International Financial Reporting Standards (IFRS) are widely adopted accounting principles used by many listed companies throughout the world. In last year’s survey of a sample of financial statements for the financial year 2006, PricewaterhouseCoopers concluded that the real estate sector still had some way to go to increase transparency and comparability between the financial statements of companies, this being one of the most important goals of IFRS.
Entities’ financial statements are significantly affected by certain accounting policy options under IFRS (e.g., the choice to measure investment properties at fair value or at cost less depreciation and impairment), making transparency and comparability even more difficult to achieve.
This year’s survey consisted of a global review of 50 IFRS financial statements. We selected listed real estate entities with audited financial statements. The survey includes annual reports from Western, Central and Eastern Europe as well as the Nordic countries and this year, we also included entities from the Asia-Pacific region.
The new standard IFRS 8 is effective from 1 January 2009 and if ED 9 is translated into a new standard - this may have an impact on the financial statements.
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