Accounting requirements - ias 40 investment properties, Auditing

Accounting Requirements - IAS 40 Investment Properties

IAS 40 prescribes the accounting treatment about investment property and related disclosure necessities.

 Investment property is initially identified at price. Subsequent about initial recognition, investment assets is carried either on:

  1. Cost, less accumulated depreciation and any accumulated impairment damage, as prescribed through IAS 16 Property and Equipment and Plant, or
  2. Fair Value. Fair price is the price on that the property could be exchanged among knowledgeable, willing parties in such an arm's length transaction.

Movements in fair price are recognized immediately in loss or profit.

The measurement model is applied consistently to all investment property. Conversely, an entity may choose either the fair price model or the cost model for investment property backing liabilities such pay a return linked indirectly to the fair price of specified assets involving that investment property, regardless of the model selected for all another investment property.

Transfers to, or from, the investment property categorization are made merely whenever there is evidence of a change in utilize. The gain or loss on de-recognition of an item of investment property is the difference among the total disposal proceeds, whether any the carrying amount of the item. The loss or gain is included in loss or profit.

Posted Date: 1/25/2013 2:50:19 AM | Location : United States







Related Discussions:- Accounting requirements - ias 40 investment properties, Assignment Help, Ask Question on Accounting requirements - ias 40 investment properties, Get Answer, Expert's Help, Accounting requirements - ias 40 investment properties Discussions

Write discussion on Accounting requirements - ias 40 investment properties
Your posts are moderated
Related Questions
Why is studying Auditing different from studying other accounting topics?

Plant and Machinery - Valuation and Authorization Valuation Valuation is at depreciated historic costs.  Auditor's duty is to make sure that the accounting policy for dep


Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.

Checking Consolidation Papers The auditor pays particular concentration to the calculation of: a) Goodwill arising on consolidation and acquisition b) Post-acquisition a

Audit of Partnerships The audit of a partnership is not normally required by statute and so the auditor must agree with the client what his rights and duties are going to be. T

(i) Overview of the audit process (a) Identify the key steps in this framework/ concept. (b) Briefly explain each of the key steps, in your own words. (ii) Framework of cr

You are the partner in charge of the audit of Drugs4U Ltd, a company which develops, manufactures and sells to the a trade market a wide range of drugs which promote healthy living

QUESTION: (a) The auditor should get relevant and reliable audit evidence sufficient to enable him to draw reasonable conclusions therefrom: (i) What do you understand by

what is statutory audit and private audit