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Question - MacPro Property Bhd acquired an investment property on 1 January 2015 and measured it using the cost model. On 1 January 2018, MacPro Property Bhd changed the accounting policy and used the fair value model to measure investment property. The acquisition cost of the property was RM70 million and the estimated useful life was 35 years.
The fair values of the property were measured as below: Date RM (in million)
31/12/2015 72
31/12/2016 74
31/12/2017 78
31/12/2018 83
Profit after depreciation on investment property but before tax for 2017 and 2018 were RM80 million and RM95 million, respectively. Retained earnings brought forward on 1 January 2017 and 2018, were RM150 million and RM210 million, respectively. Assume that tax rate for 2017 and 2018 was 25%.
REQUIRED -
(a) Discuss the accounting treatment of the above transaction in accordance to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors.
(b) Prepare the comparative financial statements for the year ended 31 December 2018 incorporating the accounting changes made by MacPro Property Bhd.
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