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Transfer of Investment Property - IASB

Date recorded:

At its meeting on April 27-29, 2015, the IASB discussed the recommendations from the IFRIC for a narrow scope amendment of paragraph 57 of IAS 40. The IASB tentatively agreed to amend paragraph 57 to reinforce the principle for transfers into, or out of, investment property in IAS 40 to specify that: (i) a transfer into, or out of investment property should be made only when there has been a change in use of the property; and (ii) such a change in use would involve an assessment of whether the property qualifies as an investment property. That change in use should be supported by evidence.  As recommended by the IFRIC, the IASB tentatively decided that the list of circumstances set out in paragraph 57(a)–(d) should be re-presented as examples of evidence that a change in use has occurred, rather than as an exhaustive list.

Review the IASB Update.

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