Real Estate Ventures and Construction Contractors Checklists and Illustrative Financial Statements

Are you confident that your Real Estate Venture and Construction Contractor financial statements and related note disclosures conform to generally accepted accounting principles? These checklists and illustrative financial statements will help you consider all the relevant requirements with a clear presentation that you can understand. You'll also find the helpful guidance you're accustomed to now fully conformed to the FASB Accounting Standards Codification™ (ASC), along with a clear explanation of the ASC's significance to the profession, numerical referencing system, and Internet-based research system.

Whether you are preparing financial statements and reports for Real Estate Ventures or Construction Contractors or auditing, reviewing, or compiling those financial statements, this practice aid can save countless research hours with its comprehensive guidance for determining the adequacy of disclosures and required supplementary information. This practice aid also provides you with illustrative financial statements and auditor's reports.

The checklists have been updated to reflect authoritative pronouncements and interpretations issued as of September 30, 2009, including:

• FASB Accounting Standards Update (ASU) No. 2009-06, Income Taxes (Topic 740)—Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities.
• FASB ASU No. 2009-05, Fair Value Measurements and Disclosures (Topic 820)—Measuring Liabilities at Fair Value.
• SFAS No. 167, Amendments to FASB Interpretation No. 46(R)
• SFAS No. 166, Accounting for Transfers of Financial Assets—an amendment of FASB Statement No. 140
• SFAS No. 165, Subsequent Events (FASB ASC 855)

This checklist supplement and illustrative financial statements should be used in conjunction with the Checklists and Illustrative Financial Statements for Corporations

This practice aid has been prepared by the AICPA staff and has not been reviewed, approved, disapproved, or otherwise acted on by any senior technical committee of the AICPA.