Orlando and Central Florida (November 7, 2014) — Tom Durkee, CPA, a partner at Averett Warmus Durkee (AWD) – accountants experienced in working with timeshare resorts – spoke recently after attending the Shared Ownership Investment Conference, held in Miami, Florida.
“We noted during the meeting that speakers touched on the latest AIF Financial Performance survey recently prepared by prepared by Deloitte, which begins with a discussion about the necessity for developers to adhere to specific accounting standards for companies developing and selling vacation ownership interests,” says Durkee. “As they put it, ’Accounting Standards Codification (ASC) 978 Real Estate — Time-Sharing Activities, is the authoritative literature for accounting for timesharing transactions.’ An accounting firm’s job when working with timeshare developers is, in large part, to assist them in preparing their reports and tax returns to be consistent with these rules.”
“At AWD, we are glad to see industry leaders point to these regulations. The fact that they are specific to the resort industry should be a cautionary note to resorts when they are accounting for sales. Developers need to make sure their accountants are familiar with the business of timeshare, since there are so many nuances that are not relevant to ordinary real estate, particularly as it relates to rentals of sold inventory and marketing practices.”
Tom Durkee and another AWD partner, Lena Combs CPA, have lead their firm’s timeshare division for the past 25 years and focus on maintaining long-term relationships with clients. Well-known for taking an educational approach in assisting clients, AWD frequently gives presentations at industry events, including ARDA Conventions and at Timeshare Board Members Association (TBMA) educational meetings.
About Averett Warmus Durkee, CPAs
Averett Warmus Durkee (AWD) provides clients with assurance, accounting, and tax compliance services. As the largest independent CPA firm in Central Florida, AWD also provides consulting services to clients for business acquisitions and dispositions and advises clients on ways to improve their internal processes while providing them with relevant information needed to make timely, critical decisions. For further information about AWD, contact Tom Durkee (firstname.lastname@example.org) or Lena Combs (email@example.com) at (407) 849-1569 or visit www.awd-cpa.com.
PRESS RELEASE SOURCE: Averett Warmus Durkee, CPAs
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