"It is expected that the group's IFRS result for 2008 will include a reduction of approximately $3 billion in the value of the group's shopping centre assets due principally to an upward movement in capitalisation rates. However the total value of the group's assets as at December 31, 2008 is anticipated to exceed the $50.4 billion reported as at June 30, 2008, primarily as a result of the effect of the strengthening US dollar on the value of the group's US assets."
Could someone explain how the IFRS result will show a devaluation of assets when at the same time total assets are said to increase due to the falling AUD?
Do we think CER will be affected about the same?
westfield, page-3
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