IFRS real estate survey: Details of 2006 results
The global shift to IFRS is changing fundamentally the way real estate firms present their business. However, it is clear that there is still some way to go before firms have transparent and comparable financial statements.
PricewaterhouseCoopers analysis of the financial statements of 50 real estate firms identifies differences in the application of IFRS and highlights the key areas in which these differences occur including: Recognition, measurement and classification; Income statement; Acquisitions; Development property; Deferred taxes; Lease incentives; Operating and finance leases; Cash flow statement; and IFRS 7. The report gives a broad picture of the impact of IFRS on the transparency, consistency and comparability of companies’ disclosures and uncovers marked variations in interpretation and practice.
