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... As such, the items of the plant and equipment are essentially derecognized at the time of disposal (Annualreports.com. Gain or Loss on Disposal. Definitions •Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. CHAPTER 9_INVESTMENT PROPERTY - View presentation slides online. An investment property should be derecognised, (i.e. c) An investment property shall be derecognized from entity’ statement of financial position on disposal or when the investment property is no longer can provide future economic benefits. 2016). The future economic benefits may not attach to entity when it was permanently withdrawn from its use. GOT IT. A financial liability is derecognized with the discharge, cancellation or5fdf0d32e05ba5fdf0d333d6b0 of the contractual obligation or when its terms are substantially modified. Any gain or loss arising on derecognition is recognized in profit or loss (unless in a sale-and-lease-back transaction under IFRS 16). •Investment property is property (land or a building—or part of a building—or both) held (by the owner or by the lessee as a right-of use asset) to earn rentals or Likewise, upon disposal, the standard state that an item of investment property should be derecognized, which simply is to eliminate the item from the Statement of Financial Position. Any gain or loss is determined as the difference between the net disposal proceeds and the carrying amount is recognized in the income statement. The property referred to in Example 1 was revalued on 31 December 20X6. An investment property should be derecognized on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. A disposal may be achieved by the sale of the property or leasing it by means of finance lease. Compute the revaluation loss and state how it should be treated in the financial statements. Its fair value had fallen to $1.5m. Disclosure Requirements: An investment property shall be derecognized: on disposal or; when no benefit is expected from future use or disposal. An entity derecognizes a transferred financial asset if it has transferred substantially all of the risks and rewards of ownership or control of the financial asset. Solution The carrying value of the property at 31 December 20X6 would have been $2.74m ($2.8m - 2 … (See SLFRS 13 Fair Value Measurement). An investment property is derecognized when it is disposed or permanently withdrawn from use. Financial Accounting And Reporting : Investment Property 0 Download 13 Pages / 3,053 Words Add in library Click this icon and make it bookmark in your library to refer it later. removed from the Statement of Financial Position) on disposal, or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. Derecognition of financial assets under IFRS 9, transfers of all risks and rewards, pass-through transfers and other points. 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