IASB proposes amendments to IAS 40 on transfers of investment property

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Nov 19, 2015

On November 19, 2015, the International Accounting Standards Board (IASB) published an Exposure Draft (ED) of proposed amendments to IAS 40 'Investment Property'. The amendments address transfers of investment property. Comments are requested by March 18, 2016.

The amendments proposed in ED/2015/9 Transfers of Investment Property (Proposed amendment to IAS 40)are:
  • 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.
  • 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.

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