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What You Need to Know – 2016 Accounting Update for the Real Estate Industry

Several Accounting Standards Updates (“ASU” or “ASU’s”) issued by the Financial Accounting Standards Board (“FASB”) became effective January 1, 2016. Many of these updates, which are now part of the Codification, will have a direct impact on the accounting and financial reporting of private real estate companies in 2016; whereas, a lot of them will not. The following is a brief summary