Questions 7 Flashcards
(53 cards)
What is IFRS 16 ?
A lease accounting standard complying with international financial reporting standards
Rent is seen as a liability and the full cost of the lease has to be accounted for on a balance sheet
What would be included in your company accounts?
Provide a comprehensive view on the company’s financial position and cash flow enabling stakeholders to make informed decisions.
Will include:
• balance sheet
• profit and loss statement
What is a balance sheet?
A balance sheet shows the assets (what it owns), liabilities (what it owes) and equity ( the difference between assets and liabilities representing the companies worth)
What is a profit and loss statement?
Shows the company’s revenues and expenses and profits or losses over a specific period
What is a cash flow statement
Inflow and outflow of cash during a specific period
What are Management accounts and audited accounts?
Management accounts are prepared for internal use
Audited accounts are prepared by a chartered accountant
What is sustainability ?
Meeting the needs of the present without compromising the ability of future generations to meet their own needs
How long is an epc valid?
10 years unless the building is altered
When do you need an epc?
• if your selling, renting or building commercial property, you need a commercial epc
• EPC is not required on lease renewals however it is advised to ensure the current EPC is compliant and not out of date
How important is an EPC?
An EPC rates how energy efficient your building is using grades from A-G
What are the minimum efficiency standards 2018 and how does it relate to commercial property?
• minimum efficiency standards were introduced by the government to improve the quality and increase the energy efficiency of buildings
• from 1st April 2023 all commercial properties must have an EPC of E
What are the upcoming minimum EPC ratings for Commercial properties ?
In 2027 commercial properties cannot be let without a C or above
By 2030 commercial properties cannot be let without a B or a above
Where is MEE’s excluded?
• if the building does not need an EPC (place of worship)
• tenancy is less than 6 months and outside the act
• where the tenancy is more than 99 years
•where it can be proven that improvements would devalue the property by more than 5%
• buildings under 50 sq m
Who polices EPC’s and what are the penalties?
The local authority police EPC’s and penalties depend on the length of breach and are expressed as a percentage of your rateable value minimum £500 and maximum £5,000
• MEE’s - penalties for non compliance in commercial property vary in length of breach with minimum £5,000 and maximum £150,000
What are the Governments Net Zero Carbon Targets?
The climate change act 2008 was amended in 2019 to require the UK to meeting net zero carbon by 2050
How does the government intent to reduce carbon for net Zero?
- Establish a net zero carbon approach
- Reduce construction impacts
- Reduce operational energy use
- Increase renewable energy supply
- Offset any remaining carbon
How else can you measure sustainability?
BREEAM - Building Research Establishment Environment Assessment Method
A Voluntary environmental assessment tool to rate new, refurbished and operational buildings
What building regs relate to sustainability?
Building reg L - conservation of fuel and power
What ratings are there for BREEAM?
Pass
Good
Very good
Excellent
Outstanding
Reflected as stars on a BREEAM certificate
What is an inclusive environment?
• an environment which is designed and managed to allow people with a diverse range of needs and abilities to access and use it
• during design and refurbishment to ensure people of all abilities can access
What does the responsible person need to understand?
Those with the responsibility to ensure that an environment is inclusive and accessible must understand;
• different physical and mental health issues which could lead to accessibility requirements
What building regs refer to access?
Building regs M refer to access
What are the four types of discrimination under the Equality Act 2010
- Direct Discrimination
- Indirect discrimination
- Harassment
- Victimisation
What are the 9 types of protected person?
• sex
• religion
• race
• age
• pregnancy and maternity
• marriage and civil partnership
• gender reassignment
