July 2012
Beginner to intermediate
256 pages
6h 54m
English
book
IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
by Thomas Muller-Marques Berger
Content preview from IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
Use in the production or supply of goods or services or for administrative purposes
Sale in the ordinary course of operations
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IPSAS 16: Investment Property
Objective
The objective of IPSAS 16 is to prescribe the accounting treatment for investment property and related disclosure requirements.
The IFRS on which the IPSAS is based
IAS 40, Investment Property
Content
Principal definitions
Investment property is property (land or a building - or part of a building - or both) held to earn rentals or for capital appreciation or both, rather than for:
Use in the production or supply of goods or services or for administrative purposes
Sale in the ordinary course of operations
General remarks
Investment property generates cash flows largely independently of the other assets held by an entity, distinguishing it from other land or buildings controlled by public sector entities, including owner-occupied property.
There are a number of circumstances in which public sector entities may hold property to earn rental and for capital appreciation. For example, a public sector entity (other than a GBE) may be established to manage a government's property portfolio on a commercial basis.
Scope
IPSAS 16 does not apply to
a) Biological assets related to agricultural activity (see IPSAS 27, Agriculture); and
b) Mineral rights and mineral reserves such as oil, natural gas, and similar non-regenerative resources.
Recognition ...
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