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The fair value needs to take account of the likelihood of the options being execised/vested, and that will depend on whether the employees meet the associated performance targets, and whether they are still employed at the date of vesting – all of these uncertainties will need to be taken into account. Audit work ● For share options, review management assumptions over likelihood of vesting. ● Ensure fair value model used complies with IFRS 2. ● Where shares issued to pay for other things, ensure value of shares links to fair value of what they paid for.

If the rental market is weak for a long period of time, the value of the property may be affected). ● All gains and losses on revaluation or impairment of investment properties go to the Income Statement (note the difference from other asset revaluations, where a surplus would usually go to reserves (equity), not profit). ● A building owned by one group company and leased to another could be an investment property in the separate company FS, but from the group perspective it is owner occupied so is not an investment property in the consolidated FS.

Fair value means the value that would be involved in an arm’s length transaction between two willing and knowledgeable parties. Fair value can cause problems for auditors, because sometimes the reliability of the valuation can be questionable. If the asset is in a market which is relatively inactive, there will be no obvious “going rate” to use as evidence. g. derivatives) it may also make it very difficult to value. Even where there is an active market, values can sometimes be highly volatile.

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