IAS 40 Investment Property.docx
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IAS 40 Investment Property.docx
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IAS40InvestmentProperty
IAS40InvestmentProperty
ThisrevisedStandardsupersedesIAS40(2000)InvestmentPropertyandshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
Contents
paragraphs
INTRODUCTION
IN1-IN18
InternationalAccountingStandard40InvestmentProperty
OBJECTIVE
1
SCOPE
2-4
DEFINITIONS
5-15
RECOGNITION
16-19
MEASUREMENTATRECOGNITION
20-29
MEASUREMENTAFTERRECOGNITION
30-56
AccountingPolicy
30-32
FairValueModel
33-55
InabilitytoDetermineFairValueReliably
53-55
CostModel
56
TRANSFERS
57-65
DISPOSALS
66-73
DISCLOSURE
74-79
FairValueModelandCostModel
74-75
FairValueModel
76-78
CostModel
79
TRANSITIONALPROVISIONS
80-84
FairValueModel
80-82
CostModel
83-84
EFFECTIVEDATE
85
WITHDRAWALOFIAS40(2000)
86
APPROVALOFIAS40BYTHEBOARD
IASBBASISFORCONCLUSIONSONIAS40(asrevisedin2003)
IASCBASISFORCONCLUSIONSONIAS40(2000)
TABLEOFCONCORDANCE
InternationalAccountingStandard40InvestmentProperty(IAS40)issetoutinparagraphs1-86.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS40shouldbereadinthecontextofitsobjectiveandtheIASB'sBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Introduction
IN1.InternationalAccountingStandard40InvestmentProperty(IAS40)replacesIAS40InvestmentProperty(issuedin2000),andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.
ReasonsforRevisingIAS40
IN2.TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS40aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.
IN3.ForIAS40theBoard'smainobjectivewasalimitedrevisiontopermitapropertyinterestheldbyalesseeunderanoperatingleasetoqualifyasinvestmentpropertyunderspecifiedconditions.Thoseconditionsincluderequirementsthatthepropertymustotherwisemeetthedefinitionofaninvestmentproperty,andthatthelesseemustaccountfortheleaseasifitwereafinanceleaseandmeasuretheresultingleaseassetusingthefairvaluemodel.TheBoarddidnotreconsiderthefundamentalapproachtotheaccountingforinvestmentpropertycontainedinIAS40.
TheMainChanges
IN4.ThemainchangesfromthepreviousversionofIAS40aredescribedbelow.
IN5.Apropertyinterestthatisheldbyalesseeunderanoperatingleasemaybeclassifiedandaccountedforasinvestmentpropertyprovidedthat:
(a)therestofthedefinitionofinvestmentpropertyismet;
(b)theoperatingleaseisaccountedforasifitwereafinanceleaseinaccordancewithIAS17Leases;and
(c)thelesseeusesthefairvaluemodelsetoutinthisStandardfortheassetrecognised.
IN6.TheclassificationalternativedescribedinparagraphIN5isavailableonaproperty-by-propertybasis.However,becauseitisageneralrequirementoftheStandardthatallinvestmentpropertyshouldbeconsistentlyaccountedforusingthefairvalueorcostmodel,oncethisalternativeisselectedforonesuchproperty,allpropertyclassifiedasinvestmentpropertyistobeaccountedforconsistentlyonafairvaluebasis.
IN7.TheStandardrequiresanentitytodisclose:
(a)whetheritappliesthefairvaluemodelorthecostmodel;and
(b)ifitappliesthefairvaluemodel,whether,andinwhatcircumstances,propertyinterestsheldunderoperatingleasesareclassifiedandaccountedforasinvestmentproperty.
IN8.Whenavaluationobtainedforinvestmentpropertyisadjustedsignificantlyforthepurposeofthefinancialstatements,areconciliationisrequiredbetweenthevaluationobtainedandthevaluationincludedinthefinancialstatements.
IN9.TheStandardclarifiesthatifapropertyinterestheldunderaleaseisclassifiedasinvestmentproperty,theitemaccountedforatfairvalueisthatinterestandnottheunderlyingproperty.
IN10.Comparativeinformationisrequiredforalldisclosures.
IN11.SomesignificantchangeshavebeenincorporatedintotheStandardasaresultofamendmentsthattheBoardmadetoIAS16Property,PlantandEquipmentaspartoftheImprovementsproject:
(a)tospecifywhatcostsareincludedinthecostofinvestmentpropertyandwhenreplaceditemsshouldbederecognised;
(b)tospecifywhenexchangetransactions(ietransactionsinwhichinvestmentpropertyisacquiredinexchangefornon-monetaryassets,inwholeorinpart)havecommercialsubstanceandhowsuchtransactions,withorwithoutcommercialsubstance,areaccountedfor;and
(c)tospecifytheaccountingforcompensationfromthirdpartiesforinvestmentpropertythatwasimpaired,lostorgivenup.
