Property - Key Auditing and Accounting Issues

Objectives

There are specific auditing and accounting issues when dealing with property companies that are easy to get wrong. This session will look at the latest requirements to keep attendees up to date.

Key topics

Accounting

The topics to be covered are:

• Accounting for investment properties FRS 102
• FRS 102 – accounting treatment of loans including the tax implications and disclosure issues
• Deferred tax on revaluations
• Accounting for inventories in property developers
• Accounting for construction contracts

Auditing

The topics to be covered are:

• Auditing property valuations – in particular using the work of an expert
• Using service organisations, such as property agents
• Auditing work in progress
• Risk assessment in property companies
• Specific issues arising from property loans
• Materiality in a property company
• Use of sampling

Who should attend

This course is for all accountants and auditors in practice who prepare and/or audit financial statements for property companies.