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Yes so what ? I think the content is still the same as Statement of Profit or Loss and Other Comprehensive Income
Yep, content still the same. Thank God it wasn’t cashflow, but slightly strange to see very little on SFP given this is the examiner’s main focus
How did you account for the 10 block storeys? and what was that q.1b requirement??
@arront1986 said:
depreciation to P/L, revaluation to OCIMate, I think if you considered fair value model of IAS 40 for reversing the depreciation, than its not reval, its a a fair value gain…goes to PnL …….
I did think of the depreciation – then got confused and only did the revaluation to OCI
Regarding the investment property in Q1, it should be apportioned into 2 parts:
– 1st and 2nd floor were owner-occupied so they were classified as PPE and depreciated in accordance with IAS16 and then revalued under revaluation model in IAS16 with gain credited to OCI
– The other 8 floors were rented out to unconnected parties so they were classified as investment property and not depreciated, changes in FV were credited to P&L under fair value model in IAS40
That was my treatment in the exam.
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