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Hello,
This question might be more related to SBR but it was triggered while studying for the AAA exam. The text book of Kaplan is saying that the property that is being constructed or developed for use as an investment property should not be treated as Investment property. Still, when checking on internet (www.iasplus.com) this is what I found: “In May 2008, as part of its Annual improvements project, the IASB expanded the scope of IAS 40 to include property under construction or development for future use as an investment property. Such property previously fell within the scope of IAS 16”.
I would appreciate your feedback on which source I should rely on.
Thank you,
MariniIf you see something on iasplus that you want to check it is generally quite easy to find corroboration – I browsed “IAS 40″+ construction and it came up with this:
https://www.pwc.com/gx/en/asset-management/assets/practical-guide-to-amended-ias-40.pdfWhen it comes to amendments it is very easy for these to be overlooked in ACCA material – especially in audit, where the amendments are often on something very specific rather than mainstream and so unlikely to be examined.
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