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We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Transfers of Investment Property
08 Dec 2016The IASB has published 'Transfers of Investment Property (Amendments to IAS 40)' which clarifies that transfers to, or from, investment property are required when, and only when, there is a change in use of property supported by evidence.
Introduction
The IASB has published 'Transfers of Investment Property (Amendments to IAS 40)' which clarifies that transfers to, or from, investment property are required when, and only when, there is a change in use of property supported by evidence.
The amendments
In addition to clarifying the above-noted principle, the amendments also re-characterise the list of circumstances appearing in paragraph 57(a)–(d) as a non-exhaustive list of examples of evidence that a change in use has occurred. The Board has also clarified that a change in management’s intent, by itself, does not provide sufficient evidence that a change in use has occurred. Evidence of a change in use must be observable.
Effective date and transition
The amendments are effective for accounting periods on or after 1 January 2018, however early application is permitted. The amendments contain transitional provisions, the default being prospective application, however retrospective application is permitted, provided that it is possible without the use of hindsight.
