Statements of Position



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The accompanying exposure draft has been prepared by the Committee on Real Estate Accounting of the AICPA's Accounting Standards Division to obtain the comments of interested persons and organizations. It is intended to help focus attention on the issues considered and foster the interchange of ideas among those interested in improving accounting and reporting standards. The Committee urges respondents to give particular attention to paragraph 7 of the exposure draft. Paragraph 7 describes two alternative methods of reporting noncontrolling investors' equity in real estate general partnerships: (1) reporting the investor's equity as a single investment amount in the balance sheet; and (2) reporting separately the elements of the investment by including in current assets, noncurrent assets, current liabilities, and noncurrent liabilities the investor's equity in the partnership's corresponding items, either in total or in greater detail. Although the exposure draft does not express a preference between the two methods, it recommends the use of the same method of presentation in the balance sheet and the income statement. The Division, however, may recommend one of the two methods in the final Statement of Position. Therefore, in commenting on this matter, respondents should indicate, and provide supporting reasons for, their preferences to assist the Division in reaching a decision.

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Real estate investment -- United States -- Accounting; Real estate business -- United States -- Accounting


Accounting | Taxation


Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Accounting for investments in real estate ventures; Exposure draft (American Institute of Certified Public Accountants), 1977, July 22



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