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Investment property and Lease

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Investment property and Lease

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • December 5, 2018 at 4:09 pm #487632
    lavenite
    Member
    • Topics: 13
    • Replies: 5
    • ☆

    In BPP textbook, the following was mentioned:
    ”An asset held by an entity as a right-of-use asset under IFRS16 and leased out under an operating lease is treated as an investment property”
    Can anyone please clarify this?

    December 19, 2018 at 8:22 am #492296
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8361
    • ☆☆☆☆☆

    This concerns the subsequent measurement of right-of-use asset:

    Under IFRS 16, a right-of-use asset is generally measured using the cost model (i.e. depreciated and any impairment losses recognised).

    IFRS permits the revaluation model if the right-of-use asset relates to a class of PPE (usually property) to which the entity applies the revaluation model.

    If a right-of-use asset meets the definition of an investment property, and the entity has other investment properties, the entity must apply the same model to the right-of-use asset as to other investment properties (cost or fair value model).

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