Investment Property
Compiled AASB StandardAASB 140Investment PropertyThis compiled Standard applies to annual periods beginning on or after 1 January 2019 but before 1 January 2021.Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 January 2019. Itincorporates relevant amendments made up to and including 13 February 2017.Prepared on 29 March 2019 by the staff of the Australian Accounting Standards Board.Compilation no. 3Compilation date: 31 December 2018Authorised Version F2019C00441 registered 03/06/2019
Obtaining copies of Accounting StandardsCompiled versions of Standards, original Standards and amending Standards (see Compilation Details) are availableon the AASB website: www.aasb.gov.au.Australian Accounting Standards BoardPO Box 204Collins Street WestVictoria 8007AUSTRALIAPhone:E-mail:Website:(03) 9617 7637standard@aasb.gov.auwww.aasb.gov.auOther enquiriesPhone:E-mail:(03) 9617 7600standard@aasb.gov.auCOPYRIGHT Commonwealth of Australia 2019This compiled AASB Standard contains IFRS Foundation copyright material. Reproduction within Australia inunaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of anacknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposeswithin Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204,Collins Street West, Victoria 8007.All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form(retaining this notice) is permitted for personal and non-commercial use only. Further information and requests forauthorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation atwww.ifrs.org.AASB 140-compiled2Authorised Version F2019C00441 registered 03/06/2019COPYRIGHT
ContentsCOMPARISON WITH IAS 40ACCOUNTING STANDARDAASB 140 INVESTMENT PROPERTYfrom N OF PROPERTY AS INVESTMENT PROPERTY OR OWNEROCCUPIED PROPERTY6RECOGNITION16MEASUREMENT AT RECOGNITION20MEASUREMENT AFTER RECOGNITIONAccounting policy30Fair value model33Inability to measure fair value reliably53Cost model56TRANSFERS57DISPOSALS66DISCLOSUREFair value model and cost model74Fair value model76Cost model79TRANSITIONAL PROVISIONSBusiness Combinations84AAASB 1684BTransfers of investment property84CEFFECTIVE DATE85WITHDRAWAL OF IAS 40 (2000)COMMENCEMENT OF THE LEGISLATIVE INSTRUMENTAus86.1WITHDRAWAL OF AASB PRONOUNCEMENTSAus86.2APPENDIXA Australian reduced disclosure requirementsCOMPILATION DETAILSDELETED IAS 40 TEXTAVAILABLE ON THE AASB WEBSITEBasis for Conclusions on IAS 40Australian Accounting Standard AASB 140 Investment Property (as amended) is set out in paragraphs 1 – Aus86.2and Appendix A. All the paragraphs have equal authority. Paragraphs in bold type state the main principles.AASB 140 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretationof Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of AustralianAccounting Standards. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in AccountingEstimates and Errors provides a basis for selecting and applying accounting policies.AASB 140-compiled3Authorised Version F2019C00441 registered 03/06/2019CONTENTS
Comparison with IAS 40AASB 140 Investment Property as amended incorporates IAS 40 Investment Property as issued and amended by theInternational Accounting Standards Board (IASB). Australian-specific paragraphs (which are not included in IAS 40)are identified with the prefix “Aus” or “RDR”. Paragraphs that apply only to not-for-profit entities begin byidentifying their limited applicability.Tier 1For-profit entities complying with AASB 140 also comply with IAS 40.Not-for-profit entities’ compliance with IAS 40 will depend on whether any “Aus” paragraphs that specifically applyto not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent withIAS 40.Tier 2Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced DisclosureRequirements (Tier 2) will not be in compliance with IFRS Standards.AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.AASB 140-compiled4Authorised Version F2019C00441 registered 03/06/2019COMPARISON
Accounting Standard AASB 140The Australian Accounting Standards Board made Accounting Standard AASB 140 Investment Property undersection 334 of the Corporations Act 2001 on 14 August 2015.This compiled version of AASB 140 applies to annual periods beginning on or after 1 January 2019 but before1 January 2021. It incorporates relevant amendments contained in other AASB Standards made by the AASB up toand including 13 February 2017 (see Compilation Details).Accounting Standard AASB 140Investment PropertyObjective1The objective of this Standard is to prescribe the accounting treatment for investment property and relateddisclosure requirements.Scope2This Standard shall be applied in the recognition, measurement and disclosure of investmentproperty.3[Deleted]4This Standard does not apply to:(a)biological assets related to agricultural activity (see AASB 141 Agriculture and AASB 116Property, Plant and Equipment); and(b)mineral rights and mineral reserves such as oil, natural gas and similar non-regenerativeresources.Definitions5The following terms are used in this Standard with the meanings specified:Carrying amount is the amount at which an asset is recognised in the statement of financial position.Cost is the amount of cash or cash equivalents paid or the fair value of other consideration given toacquire an asset at the time of its acquisition or construction or, where applicable, the amountattributed to that asset when initially recognised in accordance with the specific requirements ofother Standards, eg AASB 2 Share-based Payment.Fair value is the price that would be received to sell an asset or paid to transfer a liability in anorderly transaction between market participants at the measurement date. (See AASB 13 Fair ValueMeasurement).Investment property is property (land or a building—or part of a building—or both) held (by theowner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both,rather than for:(a)use in the production or supply of goods or services or for administrative purposes; or(b)sale in the ordinary course of business.Owner-occupied property is property held (by the owner or by the lessee as a right-of-use asset) for usein the production or supply of goods or services or for administrative purposes.AASB 140-compiled5Authorised Version F2019C00441 registered 03/06/2019STANDARD
