FR - Modification of accounting rules for OPCIs
On 8 November 2021, the French Accounting Standards Authority (ANC) published ANC Regulation no. 2021-09 of 5 November 2021 on the annual financial statements of real estate undertakings for collective investment (OPCI), applicable after approval from 1 October 2023.
This regulation repeals ANC Regulation no. 2014-06 of 2 October 2014 and ANC Regulation no. 2016-06 of 14 October 2016. One of the main changes concerns the recording of movable assets that OPCIs may acquire directly or indirectly on an ancillary basis for the purpose and use of their real estate assets. Given the low value of these movable assets in relation to the value of the real estate asset, they are now recognised and valued in the same way as the real estate asset to which they relate. When replaced, these assets shall be valued as replacement costs and subsequent expenditure, as defined in this Regulation (either as an expense or as an asset). Furthermore, like UCIs, the accounting of an OPCI can now be kept in any currency unit according to the procedures set by decree.