Presentación del tema: "Activos fijos, inversión en propiedades y capitalización de costos de financiamiento IAS 40, IAS 16, IAS 23 For information on applying this template onto."— Transcripción de la presentación:
1 Activos fijos, inversión en propiedades y capitalización de costos de financiamiento IAS 40, IAS 16, IAS 23For information on applying this template onto existing presentations, refer to the notes on slide 2 of this presentation.The Input area of the Beam can be customized to reflect the content of the presentation. The Input area is an AutoShape with a picture fill. To change this, ensure you have the image you wish to use (ideally a .jpg or a .png file) in an accessible folder. The image should have a ratio of 1:1 to ensure it does not appear distorted.Acceptable images for importing into the Input area of the Beam are the three approved graphics (lines), and black and white photography or illustrations which follow the principles laid out on The Branding Zone. Color images should never be imported into this area.To create a thank you slide with a picture in the Input area of the Beam, duplicate this master slide and create a new master slide. If using the graphic on the title slide the same should be used on the thank you slide. If using a picture in the Input area of the Beam in the title slide, the same or different but related picture can be used on the thank you slide.Customize the Input area of the Beam as described below.Click on the View tab from the menu bar and select Master>Slide MasterRight-click on the Input graphic and select Format AutoShapeFrom the Fill menu, under the Color and Lines tab, click on the drop-down arrow next to Color and select the Fill Effects menuFrom the Picture tab, click on Select Picture. Navigate to the folder containing the image you wish to insert in the Input area. Highlight the image and tick the Lock picture aspect ratio box. Click on OK.You can now preview the image before continuing. If you are happy with how it looks, click Ok to continue. Otherwise, repeat the process until you are happy with your selected imageTo exit from Master View, click on View>Normal. The change you made to the Input graphic should now be visible on the title slide
2 ImportanteLos contenidos incluidos en esta presentación no se pueden entender sin los comentarios orales que las desarrollan.Esta presentación refleja el análisis actual de Ernst & Young sobre los temas tratados.Este análisis podría variar en el futuro, dependiendo del desarrollo de la normativa y de las interpretaciones.En la presentación se analizan temas genéricos de la industria. Nuestras posiciones podrían ser distintas dependiendo de las situaciones específicas de su empresa u organización.
3 Normativa asociada IAS 16, Activo fijo IAS 23, Costos de financiamientoIAS 40, Inversión en propiedadesIFRS 5, Activo no circulante mantenido para la venta y operaciones discontinuadasThese are the four standards which we will be discussing. IAS 16 and IAS 40 were both revised in 2003, and this module is based on the revised versions. These revised standards apply to periods beginning on or after 1 January 2005, with early application encouraged. IAS 23 was issued in 1984 and last revised in IFRS 5 was issued in March 2004.IAS 36 (Impairment) is discussed in a separate module and is not dealt with here. However, it should be remembered as we discuss these topics that there is an overriding presumption that fixed assets are not carried at an amount that is not expected to be recovered, and that IAS 36 will operate to correct this if necessary, by requiring impaired assets to be written down.In this module we will not be dealing with the standards strictly one by one, because they overlap to some extent.
4 Temas centrales Reconocimiento de activos fijos Determinación de su costoRevalorizaciónDepreciaciónClasificación “mantenido para la venta”Instead, we will be looking at the whole subject of accounting for tangible fixed assets under these main headings. Capitalisation of borrowing costs is really only one detail of how to determine the cost of an asset, and some of the other aspects that we are discussing are common to both property, plant, and equipment and investment property, although there are also some important differences that we will highlight. We will therefore discuss the accounting treatment of fixed assets primarily by reference to IAS 16; bring in IAS 23 when we are discussing the determination of cost; look at the requirements of IFRS 5 when assets are held for disposal; and then come back to examine those respects in which IAS 40 requires a different treatment for investment property.
5 Alcance de IAS 16 e IAS 40 Activos fijos son ítemes tangibles que: Son mantenidos para la producción o suministro de bienes o servicios o para propósitos administrativosSe espera utilizarlos durante más de un períodoInversiones en propiedades son propiedades mantenidas para el arrendamiento o para apreciación de capital o ambos, y no para:La venta en las operaciones normales de la entidadWe will start by distinguishing these two main definitions, which are from IAS 16 and IAS 40, respectively. The most important aspect of the distinction is that any property (by which IAS 40 means land and/or buildings) that is used by the owner in its own business is not an investment property. The essence of investment property is that it is held simply to earn an investment return in its own right, and the cash flows that it generates will be largely independent of those generated by the rest of the business. However, the distinction is not entirely clear-cut, and IAS 40 (at paras. 6 to 15) contains several examples to illustrate how to decide between the two categories in various cases.The 2003 revision to IAS 40 extended the scope of the standard to permit a property interest held by a lessee under an operating lease to be classified as an investment property as long as it is accounted for on a revaluation basis rather than a cost basis. (These bases are discussed further later in this module.)
