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Course 1710
IFRS for the Real Estate Sector (2 days)

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Contents


Introduction

This two-day course examines international financial reporting issues in detail and their effect on real estate entities. Our expert instructors discuss the critical issues that go beyond mere number-crunching and explain, clearly and simply, the way the real estate sector conducts and shapes its accounting and reporting practices.

By reference to accepted accounting practices in the sector, delegates leave this course with practical knowledge of the wide spectrum of principle-based IFRSs that are applicable to the real estate sector. Participants will, for example, learn how to relate the standards on property, plant and equipment, leases and investment property to leased or sold assets. The program also covers the treatment of investment projects, related borrowing costs and marketing expenditures, the appropriate basis for investment property valuation, and disclosure requirements and other issues that are unique to the real estate sector. The “Best Practices Policy Recommendations” issued by the European Public Real Estate Association (EPRA) are explained for those topics lacking IFRS guidance.

This valuable course answers questions such as:

  • What are the accounting requirements for typical real estate lease, property, and investment property activities?
  • How are lease contracts analyzed for accounting purposes?
  • When are lease incentives, service costs and embedded derivatives recognized and how are they measured?
  • What EPRA "best practices" guidance is available for the real estate sector?

Prerequisites

Intermediate understanding of accounting principles based on any national standards.
No advance preparation is required for this course.

Course Level

Intermediate

Topics

  • Overview and Framework of IFRS - General Principles and Standards
  • IAS 1 Presentation of Financial Statements
  • IAS 2 Inventories
  • IAS 7 Cash Flow Statements
  • IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
  • IAS 10 Events after the Reporting Period
  • IAS 11 Construction Contracts
  • IAS 12 Income Taxes
  • IAS 14 Segment Reporting and IFRS 8 Operating Segments
  • IAS 16 Property, Plant and Equipment
  • Cost
  • Component approach
  • Initiating depreciation
  • Depreciation method and period
  • Assets under development
  • Cost model vs. revaluation model
  • IAS 17 Leases
  • Classification of leases
  • Treatment by the lessor
  • Lease incentives
  • Service costs
  • Contingent rents
  • Sale and lease-back arrangements
  • Derivatives embedded in lease agreements
  • IAS 18 Revenue
  • IAS 20 Government Grants and Disclosure of Government Assistance
  • IAS 23 Borrowing Costs
  • IAS 24 Related Party Disclosures
  • IAS 27 Consolidated and Separate Financial Statements
  • IAS 28 Investments in Associates
  • IAS 31 Interests in Joint Ventures
  • IAS 34 Interim Financial Reporting
  • IAS 36 Impairment of Assets
  • IAS 37 Provisions, Contingent Liabilities and Contingent Assets
  • IAS 38 Intangible Assets
  • IAS 40 Investment Property
  • Definition of investment property
  • Initial measurement
  • Directly attributable expenditures
  • Cost model vs. revaluation model
  • Determination of fair value
  • Presentation of changes in fair value
  • IFRS 1 First-time Adoption of International Financial Reporting Standards- Overview
  • IFRS 2 Share-based Payment
  • IFRS 3 Business Combinations
  • IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
  • IFRIC Interpretation 15 Agreements for the Construction of Real Estate
  • Presentation of Accounts under IFRS as Recommended by EPRA
  • Detailed review
  • Summary of EPRA best practice recommendations
  • Review of Model IFRS Financial Statements
  • Real-world IFRS Financial Statements

Course Benefits

  • Understand the basic principles of IFRS
  • Establish accounting policies where specific guidance does not exist
  • Learn practical answers to typical real estate questions on leases, property, plant and equipment and investment property
  • Be able to analyze lease contracts and accurately account for lease incentives, service costs and embedded derivatives
  • Apply “best practices” and industry recommendations within the real estate sector

Teaching Method

  • Live group instruction with interactive participation encouraged
  • Identification of the critical issues affecting financial reporting in the real estate industry
  • Succinct examples and cases that illustrate classification and accounting for real-estate-related transactions
  • Presentation and discussion of recommended financial statement disclosures
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

16 hours

Venue

All of our Dubai seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.

Course Summary

This two-day course examines international financial reporting issues with a more in-depth review of those that are specific to the real estate industry. Extensive use of case studies is made to explain learning material and to reinforce knowledge. In addition to covering all significant IFRS, the course includes a more detailed review of the following topics most pertinent to real estate entities: IAS 11 =i:[Construction Contracts] | IAS 12 =i:[Income Taxes] | IAS 14 =i:[Segment Reporting], IFRS 8 =i:[Operating Segments] | IAS 16 =i:[Property, Plant and Equipment] (including cost , component approach, initiating depreciation, depreciation method and period, assets under development, cost model vs. revaluation model) | IAS 17 =i:[Leases] (including classification of leases, treatment by the lessor, lease incentives, service costs, contingent rents, sale and lease-back arrangements, derivatives embedded in lease agreements) | IAS 18 =i:[Revenue] | IAS 23 =i:[Borrowing Costs] | IAS 36 =i:[Impairment of Assets] | IAS 40 =i:[Investment Property] (including definition of investment property, initial measurement, directly attributable expenditures, cost model vs. revaluation model, determination of fair value, presentation of changes in fair value) | Overview of IFRS 1 =i:[First-time Adoption of International Financial Reporting Standards] | Consolidation, investments in associates and joint ventures (IAS 27, IAS 28 and IAS 31) | IFRIC Interpretation 15 =i:[Agreements for the Construction of Real Estate] | Detailed review of presentation of accounts under IFRS as recommended by EPRA including review of best practices recommended by EPRA | Review of model financial statements under IFRS | Review of IFRS financial statements of real estate entities.