IAS 40 Investment Property.docx

IAS 40 Investment Property.docx

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IAS40InvestmentProperty

IAS40InvestmentProperty

ThisrevisedStandardsupersedesIAS40（2000）InvestmentPropertyandshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.

Contents

paragraphs

INTRODUCTION

IN1-IN18

InternationalAccountingStandard40InvestmentProperty

OBJECTIVE

1

SCOPE

2-4

DEFINITIONS

5-15

RECOGNITION

16-19

MEASUREMENTATRECOGNITION

20-29

MEASUREMENTAFTERRECOGNITION

30-56

AccountingPolicy

30-32

FairValueModel

33-55

InabilitytoDetermineFairValueReliably

53-55

CostModel

56

TRANSFERS

57-65

DISPOSALS

66-73

DISCLOSURE

74-79

FairValueModelandCostModel

74-75

FairValueModel

76-78

CostModel

79

TRANSITIONALPROVISIONS

80-84

FairValueModel

80-82

CostModel

83-84

EFFECTIVEDATE

85

WITHDRAWALOFIAS40（2000）

86

APPROVALOFIAS40BYTHEBOARD

IASBBASISFORCONCLUSIONSONIAS40（asrevisedin2003）

IASCBASISFORCONCLUSIONSONIAS40（2000）

TABLEOFCONCORDANCE

InternationalAccountingStandard40InvestmentProperty（IAS40）issetoutinparagraphs1-86.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS40shouldbereadinthecontextofitsobjectiveandtheIASB'sBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.

Introduction

IN1.InternationalAccountingStandard40InvestmentProperty（IAS40）replacesIAS40InvestmentProperty（issuedin2000）,andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.

ReasonsforRevisingIAS40

IN2.TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS40aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.

IN3.ForIAS40theBoard'smainobjectivewasalimitedrevisiontopermitapropertyinterestheldbyalesseeunderanoperatingleasetoqualifyasinvestmentpropertyunderspecifiedconditions.Thoseconditionsincluderequirementsthatthepropertymustotherwisemeetthedefinitionofaninvestmentproperty,andthatthelesseemustaccountfortheleaseasifitwereafinanceleaseandmeasuretheresultingleaseassetusingthefairvaluemodel.TheBoarddidnotreconsiderthefundamentalapproachtotheaccountingforinvestmentpropertycontainedinIAS40.

TheMainChanges

IN4.ThemainchangesfromthepreviousversionofIAS40aredescribedbelow.

IN5.Apropertyinterestthatisheldbyalesseeunderanoperatingleasemaybeclassifiedandaccountedforasinvestmentpropertyprovidedthat:

（a）therestofthedefinitionofinvestmentpropertyismet;

（b）theoperatingleaseisaccountedforasifitwereafinanceleaseinaccordancewithIAS17Leases;and

（c）thelesseeusesthefairvaluemodelsetoutinthisStandardfortheassetrecognised.

IN6.TheclassificationalternativedescribedinparagraphIN5isavailableonaproperty-by-propertybasis.However,becauseitisageneralrequirementoftheStandardthatallinvestmentpropertyshouldbeconsistentlyaccountedforusingthefairvalueorcostmodel,oncethisalternativeisselectedforonesuchproperty,allpropertyclassifiedasinvestmentpropertyistobeaccountedforconsistentlyonafairvaluebasis.

IN7.TheStandardrequiresanentitytodisclose:

（a）whetheritappliesthefairvaluemodelorthecostmodel;and

（b）ifitappliesthefairvaluemodel,whether,andinwhatcircumstances,propertyinterestsheldunderoperatingleasesareclassifiedandaccountedforasinvestmentproperty.

IN8.Whenavaluationobtainedforinvestmentpropertyisadjustedsignificantlyforthepurposeofthefinancialstatements,areconciliationisrequiredbetweenthevaluationobtainedandthevaluationincludedinthefinancialstatements.

IN9.TheStandardclarifiesthatifapropertyinterestheldunderaleaseisclassifiedasinvestmentproperty,theitemaccountedforatfairvalueisthatinterestandnottheunderlyingproperty.

IN10.Comparativeinformationisrequiredforalldisclosures.

IN11.SomesignificantchangeshavebeenincorporatedintotheStandardasaresultofamendmentsthattheBoardmadetoIAS16Property,PlantandEquipmentaspartoftheImprovementsproject:

（a）tospecifywhatcostsareincludedinthecostofinvestmentpropertyandwhenreplaceditemsshouldbederecognised;

（b）tospecifywhenexchangetransactions（ietransactionsinwhichinvestmentpropertyisacquiredinexchangefornon-monetaryassets,inwholeorinpart）havecommercialsubstanceandhowsuchtransactions,withorwithoutcommercialsubstance,areaccountedfor;and

（c）tospecifytheaccountingforcompensationfromthirdpartiesforinvestmentpropertythatwasimpaired,lostorgivenup.

