CERTYNEX IFRS ACADEMY

Elmora, a subsidiary of the Norvane group, holds a building that it leases to another group company, Norvane Services, which carries on its business there. Which classification is consistent with the rule?

Investment property in both the separate and the consolidated financial statements, the lease being with a legally distinct party.

Owner-occupied property in Elmora's separate financial statements, and investment property in the consolidated financial statements.

Investment property in the lessor Elmora's separate financial statements, but not in the group's consolidated financial statements.

Neither investment property nor owner-occupied property in either set of accounts, the lease being intragroup.