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• W756530572 abstract "Introduction Charles Greg was walking to Artefino, his favorite Cleveland cafe, to grab an espresso and gather his thoughts. Charles, a former KPMG audit manager, was Air Varie's Chief Financial Officer. He had always prided himself on delivering the straight scoop when it came to financial information and now he was having a disagreement with Air Varie's Big 4 auditors about how a certain type of business transaction should be portrayed in the company's financial report. Charles' view had always been that if the goal of financial reporting was to reflect the economic substance of a company's business transactions, then that reality should be portrayed in the financial statements. Lately however, it seemed like auditors were getting more and more closed to rolling up their sleeves and looking at the substance of creative transactions necessitated by tight commercial real estate markets. Rather they seemed to want to make quick and easy conservative calls when it came to revenue recognition or asset valuation. Charles realized that this may be in part because of the impact of the Sarbanes-Oxley Act of 2002. The act was a response to a number of corporate accounting frauds in which inadequate internal controls over revenue recognition were discovered and required companies to establish and maintain controls over the recognition and reporting of revenue. However, he felt strongly that adequate controls over the recognition and reporting of revenue were in place and operating effectively at Air Varie. Background Charles had significant experience in the commercial real estate industry, first as an auditor with KPMG where several of his audit engagements involved real estate development activities, and then with a large regional commercial real estate development company as its CFO. Five years ago, Charles was approached by Air Varie's Vice President of Operations and offered a position as Air Varie's Midwest Divisional CFO. This opportunity provided a significantly positive career advancement opportunity and Charles accepted the position almost five years ago to the day. Air Varie Corporation was a 3.2[dollar] billion national real estate development company that had been in business for over 55 years. The company had provided integrated services including real estate development, architecture & engineering, construction project management, property management, and financial services. Air Varie was a major real estate developer with in-house expertise in office, industrial, retail, multifamily, government, and institutional projects. The Transaction Integral to its development activities, the company held land as inventory for future development. Occasionally, Air Varie had been approached by third parties who wished to purchase a parcel or parcels of land. Because Air Varie's land inventory holdings were intended for its own future development activities, the company was unwilling to sell the parcels at a price equal to just the raw land's value. Instead, it would only sell if it could secure approximately the same development and construction profit that would be attained if it were to develop the property. Typically however, a buyer was reluctant to agree to pay a purchase price that included development fees at the time of the land sale so the company had not entered into this type of arrangement in the past. Lately however, the real estate development market had been in a significant downturn and major development projects had been hard to come by. Consequently, when Air Varie had been approached to sell a nearly seven-acre parcel of land in the Cleveland area, the company had shown particular interest in trying to structure a sale that would be attractive to both parties. While the company had still been reluctant to sell any of its land holdings without a development deal attached, it had realized that it might have to temporarily rethink its position and find more creative ways to generate profits and cash flow in difficult times, while at the same time leaving options open that might result in related development opportunities. …" @default.
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• W756530572 date "2010-01-01" @default.
• W756530572 modified "2023-09-28" @default.
• W756530572 title "Air Varie Corporation: Land Sales Revenue Recognition Issues" @default.
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