Dear Chris,
If we are carrying our property under cost model, I know properties are carried under revaluation but IF, and is transferred to IAS 40, would we revalue it to fair value before transfer?
There is a difference between Fair Value under Revaluation model and Fair value less cost to sell?
IAS 16, IAS 38, IAS 40 uses fair value
While IFRS 5, IFRS 36 uses fair value less to sell?
Just little doubt.
Regards
Ask the Tutor ACCA SBR
IAS 16 to IAS 40
9y ago#1Hi,
Yes before transferring it to IP it would be remeasureed under IAS 16 first.
You're correct about fair value and fair value less costs to sell, although I think you meant to write IAS 36.
Thanks
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