IAS 40 INVESTMENT PROPERTY - Grantthornton .au
1 IAS 40 Investment PropertyIAS 40 INVESTMENTPROPERTYFACT SHEET
2 IAS 40 Investment PropertyThis fact sheet is based on existing requirements as at 31 December 2015 and does not take into account recentstandards and interpretations that have been issued but are not yet effective.IMPORTANT NOTEThis fact sheet is based on the requirements of the International Financial Reporting Standards (IFRSs). In somejurisdictions, the IFRSs are adopted in their entirety; in other jurisdictions the individual IFRSs are amended. Insome jurisdictions the requirements of a particular IFRS may not have been adopted. Consequently, users of thefact sheet in various jurisdictions should ascertain for themselves the relevance of the fact sheet to their particularjurisdiction. The application date included below is the effective date of the initial version of the standard.
3 IAS 40 Investment PropertyIASB APPLICATION DATE(NON-JURISDICTION SPECIFIC)IAS 40 is applicable for annual reporting periodscommencing on or after 1 January 2005.RECOGNITIONInvestment property is recognised as an asset when,and only when:SCOPEa. i t is probable that the future economic benefits thatare associated with the investment property will flowto the entity; andIAS 40 shall be applied in the recognition, measurementand disclosure of investment property, except:b. t he cost of the investment property can be measuredreliably. b iological assets related to agricultural activity(see IAS 41 Agriculture)Measurement at initial recognitionAn investment property is initially measured at cost,including transaction costs. m ineral rights and mineral reserves such as oil, naturalgas, and similar non-regenerative resourcesWhile IAS 40 applies to the measurement in a lessee’sfinancial statements of investment property interestsunder a lease accounted for as a finance lease and tothe measurement in a lessor’s financial statements ofinvestment property provided to a lessee under anoperating lease, it does not deal with other matterscovered in IAS 17 Leases.Investment property includes L and held for long-term capital appreciation ratherthan for short-term sale in the ordinary course ofbusiness. L and held for a currently undetermined future use(if an entity has not determined that it will use the landas owner-occupied property or for short-term sale in theordinary course of business, the land is regarded as heldfor capital appreciation). B uilding owned by the entity (or held by the entityunder a finance lease) and leased out under one ormore operating leases. B uilding that is vacant but is held to be leased outunder one or more operating leases. P roperty that is being constructed or developedfor future use as investment property.The initial cost of a property interest held under a leaseand classified as an investment property shall be asprescribed for a finance lease in IAS 17. The asset shallbe recognised at the lower of the fair value of the leasedproperty and the present value of the minimum leasepayments. An equivalent amount shall be recognisedas a liability in accordance with IAS 17 as well.Subsequent measurementAfter initial recognition, investment property shall bemeasured using either: T he fair value model, with changes in fair valuerecognised in profit or loss in the period that they arise. T he cost model, measured by depreciated cost lessany accumulated impairment losses in accordance withIAS 16 Property, plant and equipment, other than thosethat meet the criteria to be classified as held for sale inaccordance with IFRS 5 Non-current assets held for saleand discontinued operations.IAS 40 requires all entities to measure the fair valueof 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 valueof investment property on the basis of a valuation by anindependent valuer who holds a recognised and relevantprofessional qualification and has recent experience in thelocation and category of the investment property beingvalued.If an entity has previously measured an investmentproperty at fair value, it shall continue to measure theproperty at fair value until disposal (or until the propertybecomes owner-occupied property or the entity begins todevelop the property for subsequent sale in the ordinarycourse of business) even if comparable market transactionsbecome less frequent or market prices become less readilyavailable.If the fair value model is chosen, there is a rebuttablepresumption that an entity can reliably determine thefair value of an investment property on a continuing basis.
