CERTYNEX IFRS ACADEMY

A management accountant comments on the transfer of an investment property measured at fair value to inventories. Which of the statements is incorrect?

"The inventory keeps the property's previous carrying amount as its deemed cost."

"The deemed cost of the inventory is the fair value at the date of the change in use."

"The inventory is subsequently measured under IAS 2."

"The transfer concerns an investment property measured at fair value."