Applying IFRS® for the real estate industry

What is the focus of this publication?

This publication considers the main accounting issues encountered by real estate entities and the practices adopted in the industry under International Financial Reporting Standards (IFRS).

Who should use this publication?

This publication is intended for entities that construct and manage real estate property. Activities such as the construction of properties on behalf of third parties, and holding or developing properties principally for sale or otherwise own use, are not considered in this publication.

This publication is intended for:

• audit committees, executives and financial managers in the real estate industry;
• investors and other users of real estate industry financial statements, so that they can identify some of the accounting practices adopted to reflect features unique to the industry; and
• accounting bodies, standard-setting agencies and governments throughout the world that are interested in accounting and reporting practices and are responsible for establishing financial reporting requirements.

What is included?

This publication covers issues that we believe are of financial reporting interest due to their particular relevance to real estate entities and/or historical varying international practice.

This publication has a number of sections designed to cover the main issues raised.

This publication is based on the experience gained from the worldwide leadership position of PwC in the provision of services to the real estate industry. This leadership enables PwC’s Real Estate Industry Accounting Group to make recommendations and lead discussions on international standards and practice.

We hope you find this publication helpful.