4 IAS 40 Investment PropertyDerecognitionAn investment property shall be derecognised (eliminated from the statement of financial position) on disposal orwhen the investment property is permanently withdrawn from use and no future economic benefits are expectedfrom its disposal.An investment property may be disposed through sale or by entering into a finance lease. The consequent gainor loss is the difference between the net disposal proceeds and the carrying amount of the asset and shall berecognised in profit and loss, subject to any provisions in IAS 17 Leases relating to sale and leaseback arrangementsin the period of the retirement or disposal.SummaryInvestment property acquired by purchase or property interest held under a finance leaseYesProperty purchased orconstructed or held bya leassee underfinance leaseWas the investmentproperty acquiredunder a financelease?Is investment propertydefinition met?NoYesNoInitialcarryingamountis costStandard notapplicableInitial cost is lower of fairvalue of leased propertyand the present value of theminimum lease paymentsSubsequentMeasurementCost methodORFair value method for allinvestment propertyInvestment property interest acquired under an operating leaseYesIs the operatinglease accountedfor as if it is afinance lease?YesProperty interest heldby lessee under anoperating leaseIs investment propertydefinition met?NoNoStandard notapplicableInterest can be accountedfor as investment property.Initial cost is the lowerof fair value of leasedproperty and the presentvalue of minimum leasepayments. For subsequentmeasurement, the lesseemust use fair value methodand this applies for allinvestment propertyTransfersTransfers to, or from, investment property shall be made when there is a change in use.The consequential accounting treatment depends on the new categorisation; refer paragraphs 57 to 65 of IAS 40.
5 IAS 40 Investment PropertyDISCLOSURESRefer Appendix 1 for a checklist to assist with IAS 40 disclosure requirements.DEFINITIONSCarrying amountThe amount at which an asset is recognised in the statementof financial position.CostThe amount of cash or cash equivalents paid or the fair valueof other consideration given to acquire an asset at the timeof its acquisition or construction or, where applicable, theamount attributed to the asset when initially recognised inaccordance with the specific requirements of other standards.Fair valueThe price that would be received to sell an asset or paid totransfer a liability in an orderly transaction between marketparticipants at the measurement date.Investment propertyProperty (land or a building — or part of a building — orboth) held (by the owner or by the lessee under a financelease) to earn rentals or for capital appreciation or both,rather than for: u se in the production or supply of goods or servicesor for administrative purposes sale in the ordinary course of business.Owner-occupied propertyProperty held (by the owner or by the lessee under a financelease) for use in the production or supply of goods or servicesor for administrative purposes.
6 IAS 40 Investment PropertyAUSTRALIAN SPECIFIC REQUIREMENTSThe Australian equivalent standard is AASB 140 InvestmentProperty.REDUCED DISCLOSURE REQUIREMENTS(RDR)DefinitionIn respect of not-for-profit entities, property may beheld to meet service delivery objectives rather than toearn rental or for capital appreciation. In such situationsthe property will not meet the definition of investmentproperty and will be accounted for under AASB 116,for example:On 30 June 2010, the Australian Accounting StandardsBoard published AASB 1053 Application of Tiers ofAustralian Accounting Standards (and AASB 2010-2Amendments to Australian Accounting Standards arisingfrom Reduced Disclosure Requirements) which establisheda differential reporting framework, consisting of two Tiersof reporting requirements for preparing general purposefinancial statements:a. property held for strategic purposes; andb. p roperty held to provide a social service, includingthose which generate cash inflows where the rentalrevenue is incidental to the purpose for holding theproperty.Measurement at initial recognitionNot-for-profit entities that acquire an investment propertyat no cost or for nominal cost shall deem its cost to be itsfair value at the date of acquisition.a. Tier 1: Australian Accounting Standards; andb. T ier 2: Australian Accounting Standards– Reduced Disclosure Requirements.Tier 2 comprises the recognition, measurement andpresentation requirements of Tier 1 and substantiallyreduced disclosures corresponding to those requirements.A Tier 2 entity is a ‘reporting entity’ as defined in SAC1 Definition of the Reporting Entity that does not have‘public accountability’ as defined in AASB 1053 and is nototherwise deemed to be a Tier 1 entity by AASB 1053.RDR is applicable to annual periods beginning on or after1 July 2013.The requirements that do not apply to RDR entities areidentified in Appendix 1 by shading of the relevant text.Additional disclosure requirements that are applicableto RDR entities only are included in a separate table inAppendix 1.
