By D. R. Carmichael, O. Ray Whittington, Lynford Graham
This very popular reference is trusted via a substantial a part of the accounting career of their day by day paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is widely known and depended on. it truly is designed as a unmarried reference resource that gives solutions to all average questions about accounting and monetary reporting requested by means of accountants, auditors, bankers, attorneys, monetary analysts, and different preparers and clients of accounting details.
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Extra resources for Accountants’ handbook. Special Industries and Special Topics
Additionally, EITF Consensus No. 88-24, “Effect of Various Forms of Financing under FASB Statement No. 66,” discusses the impact of the source and nature of the buyer’s down payment on profit recognition. Exhibit A to EITF No. 2. If a newly placed permanent loan or firm permanent loan commitment for maximum financing exists, the minimum down payment must be the higher of (1) the amount derived from Appendix A Minimum Initial Investment Payment Expressed as a Percentage of Sales Value Land: Held for commercial, industrial, or residential development to commence within two years after sale Held for commercial, industrial, or residential development after two years Commercial and industrial property: Office and industrial buildings, shopping centers, and so forth: Properties subject to lease on a long-term lease basis to parties having satisfactory credit rating; cash flow currently sufficient to service all Indebtedness Single-tenancy properties sold to a user having a satisfactory credit rating All other Other income-producing properties (hotels, motels, marinas, mobile home parks, and so forth): Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Multifamily residential property: Primary residence: Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Secondary or recreational residence: Cash flow currently sufficient to service all indebtedness Start-up situations or current deficiencies in cash flow Single-family residential property (including condominium or cooperative housing) Primary residence of buyer Secondary or recreational residence 20% 25% 10% 15% 20% 15% 25% 10% 15% 10% 25% 5%a 10%a a As set forth in Appendix A of SFAS No.
However, the major integrated petroleum companies and mining companies must capitalize a percentage of these exploration and development expenditures, which are then amortized over a period of 60 months. Mining companies must recapture the previously deducted exploration costs if the mineral property achieves commercial production. Property impairments, which are expensed currently for financial reporting purposes, do not generate a taxable deduction until such property is abandoned, sold, or exchanged.
If a long-term diminution in the value of the assets has occurred, a writedown of the carrying value to net realizable value should be recorded. This decision is extremely judgmental and depends on projections of whether viable mining operations can ever be resumed. Those projections are based on significant assumptions as to prices, production, quantities, and costs; because most minerals are worldwide commodities, the projections must take into account global supply and demand factors. When operations are temporarily shut down, the related facilities usually are placed in a “standby mode” that provides for care and maintenance so that the assets will be retained in a reasonable condition that will facilitate resumption of operations.
Accountants’ handbook. Special Industries and Special Topics by D. R. Carmichael, O. Ray Whittington, Lynford Graham