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if earlier it was carried at FV
Financial Reporting
Sir what if the Asset as per Ind AS 16 earlier was carried under FV considering revaluation model, now its transfere to Investment property, now the carrying amount will be the carrying amount earlier (FV was the carrying amount earlier) or need to recompute the cost.. Video Details ------------- Ind AS - CA Final Ind AS 40 Investment Property #8. Transfer of Property within the Balance Sheet & Illustration 4
Answers (1)
Carrying amount will not be changed. So carrying amount as per Ind AS 16 will be considered. As per Ind AS 40 Transfers between investment property, owner-occupied property and inventories do not change the carrying amount of the property transferred and they do not change the cost of that property for measurement or disclosure purposes
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