REALPAC IFRS Handbook: Recommended Accounting Practices for Real Estate Investment and Development Entities Reporting in Accordance with IFRS

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Now includes REALPAC IFRS Amendment #2

REALPAC IFRS Handbook: Recommended Accounting Practices for Real Estate Investment and Development Entities Reporting in Accordance with IFRS

This handbook outlines recommended accounting practices, policies and disclosures in applying relevant IFRSs, as issued by the International Accounting Standards Board, and related accounting interpretations, as issued by the International Financial Reporting Interpretations Committee, for those transactions common to the real estate industry. Now including Amendment No. 2.

Amendment No. 2

Amendment No. 2 addresses the following new standards since the first amendment:

• IFRS 9 Financial Instruments, which is effective for annual periods beginning on or after January 1, 2018 with earlier application permitted
• IFRS 15 Revenue from Contracts with Customers, which is effective for annual periods beginning on or after January 1, 2018, with earlier application permitted
• IFRS 16 Leases, which is effective for annual period beginning on or after January 1, 2019, with earlier application permitted (provided IFRS 15 has been or is applied at the same time as IFRS 16)

The real estate industry is an increasingly complex one whose only common denominator is that the activities of all entities involved are associated in some way with land or buildings or both. It includes:

• entities that buy and sell undeveloped land
• entities that develop land for sale or for construction of their own buildings thereon
• entities that construct buildings for sale or for retention as income-producing properties
• entities that engage in a combination of some or all of these activities.

The accounting may be different depending on the stage of development or depending on the nature of the activities carried on by a particular entity, that is, whether the related asset is held for inventory or investment purposes. Taking this into account, the REALPAC IFRS Handbook has been made as inclusive as possible based on knowledge of the usual types of transactions and accounting issues being addressed in the current market environment.

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