1 Implementing IFRS October 2013 Presented by: David Potts FCA On behalf of BKR International.
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Transcript of 1 Implementing IFRS October 2013 Presented by: David Potts FCA On behalf of BKR International.
11
Implementing IFRS Implementing IFRS
October 2013October 2013
Presented by: Presented by: David Potts FCADavid Potts FCAOn behalf of BKR On behalf of BKR
InternationalInternational
22
ProgrammeProgramme
1.1. Overview of all recent developments Overview of all recent developments and update on project plansand update on project plans
2.2. Employee benefits – IAS 19 revisedEmployee benefits – IAS 19 revised3.3. Business combinations – emerging Business combinations – emerging
issuesissues4.4. Financial instruments – current state Financial instruments – current state
of play (and IFRS 9)of play (and IFRS 9)5.5. Fair valuesFair values6.6. Update on leasing and revenue Update on leasing and revenue
recognition projectsrecognition projects
33
Key pointsKey points
USGAAP/ IFRS have five main USGAAP/ IFRS have five main projectsprojects– Financial instruments – IFRS 9Financial instruments – IFRS 9– LeasesLeases– Revenue recognitionRevenue recognition– InsuranceInsurance– Rate regulated activitiesRate regulated activities
US have no current plans to adopt US have no current plans to adopt IFRSIFRS
44
Overview of all Overview of all recent developmentsrecent developments
55
New Standards/ issuesNew Standards/ issues
IAS 19 Revised – takes effect for IAS 19 Revised – takes effect for accounting periods starting on or after 1 accounting periods starting on or after 1 January 2013January 2013
Consolidations (IFRS 10-12)Consolidations (IFRS 10-12)– Minor amendments in June 2012Minor amendments in June 2012– Effective from 1 January 2013 but not until Effective from 1 January 2013 but not until
2014 in the EU2014 in the EU– Application is retrospectiveApplication is retrospective
IFRS 13 – fair valuesIFRS 13 – fair values– EU endorsed and effective for year ends EU endorsed and effective for year ends
commencing on or after 1 January 2013 commencing on or after 1 January 2013
66
IFRS InterpretationsIFRS Interpretations
IFRIC 20 Stripping costsIFRIC 20 Stripping costs– Of a surface mineOf a surface mine– Effective from 1 January 2013Effective from 1 January 2013
SIC 12 – special purpose entitiesSIC 12 – special purpose entities– Now superseded by IFRS 10 Now superseded by IFRS 10
IFRIC 21 – leviesIFRIC 21 – levies– Timing of recognition of obligations arising Timing of recognition of obligations arising
from government leviesfrom government levies HGV Road UserHGV Road User Community InfrastructureCommunity Infrastructure
– Obligating event = entity action resulting in Obligating event = entity action resulting in levylevy
77
IFRS projectsIFRS projects
Financial Financial instrumentsinstruments– Presentation Presentation
addressed within addressed within IFRS 9IFRS 9
– Measurement and Measurement and hedging guidance hedging guidance to follow in 2013to follow in 2013
– Macro hedging Macro hedging concessionsconcessions
88
IFRS Projects - 2IFRS Projects - 2
Leasing – still on agenda – see laterLeasing – still on agenda – see later Revenue recognitionRevenue recognition
– Final deliberations before revised IFRS Final deliberations before revised IFRS (replacing IAS 11 and 18) by 31 (replacing IAS 11 and 18) by 31 December 2013December 2013
Insurance contractsInsurance contracts– Comments on latest proposals by 25 Comments on latest proposals by 25
October 2013October 2013
99
IFRS application in the IFRS application in the USAUSA SEC allow foreign SEC allow foreign
issuers as defined to issuers as defined to use IFRS for SEC use IFRS for SEC filingsfilings
SEC conducted impact SEC conducted impact assessment (cost assessment (cost assessment) of wider assessment) of wider IFRS use in the USA in IFRS use in the USA in spring 2012spring 2012
SEC no plans to SEC no plans to change current change current positionposition
1010
IFRS and the EUIFRS and the EU
IFRS issues must be IFRS issues must be adopted by EU adopted by EU Accounting Accounting Regulatory Regulatory Committee (ARC) Committee (ARC) before being before being required by law in required by law in EUEU
IFRS 9 and IFRS for IFRS 9 and IFRS for SMEs remain SMEs remain unadoptedunadopted
1111
Employee benefitsEmployee benefits
IAS 19 RevisedIAS 19 Revised
1212
IAS 19 revisedIAS 19 revised
Applies to accounting periods Applies to accounting periods starting on or after 1 January 2013starting on or after 1 January 2013
Will apply to interim reports if issuedWill apply to interim reports if issued Major changes to Defined Benefit Major changes to Defined Benefit
pension scheme accounting?pension scheme accounting? Revised disclosure requirementsRevised disclosure requirements Other clarifications may require Other clarifications may require
estimationestimation
1313
IAS 19 revised – main IAS 19 revised – main changeschanges DB schemes – gains and losses must DB schemes – gains and losses must
all now be charged immediately to all now be charged immediately to OCI (the corridor option has been OCI (the corridor option has been withdrawn).withdrawn).
