Investors are concerned with discerning true economic performance. In this regard, Centurion’s accounting choices leave much to be desired. Centurion is one of the largest independent accommodation owner-operators in Singapore, with accommodation assets in Malaysia, Indonesia, Australia and United Kingdom. It also operates an optical storage media manufacturing business The Group books its accommodation assets as Investment Properties rather than Property, Plant and Equipment (fair value model versus cost model). In terms of technical definition, the classification straddles a grey area in the IFRS. REITs, for example, classify their properties as Investment Properties. Most hotel owner-operators however, classify their property as Property, Plant and Equipment. But, what is clear is that the former is the more cavalier. Furthermore, most of its Singapore assets are on short leases between 2 to 43 years with only 1 freehold property. Adjustments will therefore be made to obtain a more conservative and accurate reflection ......