Fair value tracking file and reconciliation

• Property or portfolio: nature, tenants and leases

  Text

  IMMEUBLE_DE_BUREAUX_P1

• Opening carrying amount of the property

  Number

  5,000,000

• Appraisal value at the closing date

  Number

  5,480,000

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

• Acquisitions of the portfolio

  Number

• Fair value gains of the portfolio

  Number

• Fair value losses of the portfolio

  Number

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  5,480,000

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  480,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  480,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Account	Debit	Credit
  Investment property	480,000
  Fair value gain		480,000

• Fair value loss in profit or loss

  Entry

  Debit Fair value loss ← Fair value loss to recognise in profit or loss ; Credit Investment property ← Fair value loss to recognise in profit or loss

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedPass
• Gain entry balancedPass
• Loss entry balancedNot evaluated

Assets

480,000

Liabilities

0

Profit or loss

480,000

OCI

0

Equity

480,000

• Property or portfolio: nature, tenants and leases

  Text

  IMMEUBLE_DE_COMMERCES_P2

• Opening carrying amount of the property

  Number

  3,200,000

• Appraisal value at the closing date

  Number

  3,050,000

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

  50,000

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

• Acquisitions of the portfolio

  Number

• Fair value gains of the portfolio

  Number

• Fair value losses of the portfolio

  Number

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  3,000,000

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  -200,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  200,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Debit Investment property ← Fair value gain to recognise in profit or loss ; Credit Fair value gain ← Fair value gain to recognise in profit or loss

• Fair value loss in profit or loss

  Entry

  Account	Debit	Credit
  Fair value loss	200,000
  Investment property		200,000

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedPass
• Gain entry balancedNot evaluated
• Loss entry balancedPass

Assets

-200,000

Liabilities

0

Profit or loss

-200,000

OCI

0

Equity

-200,000

• Property or portfolio: nature, tenants and leases

  Text

  ENTREPOT_P3_ACQUIS_EN_20X5

• Opening carrying amount of the property

  Number

• Appraisal value at the closing date

  Number

  1,000,000

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

  1,000,000

• Carrying amount of the portfolio at the opening date

  Number

• Acquisitions of the portfolio

  Number

• Fair value gains of the portfolio

  Number

• Fair value losses of the portfolio

  Number

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  1,000,000

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Debit Investment property ← Fair value gain to recognise in profit or loss ; Credit Fair value gain ← Fair value gain to recognise in profit or loss

• Fair value loss in profit or loss

  Entry

  Debit Fair value loss ← Fair value loss to recognise in profit or loss ; Credit Investment property ← Fair value loss to recognise in profit or loss

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedPass
• Gain entry balancedNot evaluated
• Loss entry balancedNot evaluated

Assets

0

Liabilities

0

Profit or loss

0

OCI

0

Equity

0

• Property or portfolio: nature, tenants and leases

  Text

• Opening carrying amount of the property

  Number

• Appraisal value at the closing date

  Number

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

  8,200,000

• Acquisitions of the portfolio

  Number

  1,000,000

• Fair value gains of the portfolio

  Number

  480,000

• Fair value losses of the portfolio

  Number

  200,000

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

  9,480,000

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  0

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  9,480,000

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  0

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Debit Investment property ← Fair value gain to recognise in profit or loss ; Credit Fair value gain ← Fair value gain to recognise in profit or loss

• Fair value loss in profit or loss

  Entry

  Debit Fair value loss ← Fair value loss to recognise in profit or loss ; Credit Investment property ← Fair value loss to recognise in profit or loss

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedNot filled in this instance
• Gain entry balancedNot evaluated
• Loss entry balancedNot evaluated

Assets

0

Liabilities

0

Profit or loss

0

OCI

0

Equity

0

• Property or portfolio: nature, tenants and leases

  Text

  IMMEUBLE_P

• Opening carrying amount of the property

  Number

  4,000,000

• Appraisal value at the closing date

  Number

  4,300,000

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

• Acquisitions of the portfolio

  Number

• Fair value gains of the portfolio

  Number

• Fair value losses of the portfolio

  Number

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  4,300,000

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  300,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  300,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Account	Debit	Credit
  Investment property	300,000
  Fair value gain		300,000

• Fair value loss in profit or loss

  Entry

  Debit Fair value loss ← Fair value loss to recognise in profit or loss ; Credit Investment property ← Fair value loss to recognise in profit or loss

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedPass
• Gain entry balancedPass
• Loss entry balancedNot evaluated

