International GAAP 2012: Generally Accepted Accounting Practice under International Financial Reporting Standards

Chapter 21

Investment property

1 Introduction

2 Definitions and Scope

2.1 Acquisition of investment property and the definition of a business

2.2 Property interests held under operating leases

2.3 Identifying investment property

2.3.1 Land

2.3.2 Property leased to others

2.3.3 Property held or being constructed for sale

2.3.4 Owner occupation

2.3.5 Property in the course of construction

2.3.6 Properties with dual uses

2.3.7 Provision of services

2.3.8 Rentals determined by reference to the operations in the property

2.3.9 Group of assets leased out under a single operating lease

3 Recognition

4 Initial Measurement

4.1 Attributable costs

4.2 Start up costs

4.3 Deferred payments

4.4 Income from tenanted property during development

4.5 Reclassifications from property, plant and equipment (‘PP&E’)

4.6 Initial measurement of property held under a lease

4.7 Initial measurement of assets acquired in exchange transactions

4.8 Initial recognition of tenanted investment property subsequently measured using the cost model

4.9 Borrowing costs

4.10 Lease incentives and initial costs of leasing a property

4.11 Contingent costs

5 Measurement After Initial Recognition

5.1 Property held under an operating lease

5.2 Measurement by insurers and similar entities

6 The Fair Value Model

6.1 Methods of estimating fair value

6.2 IFRS 13 — Fair Value Measurement

6.2.1 Observable data

6.2.2 The fair value hierarchy

6.3 The fair value of investment property under construction

6.4 Transaction costs incurred ...