Classification of property as investment property or owner-occupiedproperty6[Deleted]7Investment property is held to earn rentals or for capital appreciation or both. Therefore, an investmentproperty generates cash flows largely independently of the other assets held by an entity. This distinguishesinvestment property from owner-occupied property. The production or supply of goods or services (or theuse of property for administrative purposes) generates cash flows that are attributable not only to property,but also to other assets used in the production or supply process. AASB 116 applies to owned owneroccupied property and AASB 16 applies to owner-occupied property held by a lessee as a right-of-use asset.8The following are examples of investment property:9Aus9.1(a)land held for long-term capital appreciation rather than for short-term sale in the ordinary courseof business.(b)land held for a currently undetermined future use. (If an entity has not determined that it will usethe land as owner-occupied property or for short-term sale in the ordinary course of business, theland is regarded as held for capital appreciation.)(c)a building owned by the entity (or a right-of-use asset relating to a building held by the entity)and leased out under one or more operating leases.(d)a building that is vacant but is held to be leased out under one or more operating leases.(e)property that is being constructed or developed for future use as investment property.The following are examples of items that are not investment property and are therefore outside the scope ofthis Standard:(a)property intended for sale in the ordinary course of business or in the process of construction ordevelopment for such sale (see AASB 102 Inventories), for example, property acquiredexclusively with a view to subsequent disposal in the near future or for development and resale.(b)[deleted](c)owner-occupied property (see AASB 116 and AASB 16), including (among other things)property held for future use as owner-occupied property, property held for future developmentand subsequent use as owner-occupied property, property occupied by employees (whether or notthe employees pay rent at market rates) and owner-occupied property awaiting disposal.(d)[deleted](e)property that is leased to another entity under a finance lease.In respect of not-for-profit entities, property may be held to meet service delivery objectivesrather than to earn rental or for capital appreciation. In such situations the property will not meetthe definition of investment property and will be accounted for under AASB 116, for example:(a)property held for strategic purposes; and(b)property held to provide a social service, including those which generate cash inflowswhere the rental revenue is incidental to the purpose for holding the property.10Some properties comprise a portion that is held to earn rentals or for capital appreciation and anotherportion that is held for use in the production or supply of goods or services or for administrative purposes. Ifthese portions could be sold separately (or leased out separately under a finance lease), an entity accountsfor the portions separately. If the portions could not be sold separately, the property is investment propertyonly if an insignificant portion is held for use in the production or supply of goods or services or foradministrative purposes.11In some cases, an entity provides ancillary services to the occupants of a property it holds. An entity treatssuch a property as investment property if the services are insignificant to the arrangement as a whole. Anexample is when the owner of an office building provides security and maintenance services to the lesseeswho occupy the building.12In other cases, the services provided are significant. For example, if an entity owns and manages a hotel,services provided to guests are significant to the arrangement as a whole. Therefore, an owner-managedhotel is owner-occupied property, rather than investment property.13It may be difficult to determine whether ancillary services are so significant that a property does not qualifyas investment property. For example, the owner of a hotel sometimes transfers some responsibilities to thirdparties under a management contract. The terms of such contracts vary widely. At one end of the spectrum,AASB 140-compiled6Authorised Version F2019C00441 registered 03/06/2019STANDARD
the owner’s position may, in substance, be that of a passive investor. At the other end of the spectrum, theowner may simply have outsourced day-to-day functions while retaining significant exposure to variation inthe cash flows generated by the operations of the hotel.14Judgement is needed to determine whether a property qualifies as investment property. An entity developscriteria so that it can exercise that judgement consistently in accordance with the definition of investmentproperty and with the related guidance in paragraphs 7–13. Paragraph 75(c) requires an entity to disclosethese criteria when classification is difficult.14AJudgement is also needed to determine whether the acquisition of investment property is the acquisition ofan asset or a group of assets or a business combination within the scope of AASB 3 Business Combinations.Reference should be made to AASB 3 to determine whether it is a business combination. The discussion inparagraphs 7–14 of this Standard relates to whether or not property is owner-occupied property orinvestment property and not to determining whether or not the acquisition