6 IAS 16 e IAS 40 - Reconocimiento Inicial El costo de un ítem de activo fijo, o una inversión en propiedades, se reconoce como un activo si:Es probable que los beneficios económicos futuros asociados al ítem fluyan hacia la entidad, yEl costo del ítem puede ser medido en forma confiableEste principio aplica tanto a los costos incurridos cuando se adquiere el ítem como a los costos de adiciones posteriores.This is simply the general test for recognition of any asset that is given by the Framework and doesn’t address any specific issues associated with fixed assets. Both IAS 16 and IAS 40 note that the second test, that cost can be measured reliably, is generally easy to satisfy because assets are usually acquired in a transaction where the cost is obvious. The first test requires more judgement about the future but is also usually easily satisfied for productive assets. There may be more difficulty with expenditure on assets that do not contribute directly to the generation of revenue, such as environmental or safety equipment, or administrative assets, but IAS 16 explains that these will still qualify so long as they contribute to a wider revenue-generating activity which is expected to be able to recover their cost.In principle, the same recognition test applies to the initial costs of constructing or acquiring the asset and to the later costs of adding to it, replacing part of it, or servicing it. However, the routine costs of servicing the asset during its life will not meet the test for capitalisation; they will be expensed as repairs and maintenance. When major components of the asset are replaced, the costs of the replacement may meet the recognition test, in which case the previously capitalised amount of the components that are being replaced will be simultaneously derecognised.Identifying exactly what the asset is often is the more significant issue in practice, because this is sometimes debatable. IAS 16 notes that it may sometimes be necessary to aggregate a number of individually small items, such as moulds, tools and dies, and account for them as a single asset. On the other hand, a single asset may have to be subdivided into different components because they have different lives: an aircraft and its engines is an example often quoted.IAS 16 also comments on the possible ways of dealing with spare parts and servicing equipment that support a fixed asset. These are sometimes carried as inventory, but may be treated as a fixed asset if they are expected to be used during more than one period; spares that are linked to a specific asset are also sometimes capitalised and written off over the life of that asset.One other issue that IAS 16 deals with is how to deal with the cost of cyclical repairs or inspections. Some assets, such as ships or aircraft, may require periodic inspections and overhaul at intervals during their lives, and the recognition rule permits the cost of these inspections to be capitalised and written off over the period until the next inspection. Again, any remaining amount that is attributable to the previous inspection should be derecognised when the new cost is capitalised.
7 IAS 16 e IAS 40 - Determinación del costo Precio de compra, incluyendo impuestos de la aduana e impuestos de compra no reembolsables, menos cualquier tipo de descuento, yCualquier costo que es directamente atribuible al procesos de preparar el activo, en términos de ubicación física y condición, para que pueda operar en la manera prevista por la administración.IAS 16 describes the components of cost as above. In certain specialised circumstances it may also be appropriate to include the eventual site restoration costs that will be incurred at the end of the asset’s life (see IAS 16.16(c)).If an asset is self-constructed rather than purchased, the same principles apply to the determination of its cost: it is the costs incurred in bringing the asset to its working location and condition. IAS 2, Inventories, is a further source of guidance as to what costs of this kind may be included.Where a property interest held under an operating lease is classified as an investment property, the initial cost is measured as for a finance lease under IAS 17, i.e. at the lower of the fair value of the property and the present value of the minimum lease payments. For this purpose the minimum lease payments include any premium paid to obtain the lease.
8 Costos directamente atribuibles son: Costos de beneficios de empleados que provienen directamente de la construcción o adquisición del activoCostos de preparación del sitio.Costos de entrega inicialCostos de instalación y montajeCostos netos de pruebas del funcionamiento del activoHonorarios por servicios profesionalesThese are the Standard’s examples of directly attributable costs.Employee benefits are as defined in IAS 19, i.e. all components of payroll costs.The costs of testing whether the asset is functioning properly are to be reduced by any net proceeds from selling the items produced in the course of the tests.Examples of eligible professional fees would be those payable to architects or engineers engaged in the construction of an asset.
9 IAS 23 Capitalización de costos de financiamiento Los costos de financiamiento que son directamente atribuibles a la adquisición, construcción, o producción de un activo calificado pueden ser capitalizados como parte del costo de ese activo, con tal que la política sea aplicada consistentemente.‘Costos de financiamiento’ son el interés y los otros costos incurridos en conexión con préstamos de fondos.Un ‘activo calificado’ es un activo que necesariamente requiere un periodo considerable de tiempo para prepararse para su venta o uso designado.The treatment of borrowing costs is governed by IAS 23. Under that standard, the benchmark treatment is to expense all borrowing costs as incurred. However, the standard allows capitalisation as an alternative and prescribes rules for how it should be done. Under SIC 2, if a company adopts a policy of capitalisation, it must apply it consistently to all borrowing costs and to all qualifying assets. In particular, it is not appropriate to cease to capitalise borrowing costs in order to prevent the cost from exceeding the recoverable amount of the asset; a provision for impairment should be made instead.The definition of borrowing costs includes such things as:Interest on bank overdrafts and short- and long-term borrowingsAmortisation of discounts or premiums relating to borrowingsAmortisation of ancillary costs incurred in connection with the arrangement of borrowingsFinance charges in respect of finance leasesExchange differences on foreign currency borrowings ‘to the extent that they are regarded as an adjustment of interest costs’ (This is more controversial and is less often seen in practice.)Although not stated explicitly in IAS 23, borrowing costs may sometimes also include imputed interest costs, e.g. where payment has been deferred and the resulting obligation is discounted, with the difference treated as interest.