SummaryoftheApproachRequiredbytheStandard
IN12.TheStandardpermitsentitiestochooseeither:
(a)afairvaluemodel,underwhichaninvestmentpropertyismeasured,afterinitialmeasurement,atfairvaluewithchangesinfairvaluerecognisedinprofitorloss;or
(b)acostmodel.ThecostmodelisspecifiedinIAS 16andrequiresaninvestmentpropertytobemeasuredafterinitialmeasurementatdepreciatedcost(lessanyaccumulatedimpairmentlosses).Anentitythatchoosesthecostmodeldisclosesthefairvalueofitsinvestmentproperty.
IN13.Thechoicebetweenthecostandfairvaluemodelsisnotavailabletoalesseeaccountingforapropertyinterestheldunderanoperatingleasethatithaselectedtoclassifyandaccountforasinvestmentproperty.TheStandardrequiressuchinvestmentpropertytobemeasuredusingthefairvaluemodel.
IN14.Thefairvaluemodeldiffersfromtherevaluationmodelthatispermittedforsomenon-financialassets.Undertherevaluationmodel,increasesincarryingamountaboveacost-basedmeasurearerecognisedasrevaluationsurplus.However,underthefairvaluemodel,allchangesinfairvaluearerecognisedinprofitorloss.
IN15.TheStandardrequiresanentitytoapplyitschosenmodeltoallofitsinvestmentproperty.However,thisdoesnotmeanthatalleligibleoperatingleasesmustbeclassifiedasinvestmentproperties.
IN16.Inexceptionalcases,whenanentityhasadoptedthefairvaluemodel,theremaybeclearevidencewhenanentityfirstacquiresaninvestmentproperty(orwhenanexistingpropertyfirstbecomesinvestmentpropertyfollowingthecompletionofconstructionordevelopment,orafterachangeinuse)thatitsfairvaluewillnotbereliablydeterminableonacontinuingbasis.Insuchcases,theStandardrequirestheentitytomeasurethatinvestmentpropertyusingthecostmodelinIAS 16untildisposaloftheinvestmentproperty.Theresidualvalueoftheinvestmentpropertyisassumedtobezero.
IN17.Achangefromonemodeltotheotherismadeonlyifthechangeresultsinamoreappropriatepresentation.TheStandardstatesthatthisishighlyunlikelytobethecaseforachangefromthefairvaluemodeltothecostmodel.
IN18.IAS40dependsuponIAS17forrequirementsfortheclassificationofleases,theaccountingforfinanceandoperatingleasesandforsomeofthedisclosuresrelevanttoleasedinvestmentproperties.Whenapropertyinterestheldunderanoperatingleaseisclassifiedandaccountedforasaninvestmentproperty,IAS40overridesIAS17byrequiringthattheleaseisaccountedforasifitwereafinancelease.Paragraphs14-18ofIAS17applytotheclassificationofleasesoflandandbuildings.Inparticular,paragraph18specifieswhenitisnotnecessarytomeasureseparatelythelandandbuildingelementsofsuchalease.
Objective
1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforinvestmentpropertyandrelateddisclosurerequirements.
Scope
2.ThisStandardshallbeappliedintherecognition,measurementanddisclosureofinvestmentproperty.
3.Amongotherthings,thisStandardappliestothemeasurementinalessee'sfinancialstatementsofinvestmentpropertyinterestsheldunderaleaseaccountedforasafinanceleaseandtothemeasurementinalessor'sfinancialstatementsofinvestmentpropertyprovidedtoalesseeunderanoperatinglease.ThisStandarddoesnotdealwithmatterscoveredinIAS17Leases,including:
(a)classificationofleasesasfinanceleasesoroperatingleases;
(b)recognitionofleaseincomefrominvestmentproperty(seealsoIAS18Revenue);
(c)measurementinalessee'sfinancialstatementsofpropertyinterestsheldunderaleaseaccountedforasanoperatinglease;
(d)measurementinalessor'sfinancialstatementsofitsnetinvestmentinafinancelease;
(e)accountingforsaleandleasebacktransactions;and
(f)disclosureaboutfinanceleasesandoperatingleases.
4.ThisStandarddoesnotapplyto:
(a)biologicalassetsrelatedtoagriculturalactivity(seeIAS41Agriculture);and
(b)mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.
Definitions
5.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Carryingamountistheamountatwhichanassetisrecognisedinthebalances
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