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