ACCOUNTING FOR INVESTMENTS IN REAL ESTATE VENTURES in Visual Studio .NET

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308 ACCOUNTING FOR INVESTMENTS IN REAL ESTATE VENTURES
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of expected bene t The amortization period begins when the project is substantially completed and held available for occupancy Estimated unrecoverable deferred rental costs associated with a lease or group of leases should be charged to expense when it becomes probable that the lease(s) will be terminated For leases accounted for as sales-type leases, deferred rental costs must be charged against income at the time the sale is recognized (ii) Period Costs Costs that are incurred to rent real estate projects that do not meet the above criteria should be charged to expense as incurred SFAS No 67 speci cally indicates that rental overhead, which is de ned in its glossary to include rental salaries, is an example of such period costs Other examples of expenditures that are period costs are initial indirect costs, such as that portion of salaries and other compensation and fees applicable to time spent in negotiating leases that are not consummated, supervisory and administrative expenses, and other indirect costs (d) DEPRECIATION Under generally accepted accounting principles (GAAP), the costs of income-producing properties must be depreciated Depreciation, as de ned by GAAP, is the systematic and rational allocation of the historical cost of depreciable assets (tangible assets, other than inventory, with limited lives of more than one year) over their useful lives In accounting for real estate operations, the most frequently used methods of depreciation are straight-line and decreasing charge methods The most common decreasing charge methods are the declining balance and sum-of-the-years-digits methods Increasing charge methods, such as the sinking fund method, are not generally accepted in the real estate industry in the United States The major components of a building, such as the plumbing and heating systems, may be identi ed and depreciated separately over their respective lives This method, which is frequently used for tax purposes, usually results in a more rapid write-off (e) INITIAL RENTAL OPERATIONS When a real estate project is substantially complete and held available for occupancy, the procedures listed here should be followed:
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Rental revenue should be recorded in income as earned Operating costs should be charged to expense currently Amortization of deferred rental costs should begin Full depreciation of rental property should begin Carrying costs, such as interest and property taxes, should be charged to expense as accrued
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If portions of a rental project are substantially completed and occupied by tenants or held available for occupancy and other portions have not yet reached that stage, the substantially completed portions should be accounted for as a separate project Costs incurred should be allocated between the portions under construction and the portions substantially completed and held available for occupancy (f) RENTAL EXPENSE Rental expense under an operating lease normally should be charged to operations by a lessee over the lease term on a basis consistent with the lessor s recording of income, with the exception of periodic accounting for percentage rent expense, which should be based on the estimated annual percentage rent
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308 ACCOUNTING FOR INVESTMENTS IN REAL ESTATE VENTURES
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(a) ORGANIZATION OF VENTURES The joint venture vehicle the sharing of risk has been widely utilized for many years in the construction, mining, and oil and gas industries as well as for real estate developments Real estate joint ventures are typically entered into in recognition
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REAL ESTATE AND CONSTRUCTION
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of the need for external assistance, for example, nancing or market expertise The most common of these needs is capital formation Real estate ventures are organized either as corporate entities or, more frequently, as partnerships Limited partnerships are often used because of the advantages of limited liability The venture is typically formed by a small group, with each investor actively contributing to the success of the venture and participating in overall management, and with no one individual or corporation controlling its operations The venture is usually operated separately from other activities of the investors Regardless of the legal form of the real estate venture, the accounting principles for recognition of pro ts and losses should be the same (b) ACCOUNTING BACKGROUND Accounting practices in the real estate industry in general and, more speci cally, accounting for investments in real estate ventures have varied The result was lack of comparability and, in some cases, a lack of comprehension Therefore, the following relevant pronouncements were issued:
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