Kalvane stops occupying a building and leases it to third parties (change in use evidenced, case data). It measures its investment property at fair value. Carrying amount of the building under IAS 16 at that date: 4,900,000; fair value: 5,500,000. Assume no earlier decrease of this building was recognised in profit or loss (case convention). Record the transfer entry.
- Carrying amount under IAS 16 before transfer
- 4,900,000
- Fair value at the date of the change in use
- 5,500,000