Past service cost amendments and Past service cost amendments and curtailmentscurtailments– Treatment of all such costs now alignedTreatment of all such costs now aligned– Option to defer over remaining service Option to defer over remaining service
lives has now been withdrawnlives has now been withdrawn
1414
IAS 19 revised – further IAS 19 revised – further changeschanges
Elements of profit and loss charge Elements of profit and loss charge simplifiedsimplified– Interest cost to include effect of all Interest cost to include effect of all
discountingdiscounting Re-measurements through OCI now Re-measurements through OCI now
defineddefined– Actuarial gains and lossesActuarial gains and losses– Difference between return on assets Difference between return on assets
and interest calculation for DCFand interest calculation for DCF– Changes in asset ceilingChanges in asset ceiling
1515
IAS 19 revised - IAS 19 revised - amendmentsamendments Actuarial assumptions now more clearly Actuarial assumptions now more clearly
defineddefined– What mortality rates to use for exampleWhat mortality rates to use for example
Disclosures to concentrate on the pension Disclosures to concentrate on the pension scheme risks and impact on the financial scheme risks and impact on the financial statementsstatements
Termination benefits – clear date for Termination benefits – clear date for recognition established (when rest of recognition established (when rest of restructuring charge recognised); andrestructuring charge recognised); and
New definition of a short term employee New definition of a short term employee benefitsbenefits
1616
IAS 19 (R) - examplesIAS 19 (R) - examples
1.1. How should a multi-employer DB scheme be How should a multi-employer DB scheme be accounted for under IAS 19 (R)?accounted for under IAS 19 (R)?
2.2. When should holiday days accruing to a staff When should holiday days accruing to a staff member on maternity leave be accrued for?member on maternity leave be accrued for?
3.3. What is the accounting difference between a What is the accounting difference between a ‘short term employee benefit’ and other ‘short term employee benefit’ and other employee benefits?employee benefits?
4.4. Employees have been offered redundancy Employees have been offered redundancy terms; £20,000 to leave immediately, £60,000 terms; £20,000 to leave immediately, £60,000 to work a further 18 months to final shutdown to work a further 18 months to final shutdown date. When to provide and how much?date. When to provide and how much?
1717
Business Business combinationscombinations
IFRS 10 – 12 and refresherIFRS 10 – 12 and refresher
1818
IFRS framework at May IFRS framework at May 20122012 IAS 27 – Separate financial statements of IAS 27 – Separate financial statements of
investorinvestor– Consolidation details now covered in IFRS 10Consolidation details now covered in IFRS 10– Revised from 1 Jan 2013 (early adoption)Revised from 1 Jan 2013 (early adoption)
IAS 28 – Associates and Joint VenturesIAS 28 – Associates and Joint Ventures– Revised for IFRS 11 from 1 Jan 2013Revised for IFRS 11 from 1 Jan 2013
IAS 36 – Impairment IAS 36 – Impairment – Long standing with no real changesLong standing with no real changes
IAS 38 – Intangible assets – recognition and IAS 38 – Intangible assets – recognition and measurementmeasurement– As IAS 36As IAS 36
1919
IFRS framework at May IFRS framework at May 2012 (continued)2012 (continued) IFRS 3 – Business combinationsIFRS 3 – Business combinations
– To be applied prospectively for acquisitions on or To be applied prospectively for acquisitions on or after date of first year end starting after 1 July 2009after date of first year end starting after 1 July 2009
IFRS 10 – Consolidated financial statementsIFRS 10 – Consolidated financial statements– From 1 Jan 2013, early adoption is permittedFrom 1 Jan 2013, early adoption is permitted
IFRS 11 – Joint arrangementsIFRS 11 – Joint arrangements– From 1 January 2013, early adoption is permittedFrom 1 January 2013, early adoption is permitted
IFRS 12 – Disclosure of interests in other IFRS 12 – Disclosure of interests in other entitiesentities– From 1 January 2013, early adoption is permittedFrom 1 January 2013, early adoption is permitted
IFRS 9 – Financial instrumentsIFRS 9 – Financial instruments– From 1 January 2015, early adoption is not From 1 January 2015, early adoption is not
permitted in the EUpermitted in the EU
2020
