IFRS 2013: Implications for real estate of changes in IFRS
The impact of International Financial Reporting Standards
Changes to the accounting standards for consolidation and joint arrangements and measuring fair value, among others, have already affected the IFRS accounting landscape for real estate investors this year.
More changes, such as lease accounting, are on the horizon, and preparers of financial statements are now considering their potential impact. But are they final? What can preparers expect?
To better understand these developments, join our real estate sector professionals as they discuss the changes and their potential impact on your real estate business, including:
- Review of IFRS reporting developments in the last 12 months for real estate
- Implementation experiences of the fair value measurement standard effective in 2013 (IFRS 13)
- Latest views on the sector impact of the consolidation and joint arrangements standards (IFRS 10, IFRS 11 and IFRS 12)
- Update on the International Valuation Standards Committee’s project on investment property
- Review of the investment entities definition in IFRS 10
- Review of the leases exposure draft and its potential impact on landlords and tenants
Please note: This webcast was held twice in 24 hours. If you attended the live event, please download your CPE or view the on-demand webcast on the Replay page.
EY Accountants LLP
Ad Buisman is a Partner and has been with EY Accountants LLP in the Netherlands since 1984. He provides services in the fields of auditing, corporate real estate advisory services and transaction support. He has more than 27 years of experience and has performed many engagements related to property, including financing and valuation issues and supervising property transactions.
Ad heads the Europe, Middle East, India and Africa (EMEIA) Real Estate, Hospitality and Construction (RHC) Group, chairs the Dutch and Belgian RHC Group, is a member of the Accounting Committee of EPRA (European Public Real Estate Association), leads the EY Global IFRS Real Estate & Construction Interpretation Desk in the Netherlands and is also EY Global Director of RHC Assurance Services. He is also very much engaged in real estate valuation issues; he leads EPRA's sub-committee in this respect and was a member of the International Valuation Standards (IVSC) sub-committee, which drafted the guidance on valuation of Investment Property under Construction (August 2009).
Ernst & Young LLP (Canada)
Guy Jones is a partner in the National Accounting and Assurance office of Ernst & Young LLP in Canada. He is a member of the Canadian Accounting Standards Board's IFRS Discussion Group, the Canadian Securities Administrators Financial Reporting Advisory Committee and is the Canadian firm’s representative on the EY Global IFRS Policy Committee. In addition to his experience at EY, Guy has seven years of industry experience as a senior financial officer for a global, Canadian and U.S. listed public company.
Ernst & Young LLP (UK)
Matthew Williams is a director in the real estate group of Ernst & Young LLP in the UK and is responsible for technical leadership on behalf of that firm’s real estate practice. Matt provides audit and assurance services to a wide range of clients from private equity real estate funds to public listed property companies.
Matt is also the vice-chairman of the EY Global Real Estate IFRS committee and has co-authored the EY Global publication 'International GAAP' since 2006.
Outside of EY, Matt is a member of the finance committee of the British Property Federation and advises the European Public Real Estate Association on financial reporting issues.
Ernst & Young LLP (US)
Serena Wolfe is a Real Estate partner with Ernst & Young LLP in New York. She has practiced for over 14 years, and worked in a variety of industries including manufacturing, technology and, for the last eight years, worked solely in real estate.
Serena has been involved in the analysis of recent accounting standards on the real estate industry, including US GAAP and International Financial Reporting Standards (IFRS) and the development of national training courses and international real estate conferences. She has been instrumental in the development of articles, and other thought leadership activities for clients on important technical issues and has moderated a number of the real estate center webcasts. She has presented on the implication of new accounting standards on the real estate industry to various companies and groups including NCREIF and NAREIT and is involved as the EY representative in NCREIF and NAREIT committees that address upcoming legislative and accounting changes.