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IFRS 16

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 16

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by P2-D2.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • September 2, 2019 at 2:06 pm #544161
    alikhakar
    Participant
    • Topics: 186
    • Replies: 79
    • ☆☆☆

    When we have classifed right to use asset as Investment Property, what is the accounting treatment when the lease term ends ?
    Because we have not depreciated it , how we will account for its derecognition ?

    September 3, 2019 at 9:17 am #544417
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7205
    • ☆☆☆☆☆

    You would follow the usual rules as per IAS 40.

    Thanks

    September 3, 2019 at 3:33 pm #544515
    alikhakar
    Participant
    • Topics: 186
    • Replies: 79
    • ☆☆☆

    Can you guide me through the journal entries please because i’m getting confused
    When we derecognise Investment property we are effectively selling it and we receive cash in exchange
    But here we are not getting any considerarion in return so what will be the debit entry ?
    Thanks

    September 8, 2019 at 9:42 pm #545593
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7205
    • ☆☆☆☆☆

    I presume that it would go through profit or loss.

    Thanks

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