of property is a businesscombination as defined in AASB 3. Determining whether a specific transaction meets the definition of abusiness combination as defined in AASB 3 and includes an investment property as defined in this Standardrequires the separate application of both Standards.15In some cases, an entity owns property that is leased to, and occupied by, its parent or another subsidiary.The property does not qualify as investment property in the consolidated financial statements, because theproperty is owner-occupied from the perspective of the group. However, from the perspective of the entitythat owns it, the property is investment property if it meets the definition in paragraph 5. Therefore, thelessor treats the property as investment property in its individual financial statements.Recognition16An owned investment property shall be recognised as an asset when, and only when:(a)it is probable that the future economic benefits that are associated with the investmentproperty will flow to the entity; and(b)the cost of the investment property can be measured reliably.17An entity evaluates under this recognition principle all its investment property costs at the time they areincurred. These costs include costs incurred initially to acquire an investment property and costs incurredsubsequently to add to, replace part of, or service a property.18Under the recognition principle in paragraph 16, an entity does not recognise in the carrying amount of aninvestment property the costs of the day-to-day servicing of such a property. Rather, these costs arerecognised in profit or loss as incurred. Costs of day-to-day servicing are primarily the cost of labour andconsumables, and may include the cost of minor parts. The purpose of these expenditures is often describedas for the ‘repairs and maintenance’ of the property.19Parts of investment properties may have been acquired through replacement. For example, the interior wallsmay be replacements of original walls. Under the recognition principle, an entity recognises in the carryingamount of an investment property the cost of replacing part of an existing investment property at the timethat cost is incurred if the recognition criteria are met. The carrying amount of those parts that are replacedis derecognised in accordance with the derecognition provisions of this Standard.19AAn investment property held by a lessee as a right-of-use asset shall be recognised in accordance withAASB 16.Measurement at recognition20An owned investment property shall be measured initially at its cost. Transaction costs shall beincluded in the initial measurement.Aus20.1Notwithstanding paragraph 20, not-for-profit entities shall initially measure the cost of theasset at fair value in accordance with AASB 13 Fair Value Measurement where theconsideration for the asset is significantly less than fair value principally to enable the entityto further its objectives. AASB 1058 Income of Not-for-Profit Entities addresses therecognition of related amounts.21The cost of a purchased investment property comprises its purchase price and any directly attributableexpenditure. Directly attributable expenditure includes, for example, professional fees for legal services,property transfer taxes and other transaction costs.22[Deleted]AASB 140-compiled7Authorised Version F2019C00441 registered 03/06/2019STANDARD
23The cost of an investment property is not increased by:(a)start-up costs (unless they are necessary to bring the property to the condition necessary for it tobe capable of operating in the manner intended by management),(b)operating losses incurred before the investment property achieves the planned level of occupancy,or(c)abnormal amounts of wasted material, labour or other resources incurred in constructing ordeveloping the property.24If payment for an investment property is deferred, its cost is the cash price equivalent. The differencebetween this amount and the total payments is recognised as interest expense over the period of credit.25[Deleted]26[Deleted]27One or more investment properties may be acquired in exchange for a non-monetary asset or assets, or acombination of monetary and non-monetary assets. The following discussion refers to an exchange of onenon-monetary asset for another, but it also applies to all exchanges described in the preceding sentence. Thecost of such an investment property is measured at fair value unless (a) the exchange transaction lackscommercial substance or (b) the fair value of neither the asset received nor the asset given up is reliablymeasurable. The acquired asset is measured in this way even if an entity cannot immediately derecognisethe asset given up. If the acquired asset is not measured at fair value, its cost is measured at the carryingamount of the asset given up.28An entity determines whether an exchange transaction has commercial substance by considering the extentto which its future cash flows are expected to change as a result of the transaction. An exchange transactionhas commercial substance if:(a)the configuration (risk, timing and amount) of the cash flows of the asset received differs fromthe configuration of the cash flows of the asset transferred, or(b)the entity-specific value of the portion of the entity’s operations affected by the transactionchanges as a result of the exchange, and(c)the difference in (a) or (b) is significant relative to the fair value of the assets exchanged.For the purpose of determining whether an exchange transaction has commercial substance, the entityspecific value of the portion of the entity’s operations affected by the transaction shall reflect post-tax cashflows. The result of these analyses may be clear without an entity having to perform detailed calculations.29The fair value of an asset is reliably measurable if (a) the variability in the range of reasonable fair valuemeasurements is not