UK Commercial Property

UK Commercial Property Trust Limited

UK commercial Property Annual Report 2017
CR Monitor Issue: 
2018/0916
Company covered: 
UK commercial Property
Period End: 
31 December, 2017
Report issued on 24 September 2018 covered the following practice issues:
New
Sustainability reporting section added to annual report.
Change
Separate sections included in audit report discussing responsibilities of directors and auditors.
Change
Disclosure of plan to adopt Real Estate Investment Trust status to mitigate announced tax changes.
Change
Risk disclosures extended to include disclosure of risks linked to the investment manager.

Disclosure of the impacts of IFRS 16 "Leases"

IFRS 16 “Leases” will fundamentally change accounting by lessees as it requires assets previously off balance sheet under operating lease arrangements to be brought on balance sheet as is currently the case for finance leased assets. As a result on application companies will recognise both additional assets and additional liabilities. Consequently there will also be knock on effects in the income statement as operating lease charges are replaced by a depreciation charge and a finance expense. This report analyses the financial statements of a range of companies to firstly establish whether there has been any early adoption and secondly to establish what companies are disclosing in respect of IFRS 16 and its future impacts.