15/03/2018 - EFRAG Endorsement Status Report - Update
The endorsement by the European Commission of Transfers of Investment Property (Amendments to IAS 40) is now reflected in the Endorsement Status Report.
The European Union has published a Commission Regulation endorsing Transfers of Investment Property (Amendments to IAS 40). The Amendments are effective for annual periods beginning on or after 1 January 2018.
The Amendments reinforce the principle in IAS 40 Investment Property that a property should be transferred to, or from, investment property when there is evidence that a change in use occurred by clarifying that a change in use would involve:
- an assessment of whether a property meets, or has ceased to meet, the definition of investment property; and
- supporting evidence that a change in use has occurred.
The Amendments also re-characterise the list of circumstances in paragraph 57 of IAS 40 as non-exhaustive examples and amended two examples.
Link to the publication in the Official Journal of the European Union: Commission Regulation (EU) 2018/800 as of 14 March 2018
The updated EFRAG Endorsement Status Report can be downloaded below and under the menu 'Endorsement Status'.