significant for that asset or (b) the probabilities of the various estimates within therange can be reasonably assessed and used when measuring fair value. If the entity is able to measurereliably the fair value of either the asset received or the asset given up, then the fair value of the asset givenup is used to measure cost unless the fair value of the asset received is more clearly evident.29AAn investment property held by a lessee as a right-of-use asset shall be measured initially at its cost inaccordance with AASB 16.Measurement after recognitionAccounting policy30With the exception noted in paragraph 32A, an entity shall choose as its accounting policy either thefair value model in paragraphs 33–55 or the cost model in paragraph 56 and shall apply that policy toall of its investment property.31AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors states that a voluntarychange in accounting policy shall be made only if the change results in the financial statements providingreliable and more relevant information about the effects of transactions, other events or conditions on theentity’s financial position, financial performance or cash flows. It is highly unlikely that a change from thefair value model to the cost model will result in a more relevant presentation.32This Standard requires all entities to measure the fair value of investment property, for the purpose of eithermeasurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). An entity isencouraged, but not required, to measure the fair value of investment property on the basis of a valuation byAASB 140-compiled8Authorised Version F2019C00441 registered 03/06/2019STANDARD
an independent valuer who holds a recognised and relevant professional qualification and has recentexperience in the location and category of the investment property being valued.32AAn entity may:(a)choose either the fair value model or the cost model for all investment property backingliabilities that pay a return linked directly to the fair value of, or returns from, specifiedassets including that investment property; and(b)choose either the fair value model or the cost model for all other investment property,regardless of the choice made in (a).32BSome insurers and other entities operate an internal property fund that issues notional units, with some unitsheld by investors in linked contracts and others held by the entity. Paragraph 32A does not permit an entityto measure the property held by the fund partly at cost and partly at fair value.32CIf an entity chooses different models for the two categories described in paragraph 32A, sales of investmentproperty between pools of assets measured using different models shall be recognised at fair value and thecumulative change in fair value shall be recognised in profit or loss. Accordingly, if an investment propertyis sold from a pool in which the fair value model is used into a pool in which the cost model is used, theproperty’s fair value at the date of the sale becomes its deemed cost.Fair value model33After initial recognition, an entity that chooses the fair value model shall measure all of its investmentproperty at fair value, except in the cases described in paragraph 53.34[Deleted]35A gain or loss arising from a change in the fair value of investment property shall be recognised inprofit or loss for the period in which it arises.36–39[Deleted]40When measuring the fair value of investment property in accordance with AASB 13, an entity shall ensurethat the fair value reflects, among other things, rental income from current leases and other assumptions thatmarket participants would use when pricing investment property under current market conditions.40AWhen a lessee uses the fair value model to measure an investment property that is held as a right-of-useasset, it shall measure the right-of-use asset, and not the underlying property, at fair value.41AASB 16 specifies the basis for initial recognition of the cost of an investment property held by a lessee asa right-of-use asset. Paragraph 33 requires the investment property held by a lessee as a right-of-use asset tobe remeasured, if necessary, to fair value if the entity chooses the fair value model. When lease paymentsare at market rates, the fair value of an investment property held by a lessee as a right-of-use asset atacquisition, net of all expected lease payments (including those relating to recognised lease liabilities),should be zero. Thus, remeasuring a right-of-use asset from cost in accordance with AASB 16 to fair valuein accordance with paragraph 33 (taking into account the requirements in paragraph 50) should not give riseto any initial gain or loss, unless fair value is measured at different times. This could occur when an electionto apply the fair value model is made after initial recognition.42–47[Deleted]48In exceptional cases, there is clear evidence when an entity first acquires an investment property (or whenan existing property first becomes investment property after a change in use) that the variability in the rangeof reasonable fair value measurements will be so great, and the probabilities of the various outcomes sodifficult to assess, that the usefulness of a single measure of fair value is negated. This may indicate that thefair value of the property will not be reliably measurable on a continuing basis (see paragraph 53).49[Deleted]50In determining the carrying amount of investment property under the fair value model, an entity does notdouble-count assets or liabilities that are recognised as separate assets or liabilities. For example:(a)equipment such as lifts or air-conditioning is often an integral part of a building and is generallyincluded in the fair value of the investment property, rather than recognised separately asproperty, plant and equipment.(b)if an office is leased on a furnished basis, the fair value of the office generally includes the fairvalue of the furniture, because the rental income relates to the furnished office. When furniture isAASB 140-compiled9Authorised Version F2019C00441 registered 03/06/2019STANDARD
