Properties - Accounting and Audit Issues

The aim of this course is to consider, in detail, the practical issues arising from the accounting and audit of properties. 

Content: 

Accounting issues 

• Investment properties:  
  • Definition, measurement, transfers, disclosures, mixed use  
  • Impact on P&L and reserves  
• Properties within property, plant, and equipment:  
  • Capital and revenue expenditure, major inspections, cost, or revaluation policy  
  • Rent concessions and lease incentives  
• Properties held as stock 
• Transfers between current and fixed assets and between PPE and investment properties 
• Provisions:  
  • Dilapidations  
  • Deferred tax 
• Sale and repurchase agreements  
• Sale and lease back arrangements 
• Leasing:  
  • Differences between UK GAAP and IFRS 16  

Audit issues 

• Key risk areas, including title, valuations, relying on experts, going concern, revenue recognition, provisions and laws and regulations 
• Evidence gathering issues 

The content for online courses predating 2024 may vary.