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Real Estate Division

CPD 114 - Valuation for Financial Reporting - Real Property Appraisal and IFRS

Pre-requisite: Recommend a thorough understanding of commercial property valuation. Knowledge of basic accounting is an asset.

This one lesson course explores the impact of Canada's adoption of International Financial Reporting Standards (IFRS) on the appraisal community. The course begins with an overview of basic accounting principles, with an overview of differences between the GAAP and IRFS accounting techniques and the implications for real estate. The course examines potential valuation opportunities arising from IFRS and what individual appraisers can do to take advantage of this opportunity. Please note: this course is intended to be introduction to this area of practice and is not sufficient in itself to make students experts in this highly specialized field.

Course Outline

Foreword: Introduction to Professional Development Courses

Lesson 1: Valuation for Financial Reporting - Valuation Opportunities

  • Instructor's Comments

    • Review of Basic Accounting Concepts
    • Financial Reporting Standards in Canada
    • Three Levels of Financial Reporting 
       
  • Evolution of International Accounting Standards
    • Pressure of Globalization
    • The Move to IFRS
    • Who is Affected By IFRS? 
       
  • Major Differences Between GAAP and IFRS
    • Asset Valuation/Measurement Under IFRS 
       
  • Looking Forward: Who Will Complete IFRS Valuation Work? 
     
  • IFRS Disclosures
    • Case Study 1: First Capital Realty
    • Case Study 2: Homburg Invest Inc. 
       
  • The International IFRS Experience for Appraisers
    • Launch of IFRS
    • Valuation Under IFRS 
       
  • Canadian IFRS Valuation Opportunities
    • Capacity of the Appraisal Industry 
       
  • Appraisal Practice Challenges Anticipated With IFRS
    • Client Requirements
    • Reporting Land and Improvement Values
    • Strategic Alliances
    • Preparing Yourself and Your Firm 
       
  • Lesson Summary 
     
  • Review and Discussion Questions
     
  • Glossary of Terms

Afterword

  • The Final Examination

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