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The Valuation of Investment Property Under Construction: UK REITs’ Compliance with Disclosure Requirements

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  • Cristina Ciartano

Abstract

In 2008, as part of its annual improvement process, the International Accounting Standards Board (IASB) amended IAS 40: Investment Property, to include property under construction or development for future use as investment property (investment property under construction) in its definition of ‘investment property’. This means that investment property under construction is subject to the same recognition, presentation and disclosure requirements as completed investment property starting from January 1, 2009. The paper investigates how 21 Real Estate Investment Trusts (REITs) listed on the London Stock Exchange as on December 31, 2011 value their investment properties under construction, i.e., using fair value or cost model, how they present their investment properties under construction on the face of balance sheet and how they comply with fair value disclosure requirements.

Suggested Citation

  • Cristina Ciartano, 2012. "The Valuation of Investment Property Under Construction: UK REITs’ Compliance with Disclosure Requirements," The IUP Journal of Accounting Research and Audit Practices, IUP Publications, vol. 0(3), pages 31-41, July.
    • Handle: RePEc:icf:icfjar:v:11:y:2012:i:3:p:31-41
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