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Land Securities

In: Business and Management

Submitted By wladyslaw99
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Financial Accounting
Homework Case I: Land Securities Group
Should Land Securities choose the cost or fair value model for reporting its investment property in its consolidated financial statements? a) Explain the financial statement effects of the different models b) Consider the perspectives of management, (current and potential) shareholders and lenders, as well as auditors c) Take into account the different objectives of financial reporting d) Conclude with a well-reasoned decision
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Revaluation Model | | | | | | Balance Sheet | | | | Income Statement | | | | 2002 | 2003 | | | 2002 | 2003 | Investment Properties | | | | Revenues | 1.026 | 1.240 | Historical Cost | 4.423 | 4.785 | | Expenses | 762 | 1.010 | Revaluation Reserve | 3.377 | 3.039 | | | | | Open Market Value | 7.800 | 7.824 | | Operating Profit | 264 | 230 | Total Assets | 8.868 | 9.008 | | | | | Liabilities | 2.831 | 3.445 | | | | | Equity | 6.037 | 5.563 | | | | | Total Equity | 8.868 | 9.008 | | | | |

Revaluation Model to Cost Model transformation * Revaluation Reserve will be taken out of Balance Sheet (assets and equity) * Assets will be valued at historical costs minus accumulated depreciation (value of total assets will be much less than in the Revaluation Model) * Depreciation of historical costs will have an influence on the income statement (profit will be less, because depreciation has a negative influence on profit, compared to the Revaluation Model)

Cost Model | | | | | | | Balance Sheet | | | | | | | | 2002 | 2003 | | Income Statement | | | Investment Properties | | | | | 2002 | 2003 | Historical Cost | 4.423 | 4.785 | | Revenues | 1.026 | 1.240 | Revaluation Reserve | 3.377 | | | Expenses | 762…...

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