7 IAS 40 Investment PropertyAPPENDIX 1 – DISCLOSURE CHECKLISTThis checklist can be used to review your financial statements. You should complete the “Yes / No / N/A” column aboutwhether the requirement is included. To ensure the completeness of disclosures, provide an explanation for “No” answers.YES /NO / N/ACODEIAS 40.75Has the entity disclosed the following:a. Whether it applies the fair value modelor the cost model;b. If it applies the fair value model, whether,and in what circumstances propertyinterests held under operating leases areclassified and accounted for as investmentproperty;c. When classification is difficult, the criteriathe entity uses to distinguish investmentproperty from owner-occupied propertyand from property held for sale in theordinary course of business;d. The extent to which the fair value ofinvestment property (as measured ordisclosed in the financial statement) isbased on a valuation by an independentvaluer who holds a recognised and relevantprofessional qualification and who hasrecent experience in the location andcategory of the investment property beingvalued. If there has been no valuation byan independent valuer, that fact;e. T he amounts included in the profit or lossfor: rental income from investment property; direct operating expenses (including repairsand maintenance) arising from investmentproperty that generated rental incomeduring the period; direct operating expenses (including repairsand maintenance) arising from investmentproperty that did not generate rentalincome during the period; and the cumulative change in fair valuerecognised in profit or loss on a sale ofinvestment property from a pool of assetsin which the cost model is used into a poolin which the fair value model is used (seeparagraph IAS 40.32C);f. The existence and amounts of restrictionson the realisability of investment propertyor the remittance of income and proceedsof disposal; andg. Contractual obligations to purchase,construct or develop investment propertyor for repairs, maintenance orenhancements?EXPLANATION(If required)
8 IAS 40 Investment PropertyYES /NO / N/ACODEIAS 40.76If the entity applies the fair value model, hasit disclosed a reconciliation of the carryingamount of investment property at thebeginning and end of the period showingthe following:a. Additions, disclosing separately thoseadditions resulting from acquisitionsand those resulting from subsequentexpenditure recognised in the carryingamount of an asset;b. Additions resulting from acquisitionsthrough business combinations;c. Assets classified as held for sale or includedin a disposal group classified as held forsale in accordance with IFRS 5 and otherdisposals;d. Net gains or losses from fair valueadjustments;e. The net exchange differences arising onthe translation of the financial statementsinto a different presentation currency, andon the translation of a foreign operation intothe presentation currency of the reportingentity;f. Transfers to and from inventories andowner-occupied property; andg. Other changes?IAS 40.77 hen a valuation obtained for an investmentWproperty is adjusted significantly for the purposeof the financial statements, has the entitydisclosed a reconciliation between the valuationobtained and the adjusted valuation included inthe financial statements, showing separately:a. The aggregate amount of any recognisedlease obligations that have been addedback; andb. Any other significant adjustments?IAS 40.78In the exceptional cases when the entity’s policyis to account for investment properties at fairvalue, but because of the lack of a reliable fairvalue, it measures investment property at costless any accumulated depreciation and anyaccumulated impairment losses, has the entitydisclosed:a. A reconciliation – relating to that investmentproperty separately – of the carryingamount at the beginning and end of theperiod;b. A description of the investment property;c. A n explanation of why fair value cannot bedetermined reliably;d. If possible, the range of estimates withinwhich fair value is highly likely to lie;e. On disposal of investment property notcarried at fair value: the fact that the entity has disposed ofinvestment property not carried at fair value the carrying amount of that investmentproperty at the time of sale; and the amount of gain or loss recognised?EXPLANATION(If required)
