IAS 40

IAS 40 refers to...

• Occupied property

• Investment property

• Suitable property

IAS 40 does not apply to...

• Biological assets related to agricultural activity

• Regenerative resources

• Property held by the owner

The amount at which an asset is recognised in the statement of financial position is known as....

• Cost

• Fair value

• Carrying amount

Owner-occupied property is property held (by the owner or by the lessee as a right-of-use asset) for use in the production or supply of goods or services or for administrative purposes.

• True

• False

Occupied property is held to earn rentals or for capital appreciation or both

• True

• False

It is not an example of investment property...

• land held for a currently undetermined future use

• a building owned by the entity

• property that is leased to another entity under a finance lease

An owned investment property shall be measured initially at its cost. Transaction costs shall be included in the initial measurement. 

• True

• False

Parts of investment properties can not be acquired through replacement.

• True

• False

The cost of an investment property is not increased by operating losses incurred before the investment property achieves the planned level of occupancy

• True

• False

An investment property held by a lessee as a right-of-use asset shall be measured initially at its cost in accordance with IFRS 40.

• True

• False