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CH. 5 NCA – Example 9 – Investment property and change of use

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › CH. 5 NCA – Example 9 – Investment property and change of use

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by MichelleM89.
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    Posts
  • October 4, 2023 at 4:56 pm #692828
    MichelleM89
    Participant
    • Topics: 5
    • Replies: 5
    • ☆

    Gains on Revaluations for PPE and IP aside, is it that there’s no movement at all in Addlington’s SOFP Revaluation Reserve for the six month period to 30 June 15?

    October 4, 2023 at 9:20 pm #692835
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7177
    • ☆☆☆☆☆

    We have changed the assets use from PPE, where gains were recognised through OCI, to IP and gains now recognised through profit or loss.

    The gain that we see in OCI is the one we recognise when the asset’s use is changed as it is revalued under IAS16 first before it is then classified as IP and IAS40.

    Once the asset is changed to being IP then there will be no change in value that goes through OCI if it increases in value between the date of change of use and the reporting date. Any change in value now goes through profit or loss.

    October 16, 2023 at 4:40 pm #693537
    MichelleM89
    Participant
    • Topics: 5
    • Replies: 5
    • ☆

    I appreciate the clarification

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