Assurance built for real estate development.
AsuraTrust provides independent audit, review, and other assurance services designed for real estate developers and their project entities.
Development is capital-intensive and structurally complex: costs accumulate on the balance sheet for years before a sale ever closes, projects are commonly held in their own entities and joint ventures, and the capital behind them — construction lenders, equity partners, investors — expects financial reporting it can rely on. Our engagements are built around the reporting issues that define the industry: development cost capitalization, entity-level reporting, revenue on property sales and leasing, and lease accounting. AsuraTrust is a Tampa-based CPA Firm licensed in the state of Florida, and our remote engagement model allows us to serve developers in the Tampa area and beyond.
Whether your lender or equity partners have requested financial statements, or a new project entity needs its first audit, schedule a free consultation today.
Who relies on a developer’s financial statements.
Project Lenders
Construction and acquisition financing typically comes with reporting requirements — audited or reviewed financial statements are a common covenant ask, at the project level, the parent level, or both.
Equity Partners & Investors
Operating and partnership agreements often call for annual financial statements — sometimes audited — alongside the capital-call and distribution reporting partners depend on.
Joint Ventures
Shared projects mean shared visibility: joint-venture agreements frequently specify entity-level financial reporting each side can rely on.
Transactions & Refinancing
Sales, recapitalizations, and refinancings bring fresh diligence — buyers and new lenders want reliable numbers before they commit.
The reporting issues that define development.
Cost Capitalization
Land, site work, construction, carrying costs, and capitalized interest accumulate in project basis under ASC 970 — and what belongs in basis versus expense is a defining question of developer reporting.
Entities, JVs & SPEs
Projects commonly live in their own entities, raising consolidation and VIE questions, related-party transactions, and the challenge of reporting cleanly at both the project and parent level.
Sales & Leasing Revenue
Revenue on property and parcel sales is generally recognized at closing, while leasing operations layer in their own recognition and disclosure requirements — two different models, often in one company.
Lease Accounting
ASC 842 adds complexity on both sides of the balance sheet — developers are frequently lessor and lessee at once, from ground leases to tenant arrangements.
Engagements we perform for developers.
Audits
Independent financial statement audits conducted under GAAS — the highest level of assurance, at the project-entity or consolidated level your stakeholders require.
Reviews
Financial statement reviews offer a cost-effective, moderate level of assurance that lenders and partners often accept where a full audit isn’t required.
Compilations & Preparation
Compilations and financial statement preparation deliver professionally prepared statements when assurance isn’t required.
Internal Controls
Internal controls consulting brings practical discipline to draw requests, cost coding, capital calls, and related-party activity.
Quality of Earnings
Quality of earnings analyses support buyers and sellers in real estate transactions with a clear view of sustainable earnings and working capital.
Agreed-Upon Procedures
Agreed-upon procedures provide targeted, factual reports on specific questions from lenders, partners, or other stakeholders.
Building as well as developing? Our construction industry page covers WIP schedules, bonding, and contractor reporting.
Serving more than development — explore all of the industries we serve.
Questions developers ask us.
Our partnership agreement mentions audited statements — what now?
The agreement’s reporting clause governs: many specify annual financial statements and whether they must be audited or reviewed, and by when. We can help you understand what yours calls for and scope an engagement to match.
Can each project entity be audited separately?
Yes — engagements can be scoped at the level your stakeholders require: a single project entity, a consolidated parent, or both. The right scope usually follows what the lender or the partnership agreement asks for.
What makes auditing a developer different?
Most of the balance sheet is judgment-carrying: capitalized project costs, entity structures with related-party activity, and revenue that arrives in closings rather than evenly over time. Experience with those areas is what keeps the engagement efficient.
Can our audit be performed remotely?
Yes. Our remote engagement model is designed for it — document exchange, walkthroughs, and status meetings all happen remotely, with the same professional standards and the same licensed CPA supervision.
Considering an audit or review?
Connect with us to discuss how our services can provide the support you need.
Schedule a Consultation