ABSTRACT

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.

摘要

会计准则，立法框架和行业惯例控制着投资工具报告其财务状况的方式。目的是提供透明，及时的报告，使投资者能够做出决定。澳大利亚房地产投资工具遵循这些标准，框架和惯例。退休生活和养老（RLAC）投资工具是新兴的资产领域，尤其是在机构投资市场上​​。尽管要求该部门的实体遵守会计标准和立法框架，但它们可以采用与其资产部门更相符的公约。RLAC部门包括不同的房地产部门，每个部门都有其自己的资产分类和会计处理选择。对澳大利亚上市的RLAC实体的财务报告中的资产负债表处理和估值进行的分析显示，与传统（商业，工业和零售）领域中的上市房地产投资工具相比，对董事（非独立）估值的依赖更大。这对RLAC部门的透明度有影响。当前增加退休生活资产向居民提供护理服务的行业趋势有可能进一步增加对董事估值的依赖。