ASPE – Real estate industry
What is the difference between the types of e-learning activities?
- A webinar is a live training activity which you must attend at the date and time indicated. You may access the training platform in your online file 7 days before the date of the webinar. We strongly recommend that you log in to the platform before the date of the webinar and follow the instructions in step 3 of your training path beforehand in order to test your computers’ configuration and prevent any connexion problems during your training activity.
- Web conferences, web interviews, interactive training activities, webcasts and online training activities are recorded training activities. They can be accessed at all times after their availability date.
Under Accounting Standards for Private Enterprise (ASPE), real estate entities encounter unique financial reporting issues. This training activity will use realistic exercises and examples to illustrate these issues for professionals working in the industry.
This training activity reviews the ASPE applicable to the real estate industry, which apply to both developers and individuals with income producing properties. Information provided in the training activity includes industry guidance available from the Real Property Association of Canada (REALpac). Additionally, participants will discuss the unique accounting issues encountered by builders, developers, and landlords, as well as all individuals with direct or indirect ownership in real estate.
By the end of this training activity, participants will 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.
- 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 sale of real estate
- Revenue recognition from rental properties
- Impairment of real estate properties
- Contract modifications and claims
- Determining cost of sales for properties sold
This training activity 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.
Participants should be familiar with the CPA Handbook – Assurance, Part II Accounting Standards for Private Enterprises (ASPE).