Magazine article The CPA Journal

Correction

Magazine article The CPA Journal

Correction

Article excerpt

In the process of editing the article"Implementing SFAS No. 121 for the Impairment of Real Estate"by Abraham E. Haspel appearing in the July issue of The CPA Journal, the word use was substituted for the word sale in a sentence in the paragraph on page 39 beginning under the heading Real Estate Development. In order to avoid no misunderstanding the complete paragraph is reproduced below, with the correct word,"sale," in italic for emphasis.

Real Estate Development

The appendices to the statement do not clearly state that their references to real estate development only apply to the development of real estate held for sale and do not apply to real estate held for use. Consequently, an incorrect inference can be drawn from SFAS No. 121 that all completed real estate development projects that have carrying amounts greater than their fair values are adjusted to fair value. In fact, only completed real estate projects held for sale are only adjusted in this manner. …

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