国际会计准则40外文翻译.docx

1、国际会计准则40外文翻译外文文献翻译一、 外文原文原文： International Accounting Standard 40Investment Property Scope1 This Standard shall be applied in the recognition, measurement and disclosure of investment property.2 Investment property is held to earn rentals or for capital appreciation or both. Therefore, an investment

2、 property generates cash flows largely independently of the other assets held by an entity. This distinguishes investment property from owner-occupied property. The production or supply of goods or services (or the use of property for administrative purposes) generates cash flows that are attributab

3、le not only to property, but also to other assets used in the production or supply process. IAS 3 Property, Plant and Equipment applies to owner-occupied property.Recognition15 Investment property shall be recognised as an asset when, and only when:(a) it is probable that the future economic benefit

4、s that are associated with the investment property will flow to the entity; and(b) the cost of the investment property can be measured reliably.Measurement at recognition4 An investment property shall be measured initially at its cost. Transaction costs shall be included in the initial measurement.5

5、 The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure. Directly attributable expenditure includes, for example, professional fees for legal services, property transfer taxes and other transaction costs.Measurement after recognition6 This

6、Standard requires all entities to determine the fair value of investment property, for the purpose of either measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity is encouraged, but not required, to determine the fair value of investment property

7、on the basis of a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued.Fair value model7 After initial recognition, an entity that chooses the fair value model

8、shall measure all of its investment property at fair value, except in the cases described in paragraph 47.8 A gain or loss arising from a change in the fair value of investment property shall be recognised in profit or loss for the period in which it arises.9 The fair value of investment property is

9、 the price at which the property could be exchanged between knowledgeable, willing parties in an arms length transaction (see paragraph 5). Fair value specifically excludes an estimated price inflated or deflated by special terms or circumstances such as atypical financing, sale and leaseback arrang

10、ements, special considerations or concessions granted by anyone associated with the sale.10 An entity determines fair value without any deduction for transaction costs it may incur on sale or other disposal.11 The fair value of investment property shall reflect market conditions at the end of the re

11、porting period.EC staff consolidated version as of 16 September 2009, EN EU IAS 40 FOR INFORMATION PURPOSES ONLY12 Fair value is time-specific as of a given date. Because market conditions may change, the amount reported as fair value may be incorrect or inappropriate if estimated as of another time

12、. The definition of fair value also assumes simultaneous exchange and completion of the contract for sale without any variation in price that might be made in an arms length transaction between knowledgeable, willing parties if exchange and completion are not simultaneous.13 The fair value of invest

13、ment property reflects, among other things, rental income from current leases and reasonable and supportable assumptions that represent what knowledgeable, willing parties would assume about rental income from future leases in the light of current conditions. It also reflects, on a similar basis,any

14、 cash outflows (including rental payments and other outflows) that could be expected in respect of the property. Some of those outflows are reflected in the liability whereas others relate to outflows that are not recognised in the financial statements until a later date (eg periodic payments such a

15、s contingent rents).14 The definition of fair value refers to knowledgeable, willing parties. In this context, knowledgeable means that both the willing buyer and the willing seller are reasonably informed about the nature and characteristics of the investment property, its actual and potential uses

16、, and market conditions at the end of the reporting period. A willing buyer is motivated, but not compelled, to buy. This buyer is neither over-eager nor determined to buy at any price. The assumed buyer would not pay a higher price than a market comprising knowledgeable, willing buyers and sellers

17、would require.to sell at any price, nor one prepared to hold out for a price not considered reasonable in current market conditions. The willing seller is motivated to sell the investment property at market terms for the best price obtainable. The factual circumstances of the actual investment prope

18、rty owner are not a part of this consideration because the willing seller is a hypothetical owner (eg a willing seller would not take into account the particular tax circumstances of the actual investment property owner).15 The definition of fair value refers to an arms length transaction. An arms l

19、ength transaction is one between parties that do not have a particular or special relationship that makes prices of transactions uncharacteristic of market conditions. The transaction is presumed to be between unrelated parties, each acting independently.16 The best evidence of fair value is given b

20、y current prices in an active market for similar property in the same location and condition and subject to similar lease and other contracts. An entity takes care to identify any differences in the nature, location or condition of the property, or in the contractual terms of the leases and other co

21、ntracts relating to the property.17 In the absence of current prices in an active market of the kind described in paragraph 45, an entity considers information from a variety of sources, including:(a) current prices in an active market for properties of different nature, condition or location (or su

22、bject to different lease or other contracts), adjusted to reflect those differences;(b) recent prices of similar properties on less active markets, with adjustments to reflect any changes in economic conditions since the date of the transactions that occurred at those prices; and(c) discounted cash

23、flow projections based on reliable estimates of future cash flows, supported by the terms of any existing lease and other contracts and (when possible) by external evidence such ascurrent market rents for similar properties in the same location and condition, and using discount rates that reflect cu

24、rrent market assessments of the uncertainty in the amount and timing of the cashflows.18 In some cases, the various sources listed in the previous paragraph may suggest different conclusions about the fair value of an investment property. An entity considers the reasons for those differences, in ord

25、er to arrive at the most reliable estimate of fair value within a range of reasonable fair value estimates.EC staff consolidated version as of 16 September 2009, EN EU IAS 40 FOR INFORMATION PURPOSES ONLY19 In exceptional cases, there is clear evidence when an entity first acquires an investment pro

26、perty (or when an existing property first becomes investment property after a change in use) that the variability in the range of reasonable fair value estimates will be so great, and the probabilities of the various outcomes so difficult to assess, that the usefulness of a single estimate of fair v

27、alue is negated. This may indicate that the fair value of the property will not be reliably determinable on a continuing basis (see paragraph 47).20 Fair value differs from value in use, as defined in IAS 36 Impairment of Assets. Fair value reflects the knowledge and estimates of knowledgeable, will

28、ing buyers and sellers. In contrast, value in use reflects the entitys estimates, including the effects of factors that may be specific to the entity and not applicable to entities in general. For example, fair value does not reflect any of the following factors to the extent that they would not be

29、generally available to knowledgeable, willing buyers and sellers:(a) additional value derived from the creation of a portfolio of properties in different locations;(b) synergies between investment property and other assets;(c) legal rights or legal restrictions that are specific only to the current

30、owner; and(d) tax benefits or tax burdens that are specific to the current owner.21 In determining the carrying amount of investment property under the fair value model, an entity does not double-count assets or liabilities that are recognised as separate assets or liabilities. For example:(a) equip

31、ment such as lifts or air-conditioning is often an integral part of a building and is generally included in the fair value of the investment property, rather than recognised separately as property,plant and equipment.(b) if an office is leased on a furnished basis, the fair value of the office gener

32、ally includes the fair value of the furniture, because the rental income relates to the furnished office. When furniture is included in the fair value of investment property, an entity does not recognise that furniture as a separate asset.(c) the fair value of investment property excludes prepaid or accrued operating lease income, because the entity recognises it as a separate liability or asset.22 The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expen