included in the fair value of investment property, an entity does not recognise that furniture as aseparate asset.(c)the fair value of investment property excludes prepaid or accrued operating lease income, becausethe entity recognises it as a separate liability or asset.(d)the fair value of investment property held by a lessee as a right-of-use asset reflects expected cashflows (including variable lease payments that are expected to become payable). Accordingly, if avaluation obtained for a property is net of all payments expected to be made, it will be necessaryto add back any recognised lease liability, to arrive at the carrying amount of the investmentproperty using the fair value model.51[Deleted]52In some cases, an entity expects that the present value of its payments relating to an investment property(other than payments relating to recognised liabilities) will exceed the present value of the related cashreceipts. An entity applies AASB 137 Provisions, Contingent Liabilities and Contingent Assets to determinewhether to recognise a liability and, if so, how to measure it.Inability to measure fair value reliably53There is a rebuttable presumption that an entity can reliably measure the fair value of an investmentproperty on a continuing basis. However, in exceptional cases, there is clear evidence when an entityfirst acquires an investment property (or when an existing property first becomes investmentproperty after a change in use) that the fair value of the investment property is not reliablymeasurable on a continuing basis. This arises when, and only when, the market for comparableproperties is inactive (eg there are few recent transactions, price quotations are not current orobserved transaction prices indicate that the seller was forced to sell) and alternative reliablemeasurements of fair value (for example, based on discounted cash flow projections) are notavailable. If an entity determines that the fair value of an investment property under construction isnot reliably measurable but expects the fair value of the property to be reliably measurable whenconstruction is complete, it shall measure that investment property under construction at cost untileither its fair value becomes reliably measurable or construction is completed (whichever is earlier).If an entity determines that the fair value of an investment property (other than an investmentproperty under construction) is not reliably measurable on a continuing basis, the entity shallmeasure that investment property using the cost model in AASB 116 for owned investment propertyor in accordance with AASB 16 for investment property held by a lessee as a right-of-use asset. Theresidual value of the investment property shall be assumed to be zero. The entity shall continue toapply AASB 116 or AASB 16 until disposal of the investment property.53AOnce an entity becomes able to measure reliably the fair value of an investment property under constructionthat has previously been measured at cost, it shall measure that property at its fair value. Once constructionof that property is complete, it is presumed that fair value can be measured reliably. If this is not the case, inaccordance with paragraph 53, the property shall be accounted for using the cost model in accordance withAASB 116 for owned assets or AASB 16 for investment property held by a lessee as a right-of-use asset.53BThe presumption that the fair value of investment property under construction can be measured reliably canbe rebutted only on initial recognition. An entity that has measured an item of investment property underconstruction at fair value may not conclude that the fair value of the completed investment property cannotbe measured reliably.54In the exceptional cases when an entity is compelled, for the reason given in paragraph 53, to measure aninvestment property using the cost model in accordance with AASB 116 or AASB 16, it measures at fairvalue all its other investment property, including investment property under construction. In these cases,although an entity may use the cost model for one investment property, the entity shall continue to accountfor each of the remaining properties using the fair value model.55If an entity has previously measured an investment property at fair value, it shall continue tomeasure the property at fair value until disposal (or until the property becomes owner-occupiedproperty or the entity begins to develop the property for subsequent sale in the ordinary course ofbusiness) even if comparable market transactions become less frequent or market prices become lessreadily available.Cost model56After initial recognition, an entity that chooses the cost model shall measure investment property:AASB 140-compiled10Authorised Version F2019C00441 registered 03/06/2019STANDARD
(a)in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations ifit meets the criteria to be classified as held for sale (or is included in a disposal group that isclassified as held for sale);(b)in accordance with AASB 16 if it is held by a lessee as a right-of-use asset and is not held forsale in accordance with AASB 5; and(c)in accordance with the requirements in AASB 116 for the cost model in all other cases.Transfers57An entity shall transfer a property to, or from, investment property when, and only when, there is achange in use. A change in use occurs when the proper
Comparison with IAS 40 AASB 140 Investment Property as amended incorporates IAS 40 Investment Property as issued and amended by the International Accounting Standards Board (IASB). Australian-specific paragraphs (which are not included in IAS 40
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