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IAS 40 Investment Properties
Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may adopt the cost based approach or the fair price policy about the treatment of investment properties. Whether the cost based approach is utilized, the accounting treatment is as for the benchmark treatment within IAS 16 Cost less accumulated impairment and depreciation losses and you must be familiar along with the audit procedures simply carried out.
Whether the fair value policy is adopted, the company is utilized to revalue of price the property all year taking losses and gains to the income statement. Fair price will simply be verifiable through reference to recent prices on an active market. In absent of the active market, the auditor may utilize to consider evidence of valuations from same markets discounted or suitably adjusted cash flow projections. So therefore the points peculiar to investment properties about the auditor to review involved:
(i) Confirming such the fair price policy is suitable as for example it is rented to a non group company
(ii) Evaluating the reliability of the evidence on that fair price is based especially whenever not any active market exists
(iii) Correctness of accounting for transfers among categorization to for from investment properties whether only a change of need has happened.
(iv) Totality of disclosure requirements.
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