INVESTMENT PROPERTY HISTORY OF

IAS Plus International Accounting Standards IAS 40, Investment Property Home Site Map Standards Interpretations Agenda Structure Newsletter Resources Countries/Regions Links Search STANDARDS: IAS 40 INVESTMENT PROPERTY HISTORY OF IAS 40 October 1984 Exposure Draft E26 Accounting for Investments March 1986 IAS 25 Accounting for Investments 1 January 1987 Effective Date of IAS 25 December 1999 Exposure Draft E64 Investment Property April 2000 IAS 40 Investment Property superseded those portions of IAS 25 that addressed investment property and withdrew IAS 25 1 January 2001 Effective Date of IAS 40 (2000) 18 December 2003 Revised version of IAS 40 issued by the IASB The summary below reflects the revisions. 1 January 2005 Effective date of IAS 40 (Revised 2003) RELATED INTERPRETATIONS Issues Relating to This Standard that IFRIC Did Not Add to Its Agenda SUMMARY OF IAS 40 Definition of Investment Property Investment property is property (land or a building or part of a building or both) held (by the owner or by the lessee under a finance lease) to earn rentals or for capital appreciation or both. [IAS 40.5] Examples of investment property: [IAS 40.8] Land held for long-term capital appreciation Land held for undecided future use Building leased out under an operating lease Vacant building held to be leased out under an operating lease The following are not investment property and, therefore, are outside the scope of IAS 40: [IAS 40.5 and 40.9] property held for use in the production or supply of goods or services or for administrative purposes; property held for sale in the ordinary course of business or in the process of construction of development for such sale (IAS 2 Inventories); property being constructed or developed on behalf of third parties (IAS 11 Construction Contracts); owner-occupied property (IAS 16 Property, Plant and Equipment), including property held for future use as owner-occupied property, property held for future development and subsequent use as owner-occupied property, property occupied by employees and owner-occupied property awaiting disposal; property that is being constructed of developed for use as an investment property (IAS 16 applies to such property until construction or development is complete). However, IAS 40 does apply to existing investment property that is being redeveloped for continuing use as investment property; and property leased to another entity under an finance lease. Other Classification Issues Property held under an operating lease. A property interest that is held by a lessee under an operating lease may be classified and accounted for as investment property provided that: [IAS 40.6] the rest of the definition of investment property is met; the operating lease is accounted for as if it were a finance lease in accordance with IAS 17 Leases; and the lessee uses the fair value model set out in this Standard for the asset recognised. An entity may make the foregoing classification on a property-by-property basis. Partial own use. If the owner uses part of the property for its own use, and part to earn rentals or for capital appreciation, and the portions can be sold or leased out separately, they are accounted for separately. Therefore the part that is rented out is investment property. If the portions cannot be sold or leased out separately, the property is investment property only if the owner-occupied portion is insignificant. [IAS 40.10] Ancillary services. If the enterprise provides ancillary services to the occupants of a property held by the enterprise, the appropriateness of classification as investment property is determined by the significance of the services provided. If those services are a relatively insignificant component of the arrangement as a whole (for instance, the building owner supplies security and maintenance services to the lessees), then the enterprise may treat the property as investment property. Where the services provided are more significant (such as in the case of an owner-managed hotel), the property should be classified as owner-occupied. [IAS 40.11] Intracompany rentals. Property rented to a parent, subsidiary, or fellow subsidiary is not investment property in consolidated financial statements that include both the lessor and the lessee, because the property is owner-occupied from the perspective of the group. However, such property could qualify as investment property in the separate financial statements of the lessor, if the definition of investment property is otherwise met. [IAS 40.15] Recognition Investment property should be recognised as an asset when it is probable that the future economic benefits that are associated with the property will flow to the enterprise, and the cost of the property can be reliably measured. [IAS 40.16] Initial measurement Investment property is initially measured at cost, including transaction costs. Such cost should not include start-up costs, abnormal waste, or initial operating losses incurred before the investment property achieves the planned level of occupancy. [IAS 40.20 and 40.23] Measurement subsequent to initial recognition IAS 40 permits enterprises to choose between: [IAS 40.30] a fair value model; and a cost model. One method must be adopted for all of an entity's investment property. Change is permitted only if this results in a more appropriate presentation. IAS 40 notes that this is highly unlikely for a change from a fair value model to a cost model. Fair value model Investment property is remeasured at fair value, which is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction. Gains or losses arising from changes in the fair value of investment property must be included in net profit or loss for the period in which it arises. [IAS 40.35] Fair value should reflect the actual market state and circumstances as of the balance sheet date. [IAS 40.38] The best evidence of fair value is normally given by current prices on an active market for similar property in the same location and condition and subject to similar lease and other