The balance sheet and valuation treatment of retirement living and aged care assets

Towart, LC

The balance sheet and valuation treatment of retirement living and aged care assets

Towart, LC

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Publication Type:: Journal Article
Citation:: Pacific Rim Property Research Journal, 2018, 24 (2), pp. 185 - 197
Issue Date:: 2018-01-01

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Field	Value	Language
dc.contributor.author	Towart, LC https://orcid.org/0000-0002-2420-5911	en_US
dc.date.issued	2018-01-01	en_US
dc.identifier.citation	Pacific Rim Property Research Journal, 2018, 24 (2), pp. 185 - 197	en_US
dc.identifier.issn	1444-5921	en_US
dc.identifier.uri	http://hdl.handle.net/10453/130963
dc.description.abstract	© 2018 Pacific Rim Real Estate Society. Accounting standards, legislative framework and industry conventions govern how investment vehicles report their financial position. The aim is for transparent and timely reporting, enabling investors to make decisions. Australian real estate investment vehicles follow these standards, framework and conventions. Retirement Living and Aged Care (RLAC) investment vehicles are an emerging asset sector, particularly on the institutional investment market. While entities in the sector are required to follow accounting standards and legislative framework they are in a position to adopt conventions more in line with their asset sector. The RLAC sector comprises disparate property sectors, each with their own selection of asset classification and accounting treatment. Analysis of balance sheet treatment and valuations in the financial reports of Australian listed RLAC entities shows a greater reliance on directors’ (non-independent) valuations compared to listed real estate investment vehicles in conventional (commercial, industrial and retail) sectors. This has implications for the level of transparency in the RLAC sector. The current industry trend of increasing the delivery of care services to residents in retirement living assets has the potential to further increase the reliance on directors’ valuations.	en_US
dc.relation.ispartof	Pacific Rim Property Research Journal	en_US
dc.relation.isbasedon	10.1080/14445921.2018.1480083	en_US
dc.title	The balance sheet and valuation treatment of retirement living and aged care assets	en_US
dc.type	Journal Article
utslib.citation.volume	2	en_US
utslib.citation.volume	24	en_US
utslib.for	1501 Accounting, Auditing and Accountability	en_US
utslib.for	12 Built Environment and Design	en_US
utslib.for	14 Economics	en_US
utslib.for	15 Commerce, Management, Tourism and Services	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.issue	2	en_US
pubs.publication-status	Published	en_US
pubs.volume	24	en_US

Abstract:

© 2018 Pacific Rim Real Estate Society. Accounting standards, legislative framework and industry conventions govern how investment vehicles report their financial position. The aim is for transparent and timely reporting, enabling investors to make decisions. Australian real estate investment vehicles follow these standards, framework and conventions. Retirement Living and Aged Care (RLAC) investment vehicles are an emerging asset sector, particularly on the institutional investment market. While entities in the sector are required to follow accounting standards and legislative framework they are in a position to adopt conventions more in line with their asset sector. The RLAC sector comprises disparate property sectors, each with their own selection of asset classification and accounting treatment. Analysis of balance sheet treatment and valuations in the financial reports of Australian listed RLAC entities shows a greater reliance on directors’ (non-independent) valuations compared to listed real estate investment vehicles in conventional (commercial, industrial and retail) sectors. This has implications for the level of transparency in the RLAC sector. The current industry trend of increasing the delivery of care services to residents in retirement living assets has the potential to further increase the reliance on directors’ valuations.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/130963