tailieunhanh - Lecture IFRS primer international GAAP basics: Chapter 11 - Wiecek, Young

Chapter 11 - Investment property: IAS 40. The main contents of the chapter consist of mains parts: Related standards, IAS 40, current GAAP comparisons, IFRS financial statement examples, looking ahead, end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 11 - Wiecek Young Investment Property IAS 40 Wiecek and Young IFRS Primer Chapter 11 Investment Property Related standards IAS 40 Current GAAP comparisons IFRS financial statement examples Looking ahead End-of-chapter practice 2 Related Standards FAS 153 Exchanges of nonmonetary assets APB 29 Accounting for nonmonetary transactions FAS 144 Accounting for the impairment on disposal of long-lived assets 3 Related Standards IAS 2 Inventories IAS 16 Property plant and equipment IAS 17 Leases IAS 23 Borrowing costs IAS 36 Impairment of assets IFRS 5 Non-current assets held for sale and discontinued operations 4 IAS 40 - Overview Objective and scope Recognition Measurement at recognition Measurement after recognition Transfers Derecognition Disclosures 5 IAS 40 Objective and Scope IAS 40 identifies what an investment property is how it differs from property plant and equipment owner-occupied property and what recognition measurement and disclosure standards apply to investment properties 6 IAS 40 Objective and Scope Investment property is defined as property held 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 7 IAS 40 - Recognition Investment property is recognized as an asset when - it is probable that its future economic benefits will flow to the entity and - its cost can be measured reliably 8 IAS 40 Measurement at Recognition Investment property is recognized initially at cost applying the cost model of IAS 16 Property Plant and Equipment including what is capitalized in cost and the principles for non-monetary transactions Leased investment property is measured according to IAS 17 Leases 9 IAS 40 Measurement after Recognition After initial recognition an entity has a choice of methods to account for investment property - Fair value model FVM or - Cost model CM .