ABSTRACT

International Reporting Financial Standard (IFRS) 16 aims to improve transparency in reporting Corporate Real Estate (CRE) commitments. Aimed at leasehold issues, its introduction may affect CRE ownership as leasing’s off-balance sheet benefits disappear. Ownership results from a large Australian CREstudy are reported. 2016 Annual Reports were analysed, as this predates the standard’s implementation. Results report two owned CRE-related quanta – Property, Plant and Equipment (PP&E) and real estate, in aggregate and by industry sector. Other parameters, like a Corporate Real Estate Ratio (CRER), the real estate to PP&E ratio, and valuation practices are also reported. A total of $5.14 trillion of PP&E was reported ($57.10 billion per firm) and $71.50 billion in real estate ($717.5 million). Financial, Energy, Materials and Consumer Staples sectors had the highest averages. A CRER of 30.4% continued a long-term trend, though individual firms’ ratios within sectors varied markedly. The RE to PP&E ratio, expected to change post-IFRS 16, was an average of 25.4%, also with wide variance for individual firms. Preferred valuation methods matched previous studies with depreciated acquisition cost dominating (72.3%). This is a pre-IFRS 16 baseline to evaluate postimplementation ownership changes and updates previous CRE ownership studies.

摘要

国际报告财务标准（IFRS）16旨在提高报告企业房地产（CRE）承诺的透明度。针对租赁问题，随着租赁的表外收益消失，引入租赁可能会影响CRE所有权。报告了来自大量澳大利亚CRE研究的所有权结果。对2016年年度报告进行了分析，因为这早于该标准的实施。结果报告了两个与企业房地产相关的数量-房地产，厂房和设备（PP＆E）和房地产，按行业和行业划分。还报告了其他参数，例如公司房地产比率（CRER），房地产与PP＆E比率以及评估方法。报告的PP＆E总额为5.14万亿美元（每家公司571.0亿美元），房地产总额为715亿美元（7.175亿美元）。金融，能源，材料和消费必需品板块的平均值最高。CRER为30。尽管个别公司在各行业中的比例差异很大，但4％的趋势仍保持长期趋势。RE与PP＆E的比例，预计在IFRS 16的平均值为25.4％，个别公司的差异也很大。首选的评估方法使先前的研究与折旧的购置成本相匹配（72.3％）。这是IFRS 16之前的基准，用于评估实施后所有权变更并更新以前的CRE所有权研究。