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1、IAS 40 investment property (2)IAS 40 Investment Property页码，1/37International Accounting Standards IAS 40 Investment Property This International Accounting Standard was approved by the IASC Board in March 2000 and became effective for financial statements covering periods beginning on or after 1 Janu
2、ary 2001. This Standard supersedes IAS 25, Accounting for Investments, with respect to accounting for investment property. IAS 25 was withdrawn when this Standard came into effect. In January 2001, IAS 41, Agriculture, amended paragraph 3. The amended text is operative for annual financial statement
3、s covering periods beginning on or after 1 January 2003. Introduction 1. IAS 40 prescribes the accounting treatment for investment property and related disclosure requirements. The Standard is effective for annual financial statements covering periods beginning on or after 1 January 2001. Earlier ap
4、plication is encouraged. 2. The Standard replaces previous requirements in IAS 25, Accounting for Investments. Under IAS 25, an enterprise was permitted to choose from among a variety of accounting treatments for investment property (depreciated cost under the benchmark treatment in IAS 16, Property
5、, Plant and Equipment, revaluation with depreciation under the allowed alternative treatment in IAS 16, cost less impairment under IAS 25 or revaluation under IAS 25). IAS 25 is withdrawn when this Standard comes into effect. 3. Investment property is defined as property (land or a building - or par
6、t of a building - or both) held (by the owner or by the lessee under a finance lease) 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. 4. The
7、Standard does not deal with: (a) owner-occupied property (that is, property held for use in the production or supply of goods or services or for administrative purposes) - carried under IAS 16, Property, Plant and Equipment, at either depreciated cost or revalued amount less subsequent depreciation;
8、 file:/D:documentiasias_040.htm2003-11-11IAS 40 Investment Property页码，2/37(b) property held for sale in the ordinary course of business - carried at the lower of cost and net realisable value under IAS 2, Inventories; (c) property being constructed or developed for future use as investment property
9、- IAS 16 applies to such property until the construction or development is complete, at which time the property becomes investment property and this Standard applies. However, this Standard does apply to existing investment property that is being redeveloped for continued future use as investment pr
10、operty; (d) an interest held by a lessee under an operating lease - covered by IAS 17, Leases; (e) biological assets attached to land related to agricultural activity - covered by IAS 41, Agriculture; and (f) mineral rights, the exploration for and development of minerals, oil, natural gas andsimila
11、r non-regenerative natural resources. 5. The Standard permits enterprises to choose either: (a) a fair value model: investment property should be measured at fair value and changes in fair value should be recognised in the income statement; or (b) a cost model. The cost model is the benchmark treatm
12、ent in IAS 16, Property, Plant and Equipment: investment property should be measured at depreciated cost (less any accumulated impairment losses). An enterprise that chooses the cost model should disclose the fair value of its investment property. 6. The fair value model differs from the revaluation
13、 model that the Board already permits for certain non-financial assets. Under the revaluation model, increases in carrying amount above a cost-based measure are recognised as revaluation surplus. However, under the fair value model, all changes in fair value are recognised in the income statement. 7
14、. This is the first time that the Board has introduced a fair value accounting model for non-financial assets. The comment letters on Exposure Draft E64 showed that although many support this step, many others still have significant conceptual and practical reservations about extending a fair value
15、model to non-financial assets. Also, some believe that certain property markets are not yet sufficiently mature for a fair value model to work satisfactorily. Furthermore, some believe that it is impossible to create a rigorous definition of investment property and that this makes it impracticable t
16、o require a fair value model at present. 8. For those reasons, the Board believes that it is impracticable, at this stage, to require a fair value model for investment property. At the same time, the Board believes that it is desirable to permit a fair value model. This evolutionary step forward will allow preparers and users to gain greater experience working with a fair value model and will allow time for certain property markets to achieve greater maturity. file:/D:
