Properties- Accounting and Audit Issues - Key Points

This course addresses the key points of accounting and audit of properties.

Accounting issues:

  • Investment properties:
    • Definition; measurement; transfers; disclosures; mixed use
    • Impact on reserves
    • Including changes following the Triennial Amendments
  • Properties within property, plant and equipment
    • Capital and revenue expenditure; major inspections; cost or revaluation policy
    • Transfers from current to fixed assets
  • Provisions - including treatment of dilapidations
  • Deferred tax:
    • Making provisions; reversing provisions; impact on revaluation reserve
  • Sale and repurchase agreements
  • Leasing
    • UK GAAP - including lease incentives
    • IFRS 16 - Leasing: the impact of capitalisation of operating leases on the financial statements and ratio analysis

Audit issues:

  • Key risk areas, including title, valuations, relying on experts, going concern, revenue recognition provisions and laws and regulations
CPD Course
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