9 IAS 40 Investment PropertyYES /NO / N/ACODEIAS 40.79If the entity applies the cost model, has itdisclosed:a. The depreciation methods used;b. T he useful lives or the depreciation ratesused;c. T he gross carrying amount and theaccumulated depreciation (aggregatedwith accumulated impairment losses) at thebeginning and end of the period;d. A reconciliation of the carrying amount ofinvestment property at the beginning andend of the period, showing the following: additions, disclosing separately thoseadditions resulting from acquisitionsand those resulting from subsequentexpenditure recognised as an asset; a dditions resulting from acquisitionsthrough business combinations; a ssets classified as held for sale or includedin a disposal group classified as held forsale in accordance with IFRS 5 and otherdisposals; depreciation; t he amount of impairment lossesrecognised, and the amount of impairmentlosses reversed, during the period inaccordance with IAS 36 Impairment ofAssets; the net exchange differences arising onthe translation of the financial statementsinto a different presentation currency, andon translation of a foreign operation intothe presentation currency of the reportingentity; transfers to and from inventories and owneroccupied property; and other changes.e. The fair value of investment propertyf. In the exceptional cases (see IAS 40.53 forguidance) when the entity cannot determinethe fair value of the investment propertyreliably, has the entity disclosed: a description of the investment property; an explanation of why fair value cannot bedetermined reliably; and if possible, the range of estimates withinwhich fair value is highly likely to lie?EXPLANATION(If required)
10 IAS 40 Investment PropertyADDITIONAL DISCLOSURE REQUIREMENTS APPLICABLE TO RDR ENTITIES ONLYYES /NO / N/ACODEAASB 140 RDR76.1An entity applying RDR is not requiredto disclose the reconciliation specifiedin paragraph 76 for prior periods.EXPLANATION(If required)
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IAS 40 shall be applied in the recognition, measurement and disclosure of investment property, except: biological assets related to agricultural activity (see IAS 41 Agriculture) mineral rights and mineral reserves such as oil, natural gas, and similar non-regenerative resources While
IAS 39, investment properties in IAS 40, and agricultural livestock and produce in IAS 41. IAS 40 became effective for 2001 calendar years. Prior to IAS 40, investment property was accounted for under the general tangible fixed asset standard IAS 16, Property, Plant and Equipment. A
In scope of IAS 36 Excluded from scope of IAS 36 Property, plant and equipment Inventories (IAS 2) Assets arising from construction contracts (IAS 11) Assets arising from employee benefits (IAS 19) Deferred tax assets (IAS 12) Financial assets within the scope of IAS 39 Investment
IAS 14 Segment Reporting 1 July 1998 Not included in this questionnaire IAS 16 Property, Plant and Equipment 1 January 2005 100 IAS 17 Leases 1 January 2005 112 IAS 18 Revenue 1 January 1995 123 IAS 19 Employee Benefits 1 January 1999 130 IAS 20 Accounting for Government Grants and Disclosure of Government Assistance
IPSAS 16 Investment Property IAS 40 IPSAS 17 Property, Plant and Equipment IAS 16 IPSAS 18 Segment Reporting IAS 14 IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets IAS 37 IPSAS 20 Related Party Disclosures IAS 24 IPSAS 21 Impair
IAS 36 – LỖ TỔN THẤT TÀI SẢN. xxx KHÔNG áp dụngcho Ápdụngcho x Hàng tồnkho (IAS 2) x . Tài sản tài chính (IFRS 9) x . Quyền lợi người lao động (IAS 19) x . Tài sản thuế hoãn lại (IAS 12) x . Hợp đồng xây dựng (IAS 11) x . Bất động s
IAS 18 contains extensive examples illustrating the recognition of revenue. Refer to the Appendix to IAS 18. Impairment of receivables Where uncertainty arises about the collectability of an amount already included in revenue, the potentially uncollectible amount or the amount in respect of which recovery has ceased to be probable is recognised .
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
Anatomi Olahraga 6 Fisiologi Sistem Tulang 52 Sel Penyusun Tulang 53 BAGIAN IV ARTHROLOGI 64 Klasifikasi Sendi 64 A. Berdasrkan Tanda Struktural Yang Spesifik 64 B. Berdasrkan Jumlah Aksisnya 71 C. Berdasarkan Bentuk Permukaan Tulang 72 D. Berdasarkan Komponen Penyusun Kerangka 74 E. Berdasarkan Luas Gerakan 74 BAGIAN V MIOLOGY 76 Fibra Otot Seran Lintang 79 Fibra Otot Polos 84 Fibra Otot .
