Classification of Golf Course

[KhadimShah85]

Hi Everyone.

I am working in the real estate development company. Apart from developing villas and apartments for the customers, we have developed a 18 hole golf course and a club house. Both are available for the residents and non residents of a society by paying a membership fee. I just to confirm whether IAS 16 or IAS 40 would apply on the classification of these properties?

Regards,

[JRSB]

Do you let it out the golf facilities someone else to operate for a period of time, or operate them yourself?

[KhadimShah85]

Currently we are operating our self, but may be in future we outsource it to third party.

[JRSB]

Seems like PPE to me.

[Marek Muc]

IAS 16 for sure, you're running a golf course business