SummaryoftheApproachRequiredbytheStandard

IN12.TheStandardpermitsentitiestochooseeither:

（a）afairvaluemodel,underwhichaninvestmentpropertyismeasured,afterinitialmeasurement,atfairvaluewithchangesinfairvaluerecognisedinprofitorloss;or

（b）acostmodel.ThecostmodelisspecifiedinIAS 16andrequiresaninvestmentpropertytobemeasuredafterinitialmeasurementatdepreciatedcost（lessanyaccumulatedimpairmentlosses）.Anentitythatchoosesthecostmodeldisclosesthefairvalueofitsinvestmentproperty.

IN13.Thechoicebetweenthecostandfairvaluemodelsisnotavailabletoalesseeaccountingforapropertyinterestheldunderanoperatingleasethatithaselectedtoclassifyandaccountforasinvestmentproperty.TheStandardrequiressuchinvestmentpropertytobemeasuredusingthefairvaluemodel.

IN14.Thefairvaluemodeldiffersfromtherevaluationmodelthatispermittedforsomenon-financialassets.Undertherevaluationmodel,increasesincarryingamountaboveacost-basedmeasurearerecognisedasrevaluationsurplus.However,underthefairvaluemodel,allchangesinfairvaluearerecognisedinprofitorloss.

IN15.TheStandardrequiresanentitytoapplyitschosenmodeltoallofitsinvestmentproperty.However,thisdoesnotmeanthatalleligibleoperatingleasesmustbeclassifiedasinvestmentproperties.

IN16.Inexceptionalcases,whenanentityhasadoptedthefairvaluemodel,theremaybeclearevidencewhenanentityfirstacquiresaninvestmentproperty（orwhenanexistingpropertyfirstbecomesinvestmentpropertyfollowingthecompletionofconstructionordevelopment,orafterachangeinuse）thatitsfairvaluewillnotbereliablydeterminableonacontinuingbasis.Insuchcases,theStandardrequirestheentitytomeasurethatinvestmentpropertyusingthecostmodelinIAS 16untildisposaloftheinvestmentproperty.Theresidualvalueoftheinvestmentpropertyisassumedtobezero.

IN17.Achangefromonemodeltotheotherismadeonlyifthechangeresultsinamoreappropriatepresentation.TheStandardstatesthatthisishighlyunlikelytobethecaseforachangefromthefairvaluemodeltothecostmodel.

IN18.IAS40dependsuponIAS17forrequirementsfortheclassificationofleases,theaccountingforfinanceandoperatingleasesandforsomeofthedisclosuresrelevanttoleasedinvestmentproperties.Whenapropertyinterestheldunderanoperatingleaseisclassifiedandaccountedforasaninvestmentproperty,IAS40overridesIAS17byrequiringthattheleaseisaccountedforasifitwereafinancelease.Paragraphs14-18ofIAS17applytotheclassificationofleasesoflandandbuildings.Inparticular,paragraph18specifieswhenitisnotnecessarytomeasureseparatelythelandandbuildingelementsofsuchalease.

Objective

1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforinvestmentpropertyandrelateddisclosurerequirements.

Scope

2.ThisStandardshallbeappliedintherecognition,measurementanddisclosureofinvestmentproperty.

3.Amongotherthings,thisStandardappliestothemeasurementinalessee'sfinancialstatementsofinvestmentpropertyinterestsheldunderaleaseaccountedforasafinanceleaseandtothemeasurementinalessor'sfinancialstatementsofinvestmentpropertyprovidedtoalesseeunderanoperatinglease.ThisStandarddoesnotdealwithmatterscoveredinIAS17Leases,including:

（a）classificationofleasesasfinanceleasesoroperatingleases;

（b）recognitionofleaseincomefrominvestmentproperty（seealsoIAS18Revenue）;

（c）measurementinalessee'sfinancialstatementsofpropertyinterestsheldunderaleaseaccountedforasanoperatinglease;

（d）measurementinalessor'sfinancialstatementsofitsnetinvestmentinafinancelease;

（e）accountingforsaleandleasebacktransactions;and

（f）disclosureaboutfinanceleasesandoperatingleases.

4.ThisStandarddoesnotapplyto:

（a）biologicalassetsrelatedtoagriculturalactivity（seeIAS41Agriculture）;and

（b）mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.

Definitions

5.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:

Carryingamountistheamountatwhichanassetisrecognisedinthebalances