Trust Financials

[Angelee]

Good Evening

On what basis should trust financials be compiled? Information I have found suggests that there is no governance regarding what the financials should be based on. In which case, should property in a trust be revalued?

Thank you.

[CLIVE-TRIANGLE]

Hi Angelee.
The statements should embrace the major principles and standards of IFRS. That implies that all assets should be tested for impairment, and investment property revalued periodically. Like with any entity, if the exercise is not cost effective, you should say so and strictly speaking, then apply the cost / fair value model.

[Angelee]

trust financials

Hi Angelee.
The statements should embrace the major principles and standards of IFRS. That implies that all assets should be tested for impairment, and investment property revalued periodically. Like with any entity, if the exercise is not cost effective, you should say so and strictly speaking, then apply the cost / fair value model.

Thank you.