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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Apr. 30, 2014
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Restatement of Balance Sheet and Statement of Equity | The following tables present the effect of this correction on the Company's Consolidated Balance Sheet and Statement of Equity for the period affected:
| (in thousands)
April 30, 2013 | As Previously Reported | Adjustment | As Revised
Consolidated Balance Sheet |  |  |  |  |  |
Redeemable noncontrolling interests – consolidated real estate entities | $ | 0 | $ | 5,937 | $ | 5,937
Noncontrolling interests – consolidated real estate entities |  | 26,055 |  | (5,937) |  | 20,118
Total equity |  | 761,381 |  | (5,937) |  | 755,444
| (in thousands)
Year Ended April 30, 2013 | As Previously Reported | Adjustment | As Revised
Consolidated Statement of Equity |  |  |  |  |  |
Noncontrolling Interests |  |  |  |  |  |
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests | $ | 4,442 | $ | (5) | $ | 4,437
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities |  | 12,415 |  | (5,932) |  | 6,483
Balance April 30, 2013 |  | 148,594 |  | (5,937) |  | 142,657
Total Equity |  |  |  |  |  |
Net income attributable to Investors Real Estate Trust and nonredeemable noncontrolling interests |  | 29,972 |  | (5) |  | 29,967
Contributions from nonredeemable noncontrolling interests – consolidated real estate entities |  | 12,415 |  | (5,932) |  | 6,483
Balance April 30, 2013 |  | 761,381 |  | (5,937) |  | 755,444
Summary of Changes in Allowance for Doubtful Accounts | Management evaluates the appropriate amount of the allowance for doubtful accounts by assessing the recoverability of individual real estate mortgage loans and rent receivables, through a comparison of their carrying amount with their estimated realizable value. Management considers tenant financial condition, credit history and current economic conditions in establishing these allowances. Receivable balances are written off when deemed uncollectible. Recoveries of receivables previously written off, if any, are recorded when received. A summary of the changes in the allowance for doubtful accounts for fiscal years ended April 30, 2014, 2013 and 2012 is as follows:
| (in thousands)
| 2014 | 2013 | 2012
Balance at beginning of year | $ | 1,393 | $ | 1,363 | $ | 1,316
Provision |  | 434 |  | 665 |  | 298
Write-off |  | (783) |  | (635) |  | (251)
Balance at close of year | $ | 1,044 | $ | 1,393 | $ | 1,363
Summary of total gain on involuntary conversion | In June 2011, both the Company's Minot Arrowhead retail property and Chateau Apartments property, which at that time consisted of two 32-unit buildings, were extensively damaged by a flood. In February 2012, one of the buildings of the Chateau Apartments property, which had been undergoing restoration work following the flood, was completely destroyed by fire (the "2012 Fire"). Final settlement of the flood insurance claim was reached in fiscal year 2013 with total proceeds received of $8.5 million for flood clean-up costs and redevelopment. Final settlement of the 2012 Fire insurance claim was reached in fiscal year 2014 with total proceeds received of $5.1 million for redevelopment. Insurance proceeds for these events exceeded the basis in the assets requiring replacement, resulting in recognition of the following gains from involuntary conversion in fiscal years 2014, 2013 and 2012:
| (in thousands)
Year Ended April 30, | 2014 | 2013 | 2012
Gain on involuntary conversion |  |  |  |  |  |
Flood | $ | 0 | $ | 2,821 | $ | 274
2012 Fire |  | 2,480 |  | 2,263 |  | 0
Total gain on involuntary conversion | $ | 2,480 | $ | 5,084 | $ | 274

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