XML 59 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Owned via Equity Investment
6 Months Ended
Jun. 30, 2012
Real Estate Owned via Equity Investment [Abstract]  
Real Estate Owned via Equity Investment
Note 16.                       Real Estate Owned via Equity Investment
 
The Company, together with third party real estate development companies, formed variable interest entities ("VIEs") to construct various real estate development projects.  These VIEs account for acquisition, development and construction costs of the real estate development projects in accordance with FASB ASC Topic 970, "Real Estate-General", and account for capitalized interest on those projects in accordance with FASB ASC Topic 835, "Interest".  Due to economic conditions, management decided to curtail new equity investments.
 
In accordance with ASC Topic 976, the full accrual method is used to recognize profit on real estate sales.  Profits on the sales of this real estate are recorded when cash in excess of the amount of the original investment is received, and calculation of same is made in accordance with the terms of the partnership agreement, the Company is no longer obligated to perform significant activities after the sale to earn profits, there is no continuing involvement with the property and; finally, the usual risks and rewards of ownership in the transaction had passed to the acquirer.
 
At June 30, 2012, the Company no longer had any VIEs consolidated into the Company's financial statements. During the fourth quarter of 2011, the Company deconsolidated the remaining VIE as a result of the substantial completion of the project and the sales of the remaining units that were associated with the VIE.