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Comment letter deadline for ED on Transfers of Investment Property (Proposed amendment to IAS 40)

When Mar 18, 2016
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On November 19, 2015, the IASB published an ED of proposed amendments to IAS 40, Investment Property. The amendments address transfers of investment property.

The amendments proposed in ED/2015/9, Transfers of Investment Property (Proposed amendment to IAS 40) are: (i) Paragraph 57 will be amended to state that an entity shall transfer a property to, or from, investment property when, and only when, there is evidence of a change in use. The change of use shall consist of the property meeting, or ceasing to meet, the definition of investment property. And (ii) the list of examples of evidence in paragraph 57(a) – (d) will be presented as a non-exhaustive list instead of an exhaustive list.  The ED does not contain a proposed effective date.

However, the ED proposes that the amendments would be applied retrospectively and that early application would be permitted. Comments are requested by March 18, 2016.

On December 15, 2015, the AcSB issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are also encouraged to submit their comments by March 18, 2016.

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