Investments in other Investments in other entities - overviewentities - overview Interest = control = subsidiaryInterest = control = subsidiary
– = consolidate= consolidate Interest = shared control = joint Interest = shared control = joint
arrangementarrangement– = report under IFRS 11= report under IFRS 11
Interest = significant influence = Interest = significant influence = associateassociate– = equity method= equity method
Interest = any other = investmentInterest = any other = investment– = report under IAS 39/ IFRS 9= report under IAS 39/ IFRS 9
2121
IFRS 10 - overviewIFRS 10 - overview
Pre IFRS 10 Pre IFRS 10 regimeregime– Apply ‘control’ Apply ‘control’
tests in IAS 27tests in IAS 27– SIC 12 provided SIC 12 provided
guidance on guidance on Special Purpose Special Purpose Entities Entities
IFRS 10IFRS 10– Single, universal Single, universal
test of controltest of control– Apply from 1 Jan Apply from 1 Jan
2013 or earlier2013 or earlier– Retrospective Retrospective
adjustment adjustment required if entities required if entities to be consolidated to be consolidated for first timefor first time
2222
Control test under Control test under IFRS 10IFRS 10 Defined as exposure to or rights Defined as exposure to or rights
to variable returns and ability to to variable returns and ability to affect those returnsaffect those returns– Voting powers and potential powersVoting powers and potential powers– Ignore powers/ votes that are Ignore powers/ votes that are
administrativeadministrative– Look at agency arrangementsLook at agency arrangements– Control linked to specific assets not Control linked to specific assets not
the entitythe entity
2323
AssociatesAssociates
Ability to exercise Ability to exercise significant influencesignificant influence
Apply equity method Apply equity method accounting under accounting under IAS 28 (unchanged)IAS 28 (unchanged)
One line One line consolidation of consolidation of assets and liabilitiesassets and liabilities
2424
Joint ventures – the Joint ventures – the issueissue
2525
IFRS 11 – Joint IFRS 11 – Joint arrangementsarrangements Provides guidance for all types of Provides guidance for all types of
joint arrangement (JA) consistent joint arrangement (JA) consistent with IFRSwith IFRS
Proportional consolidation option Proportional consolidation option for joint ventures is withdrawnfor joint ventures is withdrawn
JA = contractual agreed sharing JA = contractual agreed sharing of controlof control– Key decisions require unanimous Key decisions require unanimous
agreementagreement
2626
IFRS 11 Joint IFRS 11 Joint arrangementsarrangements Joint operationsJoint operations Venturers have rights Venturers have rights
and obligations over and obligations over specific assets and specific assets and liabilitiesliabilities
Venturers reports Venturers reports those rights and those rights and obligations using the obligations using the IFRS for the assets IFRS for the assets and liabilities and liabilities involvedinvolved
Joint venturesJoint ventures Venturers have Venturers have
rights to the net rights to the net assetsassets
Apply IAS 28Apply IAS 28
2727
IFRS 12 - DisclosuresIFRS 12 - Disclosures
Applies to subsidiaries, associates, joint Applies to subsidiaries, associates, joint arrangements and other arrangements and other unconsolidated unconsolidated structured entitiesstructured entities
Users to understandUsers to understand– Assumptions and judgements in reaching decisions Assumptions and judgements in reaching decisions
on types of arrangementon types of arrangement Users to evaluateUsers to evaluate
– Restrictions on ability to use assets/ settle liabilitiesRestrictions on ability to use assets/ settle liabilities– Risks associated with consolidated and Risks associated with consolidated and
unconsolidated structured entities, joint unconsolidated structured entities, joint arrangements, changes in owners interests and arrangements, changes in owners interests and consequences of loss of controlconsequences of loss of control
2828
Financial instrumentsFinancial instruments
2929
Financial instruments – Financial instruments – summary of guidancesummary of guidance Presentation – IAS 32 or IFRS 9 Presentation – IAS 32 or IFRS 9
(compulsory from 1 January 2015 (compulsory from 1 January 2015 – but not permitted within EU)– but not permitted within EU)
Recognition and measurement – Recognition and measurement – IAS 39 or IFRS 9IAS 39 or IFRS 9
Disclosures – IFRS 7Disclosures – IFRS 7
3030
