Poland
RE_Guide_2016_final
RE_Guide_2016_final
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3.2. Selected Aspects<br />
of Accounting for<br />
Real Estate under<br />
International Financial<br />
Reporting Standards<br />
3.2.1. Introduction<br />
Nowadays, a number of real estate entities<br />
apply IFRS for their accounting and reporting<br />
purposes. Companies reporting under<br />
International Financial Reporting Standards<br />
(IFRS) continue to face a steady flow of new<br />
standards and interpretations. The volume<br />
of changes to IFRS is significant and is likely<br />
to continue in the foreseeable future. The<br />
nature of the changes ranges from significant<br />
amendments of fundamental principles to<br />
some minor changes included in the annual<br />
improvements process. They will affect many<br />
different areas of accounting of real estate<br />
entities such as the presentation of financial<br />
statements, financial instruments, leases.<br />
Some of the changes have implications that<br />
go beyond matters of accounting, as they may<br />
impact business decisions, such as the design<br />
of joint arrangements or the structuring of<br />
transactions. The challenge for preparers will<br />
be to gain an understanding of what lies ahead.<br />
Below we concentrate on the implications<br />
of the IFRS 10, 11, 12 and 13 for the real<br />
estate and construction industries, which have<br />
recently brought some significant changed.<br />
146 | <strong>Poland</strong>. The real state of real estate
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