contracts. [IAS 40.45] In the absence of such information, the entitymay consider current prices for properties of a different nature or subject to different conditions, recent prices on less active markets with adjustments to reflect changes in economic conditions, and discounted cash flow projections based on reliable estimates of future cash flows. [IAS 40.46] There is a rebuttable presumption that the enterprise will be able to determine the fair value of an investment property reliably on a continuing basis. However, if, in exceptional circumstances, an entity follows the fair value model but at acquisition concludes that a property's fair value is not expected to be reliably measurable on a continuing basis, the property is accounted for in accordance with the benchmark treatment under IAS 16 , Property, Plant and Equipment (cost less accumulated depreciation less accumulated impairment losses). [IAS 40.53] Where a property has previously been measured at fair value, it should continue to be measured at fair value until disposal, even if comparable market transactions become less frequent or market prices become less readily available. [IAS 40.55] Cost Model After initial recognition, investment property is accounted for in accordance with the cost model as set out in IAS 16 , Property, Plant and Equipment – cost less accumulated depreciation and less accumulated impairment losses. [IAS 40.56] Transfers to or from Investment Property Classification Transfers to, or from, investment property should only be made when there is a change in use, evidenced by: [IAS 40.57] commencement of owner-occupation (transfer from investment property to owner-occupied property); commencement of development with a view to sale (transfer from investment property to inventories); end of owner-occupation (transfer from owner-occupied property to investment property); commencement of an operating lease to another party (transfer from inventories to investment property); or end of construction or development (transfer from property in the course of construction/development to investment property. When an enterprise decides to sell an investment property without development, the property is not reclassified as investment property but is dealt with as investment property until it is disposed of. The following rules apply for accounting for transfers between categories: for a transfer from investment property carried at fair value to owner-occupied property or inventories, the fair value at the change of use is the 'cost' of the property under its new classification; [IAS 40.60] for a transfer from owner-occupied property to investment property carried at fair value, IAS 16 should be applied up to the date of reclassification. Any difference arising between the carrying amount under IAS 16 at that date and the fair value is dealt with as a revaluation under IAS 16; [IAS 40.61] for a transfer from inventories to investment property at fair value, any difference between the fair value at the date of transfer and it previous carrying amount should be recognised in net profit or loss for the period; [IAS 40.63] and when an entity completes construction/development of an investment property that will be carried at fair value, any difference between the fair value at the date of transfer and the previous carrying amount should be recognised in net profit or loss for the period. [IAS 40.65] When an entity uses the cost model for investment property, transfers between categories do not change the carrying amount of the property transferred, and they do not change the cost of the property for measurement or disclosure purposes. Disposal An investment property should be derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal should be calculated as the difference between the net disposal proceeds and the carrying amount of the asset and should be recognised as income or expense in the income statement. [IAS 40.66 and 40.69] Compensation from third parties is recognised when it becomes receivable. [IAS 40.72] Disclosure Both Fair Value Model and Cost Model [IAS 40.75] whether the fair value or the cost model is used; if the fair value model is used, whether property interests held under operating leases are classified and accounted for as investment property; if classification is difficult, the criteria to distinguish investment property from owner-occupied property and from property held for sale. the methods and significant assumptions applied in determining the fair value of investment property. the extent to which the fair value of investment property is based on a valuation by a qualified independent valuer; if there has been no such valuation, that fact must be disclosed. 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; and direct operating expenses (including repairs and maintenance) arising from investment property that did not generate rental income during the period. 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. Additional Disclosures for the Fair Value Model [IAS 40.76] a reconciliation between the carrying amounts of investment property at the beginning and end of the period, showing additions, disposals, fair value adjustments, net foreign exchange differences, transfers to and from inventories and owner-occupied property, and other changes. significant adjustments to an outside valuation (if any) if an entity that otherwise uses the fair value model measures an item of investment property using the cost model, certain additional disclosures are required. Additional Disclosures for the Cost Model [IAS 40.79] 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 additions, disposals, depreciation, impairment recognised or reversed, foreign exchange differences, transfers to and from inventories and owner-occupied property, and other changes; the fair value of investment property. If the fair value of an item of investment property cannot be measured reliably, additional disclosures are required, including, if possible, the range of estimates within which fair value is highly likely to lie.