Categories of financial Categories of financial instrument – assets (IAS instrument – assets (IAS 39)39)1.1. At fair value through profit and At fair value through profit and
lossloss1.1. TradingTrading
2.2. DerivativeDerivative
2.2. Held-to-maturityHeld-to-maturity
3.3. Loans and receivablesLoans and receivables
4.4. Available for saleAvailable for sale
3131
Categories of financial Categories of financial instrument - liabilitiesinstrument - liabilities
1.1. At fair value through profit and At fair value through profit and lossloss
1.1. TradingTrading
2.2. DerivativesDerivatives
2.2. Held at amortised costHeld at amortised cost
3232
Criticisms of IAS 32/ 39 Criticisms of IAS 32/ 39 frameworkframework Based on USGAAP system – Based on USGAAP system –
prescriptive and rule basedprescriptive and rule based Choice of categories too rigidChoice of categories too rigid Fair value option and treatment of Fair value option and treatment of
gains and losses did not reflect gains and losses did not reflect the business modelthe business model
3333
IFRS 9 – Financial IFRS 9 – Financial instrumentsinstruments
3434
IFRS 9 – Financial IFRS 9 – Financial assetsassets Amortised costAmortised cost Fair value through profit and loss Fair value through profit and loss
(FVTPL)(FVTPL)– DesignatedDesignated– ClassifiedClassified
Fair value through other Fair value through other comprehensive income (FVTOCI)comprehensive income (FVTOCI)– DesignatedDesignated
3535
IFRS 9 – contract typesIFRS 9 – contract types
Asset typeAsset type IFRS 9 categoryIFRS 9 category
DebtDebt Amortised cost; orAmortised cost; or
FVTPLFVTPL
EquityEquity FVTPL; orFVTPL; or
FVTOCI FVTOCI (designated)(designated)
DerivativeDerivative FVTPLFVTPL
3636
Asset category Asset category selectionselection 100% equity100% equity
– Held for trading = FVTPLHeld for trading = FVTPL– Classified = FVTPLClassified = FVTPL– Designate at original recognition = FVTOCI Designate at original recognition = FVTOCI
(irrevocable)(irrevocable) DerivativeDerivative
– FVTPLFVTPL All other assetsAll other assets
– Objective to collect contract cash flow? No = FVTPLObjective to collect contract cash flow? No = FVTPL– Cash flows solely payments of capital and interest? Cash flows solely payments of capital and interest?
No = FVTPLNo = FVTPL– Evoke option to reduce accounting mismatch? Yes = Evoke option to reduce accounting mismatch? Yes =
FVTPLFVTPL– None of the above = amortised costNone of the above = amortised cost
3737
Embedded derivativesEmbedded derivatives
IAS 39IAS 39– Separate from host contract if Separate from host contract if
economic characteristics are differenteconomic characteristics are different IFRS 9 – treatment depends on IFRS 9 – treatment depends on
nature of host contractnature of host contract– Host = financial instrumentHost = financial instrument
Apply IFRS 9 to entire contractApply IFRS 9 to entire contract
– Host = outside scope of IFRS 9Host = outside scope of IFRS 9 Apply IAS 39 rulesApply IAS 39 rules
3838
Business model testsBusiness model tests
Apply at entity or portfolio level – Apply at entity or portfolio level – not at individual contract levelnot at individual contract level
Asset sales before maturity are Asset sales before maturity are not a problem as long as not a problem as long as consistent with business modelconsistent with business model
Category changes are also Category changes are also acceptable on the same groundsacceptable on the same grounds
3939
Unquoted equity Unquoted equity valuation under IFRS 9valuation under IFRS 9 Must be at fair valueMust be at fair value Can use cost as a reasonable Can use cost as a reasonable
estimate of fair value; ifestimate of fair value; if– Insufficient recent evidence of fair Insufficient recent evidence of fair
valuevalue– Range of fair values and cost is a Range of fair values and cost is a
reasonable estimatereasonable estimate Check for evidence cost not Check for evidence cost not
approximation of fv approximation of fv
4040
IFRS 9 – financial IFRS 9 – financial liabilitiesliabilities Amortised cost; orAmortised cost; or FVTPLFVTPL
– ClassifiedClassified– Designated (at original recognition)Designated (at original recognition)
Reduce accounting mismatch; orReduce accounting mismatch; or Group of liabilities or liabilities and assets Group of liabilities or liabilities and assets
where performance assessed on a FV basiswhere performance assessed on a FV basis Financial liabilities may not be Financial liabilities may not be
reclassifiedreclassified