Assets

300,000

Liabilities

0

Profit or loss

300,000

OCI

0

Equity

300,000

• Property or portfolio: nature, tenants and leases

  Text

  IMMEUBLE_Q

• Opening carrying amount of the property

  Number

  3,000,000

• Appraisal value at the closing date

  Number

  2,900,000

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

• Acquisitions of the portfolio

  Number

• Fair value gains of the portfolio

  Number

• Fair value losses of the portfolio

  Number

• Transfers into the portfolio

  Number

• Disposals of the portfolio (carrying amount)

  Number

• Carrying amount of the portfolio reported at the closing date

  Number

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  2,900,000

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  -100,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  100,000

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Debit Investment property ← Fair value gain to recognise in profit or loss ; Credit Fair value gain ← Fair value gain to recognise in profit or loss

• Fair value loss in profit or loss

  Entry

  Account	Debit	Credit
  Fair value loss	100,000
  Investment property		100,000

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedPass
• Gain entry balancedNot evaluated
• Loss entry balancedPass

Assets

-100,000

Liabilities

0

Profit or loss

-100,000

OCI

0

Equity

-100,000

• Property or portfolio: nature, tenants and leases

  Text

• Opening carrying amount of the property

  Number

• Appraisal value at the closing date

  Number

• Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

  Number

• Acquisitions and capitalised expenditure of the period for this property

  Number

• Carrying amount of the portfolio at the opening date

  Number

  12,000,000

• Acquisitions of the portfolio

  Number

  1,050,000

• Fair value gains of the portfolio

  Number

  300,000

• Fair value losses of the portfolio

  Number

  100,000

• Transfers into the portfolio

  Number

  1,500,000

• Disposals of the portfolio (carrying amount)

  Number

  800,000

• Carrying amount of the portfolio reported at the closing date

  Number

  13,950,000

• Evidence obtained and referenced (category, document reference)

  EvidenceRequired

IAS 40 §30IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §53

• Points reviewed: model, profit or loss, leases, double counting

  ChecklistRequired

  • Model applied to all investment property
  • Fair value changes recognised in profit or loss
  • Effect of existing leases on the appraisal examined
  • Double counting ruled out (balances already recognised)

IAS 40 §33IAS 40 §35IAS 40 §40IAS 40 §50IAS 40 §76

• Amount carried in assets: appraisal value − balances recognised separately

  Calculation

  0

  Appraisal value at the closing date ; − Balances already recognised separately and included in the appraisal (prepaid rents; do not enter furniture included in the fair value)

• Fair value change (signed): closing value − opening value − additions

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value gain to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Fair value loss to recognise in profit or loss

  Calculation

  0

  Amount carried in assets: appraisal value − balances recognised separately ; − Opening carrying amount of the property ; − Acquisitions and capitalised expenditure of the period for this property

• Closing carrying amount rebuilt

  Calculation

  13,950,000

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Reconciliation difference: reported value − rebuilt value

  Calculation

  0

  Carrying amount of the portfolio at the opening date ; Carrying amount of the portfolio reported at the closing date ; Acquisitions of the portfolio ; Fair value gains of the portfolio ; − Fair value losses of the portfolio ; Transfers into the portfolio ; − Disposals of the portfolio (carrying amount)

• Fair value gain in profit or loss

  Entry

  Debit Investment property ← Fair value gain to recognise in profit or loss ; Credit Fair value gain ← Fair value gain to recognise in profit or loss

• Fair value loss in profit or loss

  Entry

  Debit Fair value loss ← Fair value loss to recognise in profit or loss ; Credit Investment property ← Fair value loss to recognise in profit or loss

IAS 40 §30IAS 40 §53IAS 40 §54IAS 40 §55

• Choice of model

  JudgmentRequired

  Fair value model / Cost model

  Rule and cross-reference: the entity chooses the fair value model or the cost model and applies it to all its investment property (IAS 40, para. 30).

• Rationale: accounting policy chosen and application to all properties

  TextRequired

• Reliability of fair value

  JudgmentRequired

  Fair value reliably determinable / Exception: fair value not reliably determinable on a continuing basis

  Rule and cross-reference: fair value is presumed reliably determinable; the exception is rare and concerns the acquisition of a property whose fair value cannot be determined reliably on a continuing basis (IAS 40, para. 53).

• Rationale: sources of the value, market, appraiser

  TextRequired

• Effect of the entries, line by line (derived from the entries)

  Table

IAS 40 §76IAS 40 §77IAS 40 §78

• Disclosures: reconciliation of carrying amounts

  ChecklistRequired

  • Opening-to-closing reconciliation: acquisitions, fair value changes, transfers, disposals
  • Adjustments to the appraisal value specified
  • Any exceptional case of the cost model indicated

• Paragraphs cited in this workpaper and their verification status

  References

• Choice of model documentedNot filled in this instance
• Gain entry balancedNot evaluated
• Loss entry balancedNot evaluated

Assets

0

Liabilities

0

Profit or loss

0

OCI

0

Equity

0