Can anybody point me in the right direction??
Good Monday Morning Everyone,
Could anyone point me in the right direction to find out more about accounting for a speculative property developer?
I just can't find any literature and the FRSSE doesn't help me much thus far either.
For example, the motive is to make a profit from the sale of the eventual properties. Therefore one would assume that the direct costs are not capitalised into an asset. But then the development will incur large losses at the start to be carried forward for when the property is, hopefully, sold. But is this right? I am thinking the capitalised version would be correct. And then, what if a buyer is found and monies are transferred before the property is finished? Would this be deferred income in accordance with accruals? If so, when would it be released?
As you can see, I have a million questions and I am very keen to learn more on this topic so I would sincerely appreciate any guidance or pointers in the right direction. Please no "ask your accountant" responses.
- ACCA practice certificates 48 1
- Accounts submitted to a the charities comission 186 3
- FILING COMPANY ACCOUNTS 1,084 32
- French Excise Duty - Help Please! 165 2
- What would you do in this situation? 684 14
- Dress code 507 13
- What quality paper do you use for correspondence? 522 16
- Project being run jointly 214 3
- Buying Microsoft's Surface Pro 3 320 4
- Companies House 617 9
- not self employed since March 2011 now received a penalty for late tax return for year 2012-13 377 11
- Where to start to get any of jobs in Finance and Accounting Industry 741 9
- How much did you pay for your website 1,454 25
- Help Required 432 10
- directors control and tax problems 327 5
- Fastest Software 812 13
- What's in a name ? 418 5
- Straightforward email correspondence or PDF letter attached to blank email? 333 4
- Bulk Invoicing 200 6
- Travel and Substinance expenses while abroad 196 3
- CTA study material 718
- Anyone have clients that use Pay4Later to offer customers credit? 441
- Employment related securities question 278
- Recommendations for Ross Martin Tax consultancy 2014 271
- AIM Stocks and IHT 256
- Raiders of the Lost Tax File 234
- Tax Relief for overseas employees 219
- Expat pension contributions? 208
- Trust for Employee 205
- Quickbooks losing VAT return data 190