41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 189
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
Critical accounting estimates and judgements
The Group’s significant accounting polices are stated in the relevant notes to the Group financial statements.
The preparation of financial statements requires management to exercise judgement in applying the Group’s accounting
policies. It also requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities,
income and expenses.
Critical accounting judgements
The areas which involve a high degree of judgement or complexity in applying the accounting policies of the Group are
explained in more detail in the accounting policy descriptions in the related notes to the financial statements.
The areas where accounting judgements have the most significant impact on the financial statements of the Group are
as follows:
•
classification of joint venture vehicles (note 3.4)
Key sources of estimation uncertainty
The estimates and associated assumptions are based on historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates.
Estimates and assumptions are reviewed on an ongoing basis with revisions recognised in the period in which the
estimates are revised and in any future periods affected.
The areas involving the most sensitive estimates and assumptions that are significant to the financial statements are set
out below and in more detail in the related notes:
•
valuation of investment property and investment property under development (note 3.1)
•
valuation of provisions for cladding remediation (note 5.5)
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