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| Averett Warmus Durkee CPA Tom Durkee Speaks on Accounting Standards for Timeshare || |  “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,
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