the amounts recognised in profit or loss for:
rental income from investment property; direct operating expenses (including repairs and
maintenance) arising from investment property that
generated rental income during the period;
direct operating expenses (including repairs and
maintenance) arising from investment property that did
not generate rental income during the period; and
the cumulative change in fair value recognised in profit or
loss on a sale of investment property from a pool of assets in which the cost model is used into a pool in which the fair value model is used (see paragraph 32C).
the existence and amounts of restrictions on the realisability of
investment property or the remittance of income and proceeds of disposal.
contractual obligations to purchase, construct or develop
investment property or for repairs, maintenance or
enhancements.
Fair value model
In addition to the disclosures required by paragraph 75, an entity that applies the fair value model in paragraphs 33-55 shall disclose a reconciliation between the carrying amounts of investment property at
the beginning and end of the period, showing the following:
additions, disclosing separately those additions resulting from
acquisitions and those resulting from subsequent expenditure
recognised in the carrying amount of an asset;
additions resulting from acquisitions through business
combinations;
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5 and other
disposals;
net gains or losses from fair value adjustments;
the net exchange differences arising on the translation of the financial statements into a different presentation currency, and on translation of a foreign operation into the presentation
currency of the reporting entity;
transfers to and from inventories and owner-occupied property;
and
other changes.
When a valuation obtained for investment property is adjusted significantly for the purpose of the financial statements, for example to avoid double-counting of assets or liabilities that are recognised as separate assets and liabilities as described in paragraph 50, the entity shall disclose a reconciliation between the valuation obtained and the adjusted valuation included in the financial statements, showing separately the aggregate amount of any recognised lease obligations that have been added back, and any other significant adjustments.
In the exceptional cases referred to in paragraph 53, when an entity measures investment property using the cost model in IAS 16, the reconciliation required by paragraph 76 shall disclose amounts relating to that investment property separately from amounts relating to other
investment property. In addition, an entity shall disclose:
a description of the investment property;
an explanation of why fair value cannot be measured reliably;
if possible, the range of estimates within which fair value is highly
likely to lie; and
on disposal of investment property not carried at fair value:
Cost model
the fact that the entity has disposed of investment property
not carried at fair value;
the carrying amount of that investment property at the time
of sale; and
the amount of gain or loss recognised.
In addition to the disclosures required by paragraph 75, an entity that
applies the cost model in paragraph 56 shall disclose:
the depreciation methods used;
the useful lives or the depreciation rates used;
the gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the
beginning and end of the period;
a reconciliation of the carrying amount of investment property at
the beginning and end of the period, showing the following:
additions, disclosing separately those additions resulting from acquisitions and those resulting from subsequent
expenditure recognised as an asset;
additions resulting from acquisitions through business
combinations;
assets classified as held for sale or included in a disposal group classified as held for sale in accordance with IFRS 5
and other disposals;
depreciation;
the amount of impairment losses recognised, and the
amount of impairment losses reversed, during the period in
accordance with IAS 36;
the net exchange differences arising on the translation of
the financial statements into a different presentation currency, and on translation of a foreign operation into the
presentation currency of the reporting entity;
transfers to and from inventories and owner-occupied
property; and
other changes.
the fair value of investment property. In the exceptional cases
described in paragraph 53, when an entity cannot measure the fair
value of the investment property reliably, it shall disclose:
a description of the investment property;
an explanation of why fair value cannot be measured
reliably; and
if possible, the range of estimates within which fair value is
highly likely to lie.
Transitional provisions
Fair value model
An entity that has previously applied IAS 40 (2000) and elects for the first
time to classify and account for some or all eligible property interests held under operating leases as investment property shall recognise the effect of that election as an adjustment to the opening balance of retained earnings for the period in which the election is first made. In
addition:
if the entity has previously disclosed publicly (in financial
statements or otherwise) the fair value of those property interests in earlier periods (measured on a basis that satisfies the definition of fair value in IFRS 13), the entity is encouraged, but not required:
to adjust the opening balance of retained earnings for the
earliest period presented for which such fair value was
disclosed publicly; and
to restate comparative information for those periods; and
if the entity has not previously disclosed publicly the information
described in (a), it shall not restate comparative information and shall disclose that fact.
This Standard requires a treatment different from that required by IAS 8. IAS 8 requires comparative information to be restated unless such restatement is impracticable.
When an entity first applies this Standard, the adjustment to the opening balance of retained earnings includes the reclassification of any amount held in revaluation surplus for investment property.
Cost model
IAS 8 applies to any change in accounting policies that is made when an entity
first applies this Standard and chooses to use the cost model. The effect of the change in accounting policies includes the reclassification of any amount held in revaluation surplus for investment property.
The requirements of paragraphs 27-29 regarding the initial measurement of an investment property acquired in an exchange of assets transaction shall be applied prospectively only to future transactions.
Business Combinations
Annual Improvements Cycle 2011-2013 issued in December 2013 added
paragraph 14A and a heading before paragraph 6. An entity shall apply that amendment prospectively for acquisitions of investment property
from the beginning of the first period for which it adopts that amendment. Consequently, accounting for acquisitions of investment property in prior periods shall not be adjusted. However, an entity may choose to apply the amendment to individual acquisitions of investment property that occurred prior to the beginning of the first annual period occurring on or after the effective date if, and only if, information needed to apply the amendment to those earlier transactions is available to the entity.
Effective date
An entity shall apply this Standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this Standard for a period beginning before 1 January 2005, it shall disclose that fact.
IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraph 62. An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.
Paragraphs 8, 9, 48, 53, 54 and 57 were amended, paragraph 22 was deleted and paragraphs 53A and 53B were added by Improvements to IFRSs issued in May 2008.
An entity shall apply those amendments prospectively for annual periods beginning on or after 1 January 2009. An entity is permitted to apply the amendments to investment property under construction from any date before 1 January 2009 provided that the fair values of investment properties under construction were measured at those dates. Earlier application is permitted. If an entity applies the amendments for an earlier period it shall disclose that fact and at the same time apply the amendments to paragraphs 5 and 81E of IAS 16 Property, Plant and Equipment.
IFRS 13, issued in May 2011, amended the definition of fair value in paragraph 5, amended paragraphs 26, 29, 32, 40, 48, 53, 53B, 78-80 and 85B and deleted paragraphs 36-39, 42-47, 49, 51 and 75(d). An entity shall apply those amendments when it applies IFRS 13.
Annual Improvements Cycle 2011-2013 issued in December 2013 added headings before paragraph 6 and after paragraph 84 and added paragraphs 14A and 84A. An entity shall apply those amendments for annual periods beginning on or after 1 July 2014. Earlier application is permitted. If an entity applies those amendments for an earlier period it shall disclose that fact.
Withdrawal of IAS 40 (2000)
This Standard supersedes IAS 40 Investment Property (issued in 2000).
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