Property users

• Recognition and valuation of property as an asset
• Reporting property occupancy costs
• Lease versus own
• Sale and leaseback
• Significant differences between UK GAAP and IFRS
• The impact on company gearing, leverage, interest cover, EBITDA, ROCE, ROE, EPS and cash flow performance will be considered throughout

Property companies

• Asset recognition and valuation of land banks, property trading versus investment portfolio
• Activity undertaken through non-controlled companies eg joint venture entities
• Financing structure and risk; loan to asset valuation ratios
• Income recognition from different activities
• Criteria for conversion to a REIT and the potential benefits to investors
• Yields, total income, profit margins before and after tax, EPS, NAPS and total shareholder return