PracticeAuditProperty magnate urges accounting overhaul

Property magnate urges accounting overhaul

Former Liberty International chairman urges change to take into account fees paid on sales

Property valuations in company accounts should be revamped to reflect the
fees paid on sale, a leading property industry figure has said.

Sir
Donald Gordon
, former chairman of
Liberty International,
told
the
FT
that he thought that the system of accounting that excludes the fees
leads to an undervaluation of listed property companies as a whole.

Properties that cost £100m may effectively cost up to several million pounds
more when stamp duty and fees are taken into account, Sir Donald said.

The former property magnate intends to pursue the issue with accounting
regulators, the paper reported.

Further reading:

Read
the FT story

Budget tax hikes to hit Big
Four HQ moves

Empty property misery
predicted

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