Accounting for property development

stefanboro

Hi All,

Can anyone give me a brief masterclass on accounting for property development?

I gather it's just simple - All direct costs go into WIP and accounted for according to the accruals principle?

If a property is subsequently rented with no immediate intention to sell then the WIP is capitalised?

stefanboro

Although it appears that I need to be careful in my recognition of WIP, even if the below link is out of date:

http://www.hmrc.gov.uk/manuals/bimmanual/BIM33185.htm

Oh boy....