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Please provide summary on Ind AS 40 - Investment Property

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Please provide summary on Ind AS 40 - Investment Property

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Please provide summary on Ind AS 40 - Investment Property The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. This Standard shall be applied in the recognition, measurement and disclosure of investment property. Among other things, this Standard applies to the measurement in a lessee’s financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in Ind AS 17, Leases, including: (a) classification of leases as finance leases or operating leases; (b) recognition of lease income from investment property (c) measurement in a lessee’s financial statements of property interests held under a lease accounted for as an operating lease; (d) measurement in a lessor’s financial statements of its net investment in a finance lease

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Open uri20170510 32134 59004f?1494421790 answered

Certain properties are classified as investment properties for financial reporting purposes in accordance with Ind AS 40, ‘Investment property’, as the characteristics of these properties differ significantly from owner-occupied properties. It is the current value of such properties and changes to those values that are relevant to users of financial statements. Investment property is property (land or a building, or part of a building or both) held by an entity to earn rentals and/or for capital appreciation. This category includes such property in the course of construction or development. Any other properties are accounted for as property, plant and equipment (PPE) or inventory in accordance with the following: 1.Ind AS 16, ‘Property, plant and equipment’, if they are held for use in the production or supply of goods or services 2.Ind AS 2, ‘Inventories’, as inventory, if they are held for sale in the ordinary course of business.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Scope 2 This Standard shall be applied in the recognition, measurement and disclosure of investment property. 3 Among other things, this Standard applies to the measurement in a lessee’s financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in Ind AS 17, Leases, including: (a) classification of leases as finance leases or operating leases; (b) recognition of lease income from investment property (see also Ind AS 115, Revenue from Contracts with Customers); (c) measurement in a lessee’s financial statements of property interests held under a lease accounted for as an operating lease; (d) measurement in a lessor’s financial statements of its net investment in a finance lease; (e) accounting for sale and leaseback transactions; and (f) disclosure about finance leases and operating leases. 4 This Standard does not apply to: (a) biological assets related to agricultural activity (see Ind AS 41, Agriculture and Ind AS 16 Property, Plant and Equipment); and (b) mineral rights and mineral reserves such as oil, natural gas and similar nonregenerative resources.

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Open uri20170510 32134 1ue0f38?1494421710 answered

Please provide summary on Ind AS 40 - Investment Property The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements. This Standard shall be applied in the recognition, measurement and disclosure of investment property. Among other things, this Standard applies to the measurement in a lessee’s financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in Ind AS 17, Leases, including: (a) classification of leases as finance leases or operating leases; (b) recognition of lease income from investment property (c) measurement in a lessee’s financial statements of property interests held under a lease accounted for as an operating lease; (d) measurement in a lessor’s financial statements of its net investment in a finance lease; (e) accounting for sale and leaseback transactions; and (f) disclosure about finance leases and operating leases.

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Data?1494421730 answered

Dear Friend > Ind AS 40 - Investment Property Certain properties are classified as investment properties for financial reporting purposes in accordance with Ind AS 40, ‘Investment property’, as the characteristics of these properties differ significantly from owner-occupied properties. It is the current value of such properties and changes to those values that are relevant to users of financial statements. Investment property is property (land or a building, or part of a building or both) held by an entity to earn rentals and/or for capital appreciation. This category includes such property in the course of construction or development. Any other properties are accounted for as property, plant and equipment (PPE) or inventory in accordance with the following: 1. Ind AS 16, ‘Property, plant and equipment’, if they are held for use in the production or supply of goods or services 2. Ind AS 2, ‘Inventories’, as inventory, if they are held for sale in the ordinary course of business. Initial measurement of an investment property will be at cost. Subsequent measurement of investment properties to be carried at cost less accumulated depreciation and any accumulated impairment losses. However, the fair value of the investment property is disclosed in the notes. Thanks

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