The implementation of International Financial Reporting Standards (IFRS) for Canadian real estate companies may at first look like a complicated, expensive and difficult process. However, the size and complexity can be managed if companies plan ahead before the new accounting and reporting standards become effective.
PwC's experience working with more than 12,000 companies during their IFRS transition has resulted in valuable lessons applicable to Canada's real estate sector. Many real estate companies throughout Europe and Australia have completed their transition and have been applying IFRS since January 1, 2005. Their transition has revealed some interpretation and application challenges unique to the real estate industry. These include issues around development and investment properties, lease incentives and joint real estate ventures.
The publication below discusses some of the key differences between Canadian GAAP and IFRS as it pertains to the Canadian real estate sector and how we can manage your transition to the new reporting language.
Download the full PDF report.