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 will include:

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 - making and reversing provisions, indexation allowance and the impact on revaluation reserve
  • Sale and repurchase agreements
  • Sale and lease back arrangements
  • Leasing:
    • 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 above content relates to 2021 events only.

CPD Course
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