4141
Fair values – IFRS 13Fair values – IFRS 13
4242
Fair value – key Fair value – key elementselements Arms length transactionArms length transaction Willing buyerWilling buyer Willing sellerWilling seller Exit valueExit value
– Asset = cost realised from sale not Asset = cost realised from sale not price to buyprice to buy
– Liability = cost to discharge not that Liability = cost to discharge not that received for taking on the debtreceived for taking on the debt
4343
Fair value evidenced Fair value evidenced from an ‘active from an ‘active market’market’ Prices readily and regularly Prices readily and regularly
available available Represent actual regular market Represent actual regular market
transactiontransaction Transactions on an arms length Transactions on an arms length
basisbasis Observable inputsObservable inputs
4444
Forward planningForward planning
Leasing and revenue Leasing and revenue recognitionrecognition
4545
Lease project Lease project timescaletimescale Re-deliberations on earlier plans Re-deliberations on earlier plans No planned date for final IFRS or No planned date for final IFRS or
implementationimplementation IASB remain adamant that change is IASB remain adamant that change is
necessary:necessary:– Off balance sheet opportunities of current Off balance sheet opportunities of current
structurestructure– Diversity in existing accounting treatmentsDiversity in existing accounting treatments– Bright line tests which encourage Bright line tests which encourage
structured solutionsstructured solutions
4646
Right of use assetsRight of use assets
A lease is a contract which allows A lease is a contract which allows one party (the lessee) the right of one party (the lessee) the right of use of another party’s (the lessor) use of another party’s (the lessor) assetasset
All leases should be covered by All leases should be covered by the same accounting frameworkthe same accounting framework
4747
Lessee accounting for Lessee accounting for right of use assetsright of use assets Step 1Step 1
– Capitalise the asset; andCapitalise the asset; and– Report a lease obligationReport a lease obligation
Step 2Step 2– Determine whether the lease consumes Determine whether the lease consumes
significant proportion of asset economic significant proportion of asset economic benefitbenefit
– If so – account as currently for a finance If so – account as currently for a finance leaselease
– If not – charge the lease rental to profit on a If not – charge the lease rental to profit on a straight line basisstraight line basis
4848
Lessor accounting for Lessor accounting for right of use assetsright of use assets Step 1 – does the lease consume a not Step 1 – does the lease consume a not
insignificant proportion of the asset?insignificant proportion of the asset? If yesIf yes
– Part of the asset has been soldPart of the asset has been sold Account for disposal and the gain or loss Account for disposal and the gain or loss
compared with proceedscompared with proceeds Still report any residual assetStill report any residual asset Report the sales proceeds (the PV of lease Report the sales proceeds (the PV of lease
payments) as a receivablepayments) as a receivable
– As lease rentals collectedAs lease rentals collected Reduce receivable and reflect interest incomeReduce receivable and reflect interest income
4949
Lessor accounting Lessor accounting continuedcontinued If lease consumes insignificant proportion of If lease consumes insignificant proportion of
assetasset– Current operating lease accounting for Current operating lease accounting for
lessorslessors– Show receivable and deferred incomeShow receivable and deferred income
IASB provide examples of when a ROU lease IASB provide examples of when a ROU lease consumes significant proportionconsumes significant proportion– Planes, trains and automobiles for Planes, trains and automobiles for
exampleexample And when it does notAnd when it does not
– Most property leasesMost property leases
5050
Revenue recognition – Revenue recognition – the proposalsthe proposals IAS 11 and 18 viewed as lacking in two IAS 11 and 18 viewed as lacking in two
main aspectsmain aspects– Multiple deliverables – lack of guidanceMultiple deliverables – lack of guidance– Provision of services over time – over Provision of services over time – over
emphasis on straight line basisemphasis on straight line basis Equivalent USGAAP guidance is Equivalent USGAAP guidance is
