IAS 40 Investment Property | Change Of Use and Model

Find the best accounting teacher explaining International Financial Reporting Standard IAS 40 Investment Property on Change Of assets use.
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[@floracharles7698]

Thanks on the change of use explanation.

[@hybridaccounts]

Glad it was helpful!

[@MusslimThanos]

what about switching from cost model to fair value model? will it be applied prospectively it retrospectively? can you refer the standards?

[@hybridaccounts]

That is easy.
From cost model, always account for the changes in profit or loss.

[@MusslimThanos]

@@hybridaccounts no no im asking this policy change is prospective or retrospective in fs?

[@hybridaccounts]

My friend. We only account for the gain or loss, nothing else. So just get the change in asset values to profit or loss.​@MusslimThanos ​@MusslimThanos

[@MusslimThanos]

@@hybridaccounts no if u go to fv from cost model then its a change in accounting policy which u have to apply retrospectively and restate ur fs. That us what i was trying to confirm frm u

[@hybridaccounts]

@MusslimThanos You forget that you asked when changing from cost model.