Accounting for property development
stefanboro
Registered Posts: 187 Dedicated contributor 🦉
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?
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?
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Comments
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Although it appears that I need to be careful in my recognition of WIP, even if the below link is out of date: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....0