Wingtip, a building company, owns a property which is currently occupied by its subsidiary. How should this property be accounted for in the CONSOLIDATED financial statements? Select one: a. As Investment Property under IAS 40 - Investment Property b. As Inventory under IAS 2 -Inventories c. As a lease under IFRS 16 Leases d. As Property under IAS 16, Property, Plant and Equipment An investment property under IAS 40 can be held for which of the following purposes? Select one: a. For use in the supply of services b. For use as retail premises c. For capital appreciation d. For use as an office If the fair value of an investment property cannot be reliably measured, how should it be recognised? Select one: a. At an estimated amount under IAS 40 b. At value in use c. At cost less depreciation under IAS 16 d. At estimated replacement cost
Wingtip, a building company, owns a property which is currently occupied by its subsidiary. How should this property be accounted for in the CONSOLIDATED financial statements? Select one: a. As Investment Property under IAS 40 - Investment Property b. As Inventory under IAS 2 -Inventories c. As a lease under IFRS 16 Leases d. As Property under IAS 16, Property, Plant and Equipment An investment property under IAS 40 can be held for which of the following purposes? Select one: a. For use in the supply of services b. For use as retail premises c. For capital appreciation d. For use as an office If the fair value of an investment property cannot be reliably measured, how should it be recognised? Select one: a. At an estimated amount under IAS 40 b. At value in use c. At cost less depreciation under IAS 16 d. At estimated replacement cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wingtip, a building company, owns a property which is currently occupied by its subsidiary.
How should this property be accounted for in the CONSOLIDATED financial statements?
Select one:
a. As Investment Property under IAS 40 - Investment Property
b. As Inventory under IAS 2 -Inventories
c. As a lease under IFRS 16 Leases
d. As Property under IAS 16, Property, Plant and Equipment
An investment property under IAS 40 can be held for which of the following purposes?
Select one:
a. For use in the supply of services
b. For use as retail premises
c. For capital appreciation
d. For use as an office
If the fair value of an investment property cannot be reliably measured, how should it be recognised?
Select one:
a. At an estimated amount under IAS 40
b. At value in use
c. At cost less depreciation under IAS 16
d. At estimated replacement cost
Which of the following could require a property to be accounted for under IAS 40 Investment Property?
Select one:
a. The commencement of development with a view to sell
b. The cessation of a lease to another party
c. The commencement of owner occupation
d. The cessation of owner occupation
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