Chirayuthchai TraisaengsatheanStrategic Finance for Property Development
THEN

Project Accounting · Contents and summaries

Real Estate Project Accounting Handbook

Contents and summaries of 28 chapters, from land purchase and construction to revenue recognition, tax and project closing

  • 28chapters
  • 7parts
  • 1Appendices
Written for
  • Accountant
  • Finance manager
  • CFO

Scope of this page

This page publishes the contents and a summary of every chapter, not the full text. The book is written for accountants, finance managers and CFOs of property development businesses. It has 28 chapters in 7 parts, plus one further part of appendices.

Important notes

Figures in the summaries are general guidance or examples. Check tax rates and rules against the current announcements before use.

Structure of the book

The width of each segment shows the number of chapters in that part.

  1. 1Overview and standards framework
  2. 2Start-up stage
  3. 3Construction stage
  4. 4Revenue and sales
  5. 5Tax and Thai law
  6. 6Complex issues
  7. 7Project closing and reporting
  8. 8Appendices A–H
  1. Part 1Chapters 1–3Overview and standards frameworkBusiness overview · standards framework · chart of accounts structure
  2. Part 2Chapters 4–6Start-up stageLand purchase · pre-development costs · company formation and group structure
  3. Part 3Chapters 7–10Construction stageConstruction cost accumulation · interest under TAS 23 · CAPEX and cost control · project loans
  4. Part 4Chapters 11–14Revenue and salesPresale · revenue under TFRS 15 · cost of sales per unit · ownership transfer
  5. Part 5Chapters 15–19Tax and Thai lawVAT · SBT and stamp duty · WHT · CIT · transfer and mortgage registration fees
  6. Part 6Chapters 20–25Complex issuesMulti-phase projects · condotels and rental pool · joint venture · foreign buyers and leasehold · investment property · impairment of inventory
  7. Part 7Chapters 26–28Project closing and reportingProject closing · financial reporting · audit and IPO preparation
  8. Part 8Appendices A–H

Contents and summaries by part

Click a chapter title to go straight to its summary.

  1. 01Part 1Chapters 1–3 · 3 chapters

    Business overview and accounting standards framework

    The nature of property development accounting, the relevant standards, and designing the chart of accounts down to unit level

    1. Chapter 1Overview of the property development business
    2. Chapter 2Relevant accounting standards framework
    3. Chapter 3Chart of accounts structure for real estate projects
    Read the summary of Part 1
  2. 02Part 2Chapters 4–6 · 3 chapters

    Accounting during the project start-up stage

    Summary of accounting for land cost and pre-development costs, and of SPV structures and intercompany transactions

    1. Chapter 4Land purchase and accounting for land cost
    2. Chapter 5Pre-development costs
    3. Chapter 6Company formation and group structure
    Read the summary of Part 2
  3. 03Part 3Chapters 7–10 · 4 chapters

    Accounting during the construction stage

    A summary of WIP cost accumulation, interest under TAS 23, EAC control and project loans

    1. Chapter 7Construction cost accumulation
    2. Chapter 8Capitalising interest as project cost (TAS 23)
    3. Chapter 9Accounting for CAPEX and cost control
    4. Chapter 10Accounting for project finance loans
    Read the summary of Part 3
  4. 04Part 4Chapters 11–14 · 4 chapters

    Accounting for revenue and sales

    Summary of contract liability, revenue recognition under TFRS 15, cost per unit and accounting on transfer day

    1. Chapter 11Sales and receipt of deposits (Presale stage)
    2. Chapter 12Revenue recognition under TFRS 15
    3. Chapter 13Cost of sales and allocation of cost per unit
    4. Chapter 14Ownership transfer and closing the sales
    Read the summary of Part 4
  5. 05Part 5Chapters 15–19 · 5 chapters

    Tax and compliance with Thai law

    Summary of VAT, SBT, WHT, CIT and transfer-day fees from the developer's accounting perspective

    1. Chapter 15VAT for real estate businesses
    2. Chapter 16Specific Business Tax (SBT) and stamp duty
    3. Chapter 17Withholding tax (WHT)
    4. Chapter 18Corporate income tax (CIT)
    5. Chapter 19Transfer fees and mortgage registration
    Read the Part 5 summary
  6. 06Part 6Chapters 20–25 · 6 chapters

    Specialised topics and complex issues

    Summary of multi-phase projects, condotels, JVs, foreign buyers, investment property and NRV

    1. Chapter 20Multi-phase projects
    2. Chapter 21Condotels and rental pool income
    3. Chapter 22Joint venture and co-development projects
    4. Chapter 23Foreign buyers and leasehold/freehold ownership
    5. Chapter 24Investment property (TAS 40)
    6. Chapter 25Impairment of project inventory
    Read the Part 6 summary
  7. 07Part 7Chapters 26–28 · 3 chapters

    Project closing and financial reporting

    Project close-out summary, warranty, reports for management and investors, audit and IPO preparation

    1. Chapter 26Project close-out
    2. Chapter 27Financial reporting for management and investors
    3. Chapter 28Internal audit and external auditors
    Read the Part 7 summary
  8. 08Part 8Appendices · 8 appendices

    Appendices

    A list of Appendices A to H of the book, with a short description of each

    • AComplete chart of accounts
    • B50 key journal entries
    • CForms and Excel templates
    • DMonthly and annual closing checklist
    • EComparison table: TFRS for PAEs vs NPAEs
    • FThai–English technical glossary
    • GFull case study
    • HStandards and legal references
    Read the Part 8 summary

Compiled by Chirayuthchai Traisaengsathean

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