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Commercial + Investment, Properties Dublin Ireland For Sale/Auction/To Let/Rent-Southern Ireland Estate Agent HOME CONTACT US ABOUT US NEWS PUBLICATIONS PROPERTY ALERTS SITE MAP Introduction Dublin Office Cork Office Belfast Office Financial Services Dublin Printer_Version Development Investment Retail and Business Industrial Office -- --Clonmagadden SDZ, Navan, Co. Meath SUMMARY Land of approx. 3.64 Ha (9 acres) Superb development site in an excellent location approximately 1 km from Navan town. €7,500,000 o.t.o STATUS For Sale By Private Treaty --Superb Hotel Development at Dublin Road, Navan, Co Meath SUMMARY Superb Hotel Development Opportunity at Dublin Road, Navan, Co. Meath Approx. 3.4 Ha. (8.4 Acres) STATUS For Sale By Private Treaty --Plot of Land at Oldtown, Swords, Co Dublin SUMMARY Situated in the picturesque village of Oldtown, a rare opportunity to purchase a plot of land of approximately 0.23 acre, zoned residential within easy commuting distance of Dublin city centre. STATUS For Sale By Private Treaty --Development Opportunity at Collon, Co Louth. SUMMARY Land approx. 15.6 ha. (38.55 acres). Full planning permission for world-class motor kart circuit of 1.4km plus facilities to include café/restaurant area, conference facility, changing areas and large viewing gallery, outdoor lockup garages are also included along with large car parking area. STATUS For Sale By Private Treaty --Land at Rathdowney, Co. Laois SUMMARY Approx. 6.51 ha. (16.1 acres) Price on application STATUS For Sale By Private Treaty --Hawthorn Avenue, East Wall, Dublin 3. SUMMARY Full planning permission granted – ready to go scheme (with fire certificate) for 11 residential units with social and affordable exemption certificate. STATUS For Sale --Development site at Engine Alley, Dublin 8 SUMMARY A Ready to go Development Opportunity for developers / investors. Full planning permission for five apartments and two ground floor commercial units. A social and affordable housing certificate has been obtained. A fire certificate has been obtained. Site area approximately 217.5 sq.m. STATUS For Sale By Private Treaty --Ballymun Regeneration, Ballymun, Dublin 9 SUMMARY Exciting North Dublin urban renewal scheme in which there will be future commercial property opportunities. STATUS For Sale By Private Treaty --14 Bachelors Walk, Dublin 1 SUMMARY Rare opportunity to acquire a splendid 4 storey over basement quayside building located close to O’Connell Bridge in the heart of Dublin city centre. STATUS For Sale By Private Treaty --Clontra, Quinns Road, Shankill, Co Dublin SUMMARY STATUS For Sale By Private Treaty --Plattin, Duleek Road, Drogheda, Co Louth SUMMARY Superb site in this prominent location with extensive road frontage. Excellent location adjacent to M1 junction at Duleek Road, approximately 3.7km from Drogheda town centre and approximately 60km from Dublin city centre. Approximately 10.12 ha (25 acres) with potential for development. STATUS For Sale By Private Treaty --Industrial Development Site at Tolka Valley Road, Finglas, Dublin 11 SUMMARY This is an excellent opportunity to acquire an infill industrial development site in this most sought-after northside commercial location. STATUS For Sale --IFI Main Factory, Arklow, Co. Wicklow SUMMARY Very extensive industrial complex and large land holding. Approx. 23,219 sq.m. of commercial buildings in 13 separate buildings. STATUS Sale Agreed --Ashling House Creche and 17 New Dwellings, Balbutcher Lane, Ballymun, Dublin 11 SUMMARY Full planning permission for well designed three storey development with car park and new side road Situated opposite land approx 0.64 ha. (1.58 acres) at Balbutcher Lane on which proposals are also invited. STATUS Sale Agreed --Land at Balbutcher Lane, Ballymun, Dublin 11 SUMMARY Land approx. 0.64 ha. (1.58 acres) Proposals invited for the development of these well situated lands, on a subject to planning permission basis, for a range of possible uses. STATUS Sale Agreed --Shanliss Way, Ballymun, Dublin 9 SUMMARY Net site area approx. 659 sq.m. (0.16 acres) with full planning permission to construct a terrace of four houses in this mature residential location. The four houses consist of three bedroom two storey houses with garden / patio to the rear and comprise approximately 93 sq.m. gross internal area each. STATUS Sale Agreed --Nos. 24A/25 Hill Street, rear North Great Georges Street, Dublin 1 SUMMARY Residential development site with FPP for 11 apartments, commercial unit & car park Site area extends to approximately 447 sq.m. STATUS Sold --64 Thomas Street, Dublin 8 SUMMARY Important Redevelopment/Development Opportunity STATUS Sale Agreed --Mabestown House, Dublin Road, Malahide, Co Dublin SUMMARY Major Development Opportunity at Malahide. Land approximately 2.15 ha. (5.3 acres) designated for residential development under the Fingal Co. Council Development Plan 2005-2011. STATUS Tenders Under Consideration --Lands at Navan Road, Dunboyne, Co Meath SUMMARY This is a unique opportunity to acquire a large portion of land in the centre of Dunboyne, which has been designed for village centre and residential development under the Meath County Development Plan 2001. STATUS Tenders Under Consideration --Auburn Avenue, Castleknock, Dublin 15 SUMMARY Approx. 0.54 ha. (1.33 acres) Full planning permission for 45 luxury apartments STATUS Sold © Lisney 2004. All Rights Reserved Disclaimer Privacy Statement

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