considerable but based on the USGAAP considerable but based on the USGAAP frameworkframework
New IFRS is therefore requiredNew IFRS is therefore required
5151
Revenue recognition – Revenue recognition – project proposalsproject proposals
1.1. Identify the contract with the customerIdentify the contract with the customer1.1. Aggregate or segmentAggregate or segment
2.2. Identify separate ‘performance Identify separate ‘performance obligations’obligations’
1.1. Is or could be sold separately – GP% or Is or could be sold separately – GP% or functionfunction
3.3. Determine the price – probability Determine the price – probability weightedweighted
4.4. Allocate transaction price to Allocate transaction price to performance obligationsperformance obligations
5.5. Recognise revenue when performance Recognise revenue when performance obligation is satisfiedobligation is satisfied
5252
Financial Reporting Financial Reporting review Panelreview Panel
Comments and issues raisedComments and issues raised
5353
FRRP – Annual report FRRP – Annual report 20122012 Published September 2012Published September 2012 Summarised actions on pro-active Summarised actions on pro-active
monitoring of IFRS prepared monitoring of IFRS prepared accountsaccounts
Lists FRRP challenges made and Lists FRRP challenges made and corrective actionscorrective actions– >300 accounts reviewed>300 accounts reviewed– > 50% of boards had to be > 50% of boards had to be
contacted for clarificationcontacted for clarification
5454
FRRP – proactive FRRP – proactive monitoring - 1monitoring - 1 Disclosure of judgements missing or vagueDisclosure of judgements missing or vague Details of estimation uncertainty and Details of estimation uncertainty and
sensitivity missingsensitivity missing OCI used wrongly forOCI used wrongly for
– Share based payments; andShare based payments; and– Transactions with non-controlling interestsTransactions with non-controlling interests
Aggregation of deferred or accrued income Aggregation of deferred or accrued income with other accruals and prepaymentswith other accruals and prepayments
Netting of fair value adjustments on Netting of fair value adjustments on agricultural assets with balance sheet agricultural assets with balance sheet valuevalue
5555
FRRP – proactive FRRP – proactive monitoring - 2monitoring - 2 Cash flowsCash flows
– Purchase of own sharesPurchase of own shares– Lease rentalsLease rentals
TaxationTaxation– use of ‘enacted’ tax rates onlyuse of ‘enacted’ tax rates only– Deferred tax assets on carried forward lossesDeferred tax assets on carried forward losses
Leases – disclosure total future obligationLeases – disclosure total future obligation Foreign exchange – gains and losses on Foreign exchange – gains and losses on
consolidation = separate element of equityconsolidation = separate element of equity Related parties – Related parties – all all directors are related directors are related
partiesparties
5656
FRRP proactive FRRP proactive monitoring - 3monitoring - 3 ConsolidationConsolidation
– Why you have / have not consolidated and Why you have / have not consolidated and date of controldate of control
– How merger accounting used in How merger accounting used in transactions outside the scope of IFRS 3transactions outside the scope of IFRS 3
ImpairmentImpairment– Net asset value > market cap = impairment Net asset value > market cap = impairment
review trigger; explain or consider whyreview trigger; explain or consider why– Discount rates used either confused or Discount rates used either confused or
wrongwrong– More detail on assumptions for growth rates More detail on assumptions for growth rates
and discountsand discounts
5757
FRRP proactive FRRP proactive monitoring - 4monitoring - 4 Provisions treated as accruals and so no Provisions treated as accruals and so no
disclosuredisclosure– Onerous leases; andOnerous leases; and– RestructuringRestructuring
Intangible assetsIntangible assets– Recognised when internally developed with no Recognised when internally developed with no
evidence of control (candidate database)evidence of control (candidate database)– Wrongly subsumed within goodwill on an Wrongly subsumed within goodwill on an
acquisitionacquisition Investment propertiesInvestment properties
– How identified from other assets; andHow identified from other assets; and– How valued – can’t just refer to valuation by RICSHow valued – can’t just refer to valuation by RICS
5858
Many thanks and any Many thanks and any questions?questions?