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Funding a business
Transfer of investment property in Business
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[QUOTE="Yakub02, post: 309017, member: 94426"] An entity shall transfer a property to, or from, investment property when, and only when, there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. In isolation, a change in management’s intentions for the use of a property does not provide evidence of a change in use. Examples of evidence of a change in use include: (a) Commencement of owner-occupation, or of development with a view to owner occupation, for a transfer from investment property to owner-occupied property; (b) Commencement of development with a view to sale, for a transfer from investment property to inventories; (c) End of owner-occupation, for a transfer from owner-occupied property to investment property; and (d) Inception of an operating lease to another party, for a transfer from inventories to investment property Accounting treatment Under the fair value model, the entity should: (a) Revalue all its investment property to ‘fair value’ at the end of each financial year; and (b) Recognise any resulting gain/loss in profit or loss for the period. (c) The property would not be depreciated. Cost model for investment property The cost model follows the provisions of IAS 16. The property is measured at cost less accumulated depreciation and less impairment loss if any [/QUOTE]
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