Fewer real estate transactions will qualify as business acquisitions under the new guidance than qualify today, but it may be difficult to determine whether assets are combined or considered similar in applying the screening test. In this webcast, panelists discuss accounting, tax and disclosure considerations for Real Estate Investment Trusts (REITs) related to COVID-19. ASU 2014-09 will significantly affect the accounting for real estate sales. The ASU eliminates the bright-line guidance that entities currently apply under ASC 360-20 when evaluating when to derecognize real estate assets and how to Learn more. This allows our clients to focus on competitive investment activities that drives value for investors. How COVID-19 is impacting real estate investment trusts | EY - Global Real estate accounting and reporting 2. See next column for a real estate example that We pair deep real estate accounting expertise with industry-leading technology to tailor global and local accounting and reporting solutions for distinct portfolios, optimizing operations and reducing risk.