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IAS 40 Investment Property

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Summary of IAS 40 Investment Property

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IAS 40 Investment Property

  1. 1. IAS 40<br />INVESTMENT PROPERTY<br />9/14/2009<br />1<br />IAS 40 Investment Property<br />
  2. 2. OBJECTIVE & SCOPE<br />Recognition, measurement & disclosure <br />Matters excluded<br />Investment property<br />Investment property under finance lease in lesee’s FS<br />Investment property under operating lease in lessor’s FS<br />Classification of leases<br />Lease income from investment property<br />Operating leases in lessee’s financial statements<br />Finance lease in lessor’s FS<br />Sale and leaseback transactions<br />Disclosure of finance and operating leases<br />Biological assets<br />Mineral rights and reserves<br />9/14/2009<br />2<br />IAS 40 Investment Property<br />
  3. 3. Definitions<br />9/14/2009<br />3<br />IAS 40 Investment Property<br />
  4. 4. Definitions<br />9/14/2009<br />4<br />IAS 40 Investment Property<br />
  5. 5. Classification alternative<br />9/14/2009<br />5<br />IAS 40 Investment Property<br />
  6. 6. Examples of investment property<br />9/14/2009<br />6<br />IAS 40 Investment Property<br />
  7. 7. Combinations and ancillary services<br />9/14/2009<br />IAS 40 Investment Property<br />7<br />
  8. 8. Recognition<br />9/14/2009<br />IAS 40 Investment Property<br />8<br />
  9. 9. Measurement at recognition<br />9/14/2009<br />IAS 40 Investment Property<br />9<br />
  10. 10. Exclude from cost at recognition<br />9/14/2009<br />IAS 40 Investment Property<br />10<br />
  11. 11. Investment property held under a lease<br />9/14/2009<br />IAS 40 Investment Property<br />11<br />
  12. 12. Investment property exchanged for another asset<br />Fair value of asset given up unless FV of asset received more clearly evident<br />Carrying value of asset given up<br />9/14/2009<br />IAS 40 Investment Property<br />12<br />
  13. 13. Measurement after recognition: Accounting Policy<br />9/14/2009<br />IAS 40 Investment Property<br />13<br />
  14. 14. Fair Value<br />9/14/2009<br />IAS 40 Investment Property<br />14<br />
  15. 15. Fair Value Model<br />9/14/2009<br />IAS 40 Investment Property<br />15<br />Measure all investment properties at fair value<br />Investment under operating lease may not be measured at cost after initial recognition; it must be measured at fair value<br />Recognise gains and losses from changes in fair value in the profit and loss account until disposal<br />Once held for sale, measure investment property according to IFRS 5<br />Fair value must reflect market conditions at the balance sheet date<br />Current prices in active market for similar property in same location and condition under similar lease or other contract<br />Current/recent prices adjusted to reflect differences<br />If reasonable estimate of fair value not available for a particular property, use IAS 16 cost model in exceptional cases<br />Residual value must be zero<br />Apply IAS 16 cost model until disposal<br />
  16. 16. Transfers to and from investment property<br />9/14/2009<br />IAS 40 Investment Property<br />16<br />
  17. 17. Disposals<br />9/14/2009<br />IAS 40 Investment Property<br />17<br />Derecognise from balance sheet when no future economic benefit expected<br />Net disposal proceeds – carrying amount = profit/loss in period of disposal<br />Ias 17 for sale and leaseback<br />Recognise compensation for impairment or loss in profit & loss when receivable<br />
  18. 18. Disclosure: Fair Value Model & Cost Model<br />9/14/2009<br />IAS 40 Investment Property<br />18<br />
  19. 19. Disclosure: Fair Value Model and Cost Model<br />9/14/2009<br />IAS 40 Investment Property<br />19<br />
  20. 20. Cost model: Additional disclosure<br />9/14/2009<br />IAS 40 Investment Property<br />20<br />Depreciation methods used<br />Useful lives<br />Gross carrying amount<br />Accumulated depreciation and impairment loss at beginning and end of period<br />Reconciliation of carrying amount at beginning and end of period<br />Additions<br />From subsequent expenditure<br />From acquisitions<br />Assets classified as held for sale<br />Depreciation<br />Impairment loss recognised and reversed<br />Net exchange differences on translation<br />Transfers to and from inventories and owner-occupied property<br />Fair value of investment property or<br />Description of property<br />Reason why fair value cannot be determined<br />Range of estimates in which fair value is likely to lie<br />
  21. 21. Fair value model: Additional disclosure<br />9/14/2009<br />IAS 40 Investment Property<br />21<br />Reconciliation between carrying amount at beginning and end of period<br />Additions<br />From acquisition<br />From subsequent expenditure<br />From acquisitions through business combinations<br />Assets classified as held for sale<br />Net gain or loss from fair value adjustments<br />Net exchange difference on translation<br />Transfer to and from inventories and owner-occupied property<br />Other changes<br />
  22. 22. Transitional provisions<br />9/14/2009<br />IAS 40 Investment Property<br />22<br />Apply initial measurement in exchange of assets prospectively to future transactions only.<br />Entity elects for the first time to classify all eligible property under operating lease as investment property<br />Adjust opening balance of retained earnings in period election first made<br />If no fair value previously disclosed, do not adjust opening balance of retained earnings for earlier period or restate comparatives<br />If fair value previously disclosed, encouraged but not required to:<br /> Adjust opening balance of retained earnings for earliest period presented<br />Restate comparative information for those periods<br />
  23. 23. Summary<br />9/14/2009<br />IAS 40 Investment Property<br />23<br />Investment property is held for rent or capital appreciation<br />Measure initially at cost including transactions costs<br />Choose fair value or cost model after initial recognition and apply to all properties<br />Recognise all investment property under operating lease at fair value after recognition<br />Recognise changes in fair value in profit & loss for the period<br />Classify according to IFRS 5 once held for sale<br />Transfer when investment property becomes owner-occupied or used in another way<br />Derecognise when disposed and recognise profit or loss on disposal<br />Make detailed disclosures and reconciliations of opening and closing carrying values<br />

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