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Proposed Statement Of Position : Accounting For Real Estate Syndication Income;Accounting For Real Estate Syndication Income; Exposure Draft (American Institute Of Certified Public Accountants), 1990, Dec. 5, American Institute Of Certified Public Accountants. Real Estate Committee
Proposed Statement Of Position : Accounting For Real Estate Syndication Income;Accounting For Real Estate Syndication Income; Exposure Draft (American Institute Of Certified Public Accountants), 1990, Dec. 5, American Institute Of Certified Public Accountants. Real Estate Committee
Exposure Drafts, Comment Letters, and Statements of Position
This proposed statement of position (SOP) provides guidance on applying generally accepted accounting principles in accounting for real estate syndication income. Briefly, the SOP arrives at the following conclusions: 1. FASB Statement No. 66, Accounting for Sales of Real Estate, applies to the recognition of profit on the sale of real estate by syndicators to partnerships. 2. The guidance in FASB Statement No. 66 should be applied by analogy to the recognition of profit on real estate syndication transactions, even if the syndicators never had ownership interests in the properties acquired by the real estate partnerships. 3. FASB Statement No. …