Investment property is land or a building (including part of a building) or both that is:
Investment property may include investment property that is being redeveloped.
An investment property is measured initially at cost. The cost of an investment property interest held under a lease is measured in accordance with IAS 17 Leases* at the lower of the fair value of the property interest and the present value of the minimum lease payments.
For subsequent measurement an entity must adopt either the fair value model or the cost model as its accounting policy for all investment properties. All entities must determine fair value for measurement (if the entity uses the fair value model) or disclosure (if it uses the cost model). Fair value reflects market conditions at the end of the reporting period.
Gains and losses on disposal are recognized in profit or loss.
IAS 40 Investment Property is Copyright: IFRS Foundation
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