PAS 40 - PAS 40 INVESTMENT PROPERTY MODULEOBJECTIVES...

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PAS 40 INVESTMENT PROPERTY
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MODULE OBJECTIVES Understand the definition of investment property and identify assets belonging to this classification. Distinguish investment property from property, plant and equipment Understand how investment property should be accounted for Be aware of the disclosure requirements for investment properties
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3 DEFINITION OF INVESTMENT PROPERTY Property (Land or Building or Both) held To earn rentals; or For capital appreciation Not held for use in production, supply of goods / services or for administration sale in ordinary course of business Property held by a lessee under an operating lease that otherwise meets the definition of investment property lessee must use fair value model property-by-property basis
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4 NOT CLASSIFIED AS INVESTMENT PROPERTY sale in ordinary course of business owner-occupied constructed for third party inventory IAS 2 property IAS 16 contract IAS 11
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5 NOT CLASSIFIED  AS INVESTMENT PROPERTY property under finance lease employee occupied property property under initial development lease IAS 17 property IAS 16 property IAS 16 once developed: IAS 40
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NOT CLASSIFIED AS INVESTMENT PROPERTY Biological assets Mineral rights, exploration/extraction IAS 41 IFRS 6
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7 EXAMPLES OF INVESTMENT PROPERTY Land held for long-term capital appreciation Investment property being redeveloped for continued use as investment property Building owned (or held under finance lease) and leased out under operating leases. including vacant building that will be leased out under operating leases.
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8 DUAL PURPOSE – ABLE TO SPLIT IAS 16 owner occupied IAS 40 With rental income
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9 DUAL PURPOSE – UNABLE TO SPLIT IAS 16 owner occupied rental income IAS 40 owner occupied rental income
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PAS 40 - PAS 40 INVESTMENT PROPERTY MODULEOBJECTIVES...

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