Document ID: chunk:federal_register_of_legislation:F2023C00417:reg:56:p4
Version: federal_register_of_legislation:F2023C00417
Segment Type: reg
Provision Reference: reg 56 (pt 4/9)
Character Range: 37505–40348

profit or loss (unless AASB 16 requires otherwise on a sale and leaseback) in the period of the retirement or disposal.
70 The amount of consideration to be included in the gain or loss arising from the derecognition of an investment property is determined in accordance with the requirements for determining the transaction price in paragraphs 47–72 of AASB 15. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in AASB 15.
71 An entity applies AASB 137 or other Standards, as appropriate, to any liabilities that it retains after disposal of an investment property.
72 Compensation from third parties for investment property that was impaired, lost or given up shall be recognised in profit or loss when the compensation becomes receivable.
73 Impairments or losses of investment property, related claims for or payments of compensation from third parties and any subsequent purchase or construction of replacement assets are separate economic events and are accounted for separately as follows:
(a) impairments of investment property are recognised in accordance with AASB 136;
(b) retirements or disposals of investment property are recognised in accordance with paragraphs 66–71 of this Standard;
(c) compensation from third parties for investment property that was impaired, lost or given up is recognised in profit or loss when it becomes receivable; and
(d) the cost of assets restored, purchased or constructed as replacements is determined in accordance with paragraphs 20–29 of this Standard.

Disclosure

Fair value model and cost model
74 The disclosures below apply in addition to those in AASB 16. In accordance with AASB 16, the owner of an investment property provides lessors' disclosures about leases into which it has entered. A lessee that holds an investment property as a right-of-use asset provides lessees' disclosures as required by AASB 16 and lessors' disclosures as required by AASB 16 for any operating leases into which it has entered.
75 An entity shall disclose:
(a) whether it applies the fair value model or the cost model.
(b) [deleted]
(c) when classification is difficult (see paragraph 14), the criteria it uses to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business.
(d) [deleted]
(e) the extent to which the fair value of investment property (as measured or disclosed in the financial statements) is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. If there has been no such valuation, that fact shall be disclosed.
(f) the amounts