IAS 40 Land and buildings

[stella]

A Company purchased a plot of land including a building on it. In its books is classified as an investment property . Depreciation of 3% applies.
My question : Do we have to split value of land and value of building and apply depreciation 3% only in building value?

[JRSB]

yes. why did you choose the cost model? always seems odd as you have to disclose the fair value anyway.

[Marek Muc]

yes:
https://ifrscommunity.com/knowledge-bas ... -buildings

PS. Please use more descriptive topic titles, 'IAS 40' was too generic!

[stella]

Ok. The same applies if in the building that has been classified as investment property, there are furnitures? Furnitures will be depreciated separately but will also be included under Inv. Property category, correct?

[Marek Muc]

yes

[stella]

Thanks a lot