Investment properties

Investment properties 投资性房地产

Investment properties include those portions of office buildings that are held for long-term rental yields and/or for capital appreciation and land under operating leases that is held for long-term capital appreciation or for a currently indeterminate use. Investment properties include properties that are being constructed or developed for future use as investment properties. Investment properties are initially recognised at cost and subsequently carried at fair value , determined annually by independent professional valuers on the highest and-best-use basis. Changes in fair values are recognised in profit or loss. Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised and the carrying amounts of the replaced components are recognised in profit or loss. The cost of maintenance, repairs and minor improvements is recognised in profit or loss when incurred. On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in profit or loss. 投资性房地产包括为长期租赁收益和/或资本增值而持有的办公楼部分,以及为长期资本增值或目前不确定用途而持有的经营性租赁土地。投资性房地产包括正在建设或开发供未来投资使用的房地产。投资性房地产最初按成本确认,随后按公允价值入账,由独立的专业估价师每年根据最高和最佳用途确定。公允价值的变化在损益中确认。投资性房地产应定期进行翻修或改善。重大翻新及改善工程的成本已资本化,而更换组件的帐面价值则确认为损益。维修、修理及轻微改善的费用在发生时确认为损益。在出售投资房地产时,出售收益与帐面价值之间的差额,会确认为盈利或亏损。

Classification as investment property 投资性房地产类别

When judgement is required to determine the portions of investment property, owner-occupied property and property held for sale in the ordinary course of business, the entity shall disclose the criteria used to distinguish them and the judgement involved. 在确定投资性财产、自住产业和正常营业中待售产业的比例时,应当披露区分投资性房地产、自住产业和待售产业的标准和所涉及的判断。

Property interests 产业权益

A property interest that is held by a lessee under an operating lease may be classified and accounted for as investment property if and only if: (a) the property will otherwise meet the definition of an investment property; and (b) the lessee uses the fair value model to account for its investment properties. Once this classification is selected for one such property, all properties classified as investment properties shall be accounted for using the fair value model. 承租人在经营租赁项下持有的产业权益,可在以下且仅在以下情况下被归类为投资性房地产:(A)该产业将符合投资性房地产的定义;(B)承租人采用公允价值模型核算其投资性房地产。一旦对其中一项产业选择了这种分类,所有被归类为投资性房地产的产业都应使用公允价值模型进行核算。

Cost model 成本模型

A reporting entity can choose to apply the cost model, provided it does not classify any property interest held under operating leases as investment property. The following accounting policy may be adopted: 报告实体可以选择应用成本模型,只要它不将经营租赁中持有的任何产业权益归类为投资性房地产。可采用下列会计政策:

“Investment properties comprise significant portions of freehold office buildings that are held for long-term rental yields and/or for capital appreciation. “投资性房地产包括相当大一部分用于长期租赁收益和/或资本增值的不动产办公楼。

Investment properties are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is calculated using [a straight-line] method to allocate the depreciable amounts over the estimated useful lives of [ ] years. The residual values, useful lives and depreciation method of investment properties are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are included in profit or loss when the changes arise…..” 投资性房地产最初按成本确认,然后按成本减去累计折旧和累计减值损失。折旧是使用[直线]法来分配[]年预计使用年限内的折旧金额。对投资性房地产的残值、使用寿命和折旧方法进行审查,并在每个资产负债表日进行适当调整。任何修订的影响都包括在变更发生时的损益中……”

When the cost model is applied, the fair value of investment property shall be disclosed at each reporting date. In the exceptional cases when an entity cannot determine the fair value of investment property reliably, it shall disclose: 采用成本模型时,应在每个报告日披露投资性房地产的公允价值。对不能可靠确定投资性财产公允价值的例外情况,应当披露:

  • a description of the investment property; 投资性房地产的说明;
  • an explanation of why fair value cannot be determined reliably; and 对公允价值不能可靠确定的解释;和
  • if possible, the range of estimates within which fair value is highly likely to lie. 在可能的情况下,公允价值极有可能位于估计的范围内。

Determination of fair value 公允价值的确定

The Standards do not provide specific guidance to determine fair value. However, IAS 40.BC 53 highlights that the fair value concept under FRS is similar to that under the International Valuation Standards (“IVS”). 这些标准没有提供确定公允价值的具体指导。然而,IAS 40。BC 53强调,FRS下的公允价值概念与国际估值标准(“IVS”)下的类似。

Under IVS 1, the market value of an asset is estimated on the basis of its highest-and-bestuse, which means that any possible use of the asset, as determined from market evidence, shall be considered in the fair value determination. The highest- and-best-use value approach, as suggested by IVS 1, is the most appropriate basis to determine fair value. This approach is further confirmed by the 1998 revision on IAS 16, which removed the “existing use” basis for valuing PPE. Nevertheless, it is possible for the highest-and-best-use of an investment property to be the same as its existing use. 在IVS 1下,资产的市场价值是根据其最高和最好的用途来估计的,这意味着根据市场证据确定的资产的任何可能用途都应在公允价值确定中予以考虑。正如IVS 1所建议的,最高和最佳使用价值方法是确定公允价值的最合适基础。1998年国际会计准则第16号修订版进一步证实了这一方法,该修订版取消了评估PPE价值的“现有使用”基础。然而,一项投资性房地产的最高和最佳用途可能与其现有用途相同。

Transfer in and out of investment properties 转进出投资性房地产

There are specific recognition and/or measurement requirements dealing with transfers from investment properties to property, plant and equipment or inventories and vice versa. Please refer to paragraphs 57-65 of FRS 40 for details. 有具体的确认和/或计量要求,涉及从投资财产转移到产业、厂房和设备或存货,反之亦然。详情请参阅FRS 40第57-65段。

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