We have building, which is rented, but last month it was decided to sell it during upcoming 12 months. How I should treat it in my FS? As asset held for sale or as Investment property? We are still renting it m
OK, let me reply. First of all, there are strict conditions to classify asset as held for sale under IFRS 5, so the question is if you met the conditions to classify since you did not sell. Secondly, revise the following article that gives quite a good response:https://www.cpdbox.com...
If you’re using your building or land for the first 2 purposes, then you should apply IAS 16; and the standard IAS 2 Inventories fits when you use them for the sale in ordinary course of business. Examples of investment property What specifically can be classified as investment property?