t Recognition When transactions qualify as sales for accounting purposes but do not meet the tests for full pro t recognition and, as a result, the installment or cost recovery methods are used, disclosure should be made of signi cant amounts of pro t deferred, the nature of the transaction, and any other information deemed necessary for complete disclosure Investments in Real Estate Ventures Typical disclosures with respect to signi cant real estate ventures include names of ventures, percentage of ownership interest, accounting and tax policies of the venture, the difference, if any, between the carrying amount of the investment and the investor s share of equity in net assets and the accounting policy regarding amortization of the difference, summarized information as to assets, liabilities, and results of operations or separate nancial statements, and investor commitments with respect to joint ventures Construction Contractors The principal reporting considerations for construction contractors relate to the two methods of income recognition: the percentage of completion method and the completed contract method When the completed contract method is used, an excess of accumulated costs over related billings should be shown in a classi ed balance sheet as a current asset and an excess of accumulated billings over related costs should be shown as a current liability If costs exceed billings on some contracts and billings exceed costs on others, the contracts should ordinarily be segregated so that the asset side includes only those contracts on which costs exceed billings, and the liability side includes only those on which billings exceed costs Under the percentage of completion method, assets may include costs and related income not yet billed, with respect to certain contracts Liabilities may include billings in excess of costs and related income with respect to other contracts The following disclosures, which are required for SEC reporting companies should generally be made by a nonpublic company whose principal activity is long-term contracting: Amounts billed but not paid by customers under retainage provisions in contracts, and indication of amounts expected to be collected in various years
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