Investment property Flashcards
(7 cards)
1
Q
Investment property
A
Land/Building/both or part of a building held by:
- An owner or
- A lease as a right-of-use asset; appreciation or both
2
Q
Owner occupied property
A
Land or building/both or part of a building held by an owner or by a lease as a right of use asset for use in the production or supply of goods or service
3
Q
Transfer in/out
A
Transfer in or out of investment property occur if there is evidence of a change un use with the result that the
- investment property is now met
- Investment property is no longer met
4
Q
Recognition criteria
A
- future economic benefits from the IP is probable
- Its cost is reliably measured
5
Q
Measurement
A
Initial: At cost
Subsequent: Cost model or fair value
6
Q
Deferred tax
A
Cost model: DT the same as PPE
Fair value: CA the FV
Tax base will reflect the tax deductions
7
Q
A
