Novogradac GAAP Accounting for the LIHTC and NMTC - 2005 Edition: 2005 Edition
This guidebook is a compilation of the historical documentation and related information from financial accounting standards board EITF issue 94-1. This documentation addresses how an entity that invests in a qualified affordable housing project should account for the benefits (tax) resulting from its investment. This 2004 edition contains a chapter on accounting for a qualified new markets tax credit investment. This is the sixth published edition of this book.
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Table of Contents Novogradac Company
Accounting Interpretations of APB Opinion 18 AIN APB 18
iv recognition of a liability for delayed equity contributions
Tentative conclusion reached to amend the consensus on amortization
Consensus is affirmed on the topics
Tentative conclusions are reached on the topics listed in previous document
accounted for in accordance with AICPA Statement of Position 789
March 8 1994
Presentations made that cover various aspects of affordable housing to facilitate
1 Deloitte Touche Summary
1995 EITF Meeting accepted accounting principles Accounting for Investments Accounting Principles Board affordable housing project AICPA amortization capital carrying amount cash flows column Common Stock consolidated financial statements corporate joint ventures cost method Deferred Tax Deloitte & Touche Depreciation determining effective yield method EITF Issue EITF Meeting Minutes enterprise equity investment estimated residual value expected losses expected residual returns fair value FASB staff FASB Statement financial statements guidance housing tax credit interest cost Interpretation 46 investment accounted Investments in Affordable Investments in Common Investments in Real investor investor's share January 20 leveraged leases liabilities LIHTC limited partner limited partnership interest limited partnership investment March 23 Method of Accounting ownership period primary beneficiary Principles Board Opinions qualified affordable housing reached a consensus Real Estate Ventures recognized reporting subsidiaries Task Force reached Tax Expense tax rate tentative conclusions transactions variable interest entity voting stock