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The latest edition of our annual update highlights selected accounting and reporting developments that may be of interest to real estate entities. The most notable developments in 2020 include the FASB’s issuance of an ASU that allows companies to defer adoption of the Board’s new standards on revenue recognition (ASC 606) and leasing (ASC ...
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The latest edition of our annual update highlights selected...
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- Clarifying the scope of derecognition of nonfinancial assets
- Simplifying goodwill impairment accounting
- Equity investments and financial liabilities
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- New disclosure requirements for private entities
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National Sector Leader, Building, Construction & Real Estate/Asset Management KPMG LLP
Looking ahead to new standards and guidance Changes to fair value measurement disclosures Implementation costs of cloud computing arrangements Targeted improvements to related party guidance for VIEs
Proposed guidance New disclosure requirements for private entities Amending income tax disclosures
The FASB issued a new accounting standard that significantly changes the income statement effect of equity investments held by an entity and the recognition of changes in fair value of financial liabilities when the fair value option is elected. Under the new standard, entities must measure equity investments with readily determinable fair values a...
Evaluate whether an input and a substantive process exist... Does the set have outputs?
— The set is a business if it includes one or more inputs and includes: Organized workforce with skills, knowledge or experience critical to continue producing outputs; Process that cannot be replaced without significant cost, effort, or delay, or Process that is considered unique or scarce.
The set is a business if it includes: — Employees that form an organized workforce with skills, knowledge, or experience to perform an acquired process (or group of processes) that is critical to the ability to create outputs — Input(s) that the workforce could develop or convert into outputs. Fewer real estate acquisitions will qualify as business...
The FASB issued a proposed ASU that would incorporate several SEC disclosures and presentation requirements into U.S. GAAP. The proposal also would introduce new disclosure requirements for private entities. Potential disclosure additions would include the impact of derivative instruments in the statement of cash flows; newly consolidated or decons...
For more information or guidance on these issues, please contact any member of our national real estate leadership team:
Mar 30, 2021 · For example, ASC 360-10-35-23 states that the evaluation of a long-lived asset or asset group for impairment should be performed “at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.”
Feb 22, 2024 · The guidance in ASC 970-360 and ASC 970-340 is specific to reporting entities in the real estate industry that are in the business of constructing assets for sale or rental. Factors to consider in assessing whether a capital project was built for sale or rental are summarized in Figure PPE 1-4.
Nov 11, 2024 · In accounting, liquid assets are assets that can be easily converted into cash without a significant impact on their market value. They are valuable for businesses as they provide rapid access to required funds to cover short-term obligations or unexpected expenses.
As a leader in real estate financial reporting, KPMG LLP (KPMG) creates this report annually to assist real estate companies with their financial accounting, regulatory, and compliance reporting requirements.
People also ask
What are liquid assets in accounting?
What is the difference between liquid and illiquid assets?
Are liquid assets essentially identical to cash?
Why are land and real estate investments considered non-liquid assets?
What are net liquid assets?
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Oct 14, 2024 · Land and real estate investments are considered to be non-liquid assets because it can take months or more for an individual or a company to receive cash from the sale. Suppose a company...