10 IAS 23 Relación de financiamiento con desembolsos de capital particulares Si se pide el préstamo específicamente para adquirir un activo particular, los costos de financiamiento que pueden ser capitalizados son los que son incurridos por ese préstamo, menos cualquier ingreso que proviene de la inversión temporaria de los fondos prestados.IAS 23 sets the principle that the borrowing costs capitalised are those that could have been avoided if the expenditure on the qualifying asset had not been made. Where possible, therefore, it is the actual costs of specific borrowing to finance the project that should be eligible for capitalisation. However, the standard notes that making this association may often be difficult because of the way in which a business chooses to finance all its activities, in which case an average capitalisation rate must be used. This average should be calculated on the basis of all the company’s (or group’s, depending on how finance is managed within the group) borrowings except any that are themselves specifically linked to other projects.Where the costs of a specific loan are capitalised, it is the net borrowing costs that are eligible for capitalisation, after deducting any income obtained on investing the funds elsewhere before they were needed for the qualifying asset.The standard makes it clear that the amount of borrowing costs capitalised must not exceed the amount incurred in the period.
11 IAS 23 Límite de tiempo para capitalización La capitalización de los costos de financiamiento debe comenzar cuando:Se están incurriendo desembolsos sobre el activoSe están incurriendo costos de financiamiento, yLas actividades necesarias para prepara el activo para su venta o uso designado ya están en cursoSe debe suspender la capitalización durante periodos extendidos en que el desarrollo del activo es interrumpido.La capitalización debe cesar cuando la mayoría de las actividades necesarias para la preparación del activo para su venta o uso designado han terminado.IAS 23 sets these rules which dictate when capitalisation can start and when it must stop. The requirement that expenditures on the asset are being incurred means that cash has been paid (or other assets transferred) or that interest-bearing liabilities have been assumed.The standard notes that activities to prepare the asset for use are not limited to physical activities; they can include preliminary technical or administrative work or the obtaining of necessary permits. However, it is not possible to capitalise borrowing costs while assets are being held for future development. Some development activity must be taking place.The requirement to suspend capitalisation applies only to extended periods of delay when no activity is taking place. Capitalisation continues during any necessary periods of physical inactivity while other technical work is being carried out, and also during any other delays which are a normal feature of the process of getting the asset ready for use.The requirement to cease capitalisation applies when the activity is substantially complete. It is not appropriate to continue to capitalise borrowing costs when only very minor work is still required. Also, if the creation of an asset can be subdivided into parts that are completed at different times, and if each part can be used without waiting for the whole to be completed (such as individual sites in a business park), capitalisation should cease in relation to each part as it is completed.
12 Modificaciones IAS 23R aplicó a partir del 1 de enero de 2009 La IAS 23R establece como única opción la contabilización de los costos por intereses como parte del costo del activo relacionado.Aplica solamente para aquellos activos calificados medidos al costoLos inventarios que son producidos permanentemente o producidos en grandes cantidades en una base repetitiva, quedan fuera del alcance de IAS 23R.Las compañías que reconocen los intereses como gastos bajo sus políticas contables actuales deben identificar los activos calificados asociados.
13 IAS 16: Medición posterior Se debe elegir entre dos bases:CostoRevalorización (solamente si el valor justo se puede medir en forma confiable)Cuando se utiliza revalorización, se debe aplicar a clases de activos y con suficiente frecuencia para que el valor libro sea similar o cercano al valor justo.Bajo cualquier método (costo o revalorización), el valor libro es reducido por cualquier depreciación acumulada y por cualquier pérdida por deterioro.IAS 16 allows either of two regimes to be applied to fixed assets. (We will deal with IAS 40’s rules for investment properties separately.) Either a historical cost basis may be used, or revaluations may be substituted for particular classes of assets, provided they are applied consistently to the whole class of assets and are kept up to date from then on. For this purpose, a class of assets is a grouping of assets of a similar nature and operational use, such as land (or land and buildings), ships, aircraft, etc.For assets such as land and buildings, fair values are usually market values as appraised by professionally qualified valuers. The value of other assets, such as plant and machinery, may also be determined by appraisal if there are market transactions in such assets, but for more specialised assets it may be necessary to use an approach based on income or depreciated replacement cost.The requirement to keep valuations up to date has a slightly subtle feature. It is not sufficient that the gross valuation remains materially accurate, because it is the carrying value (net of depreciation) that must remain close to fair value. This might require frequent valuations for an asset that is holding its value, to negate the effect of depreciation in the balance sheet, although it will continue to be charged in the income statement and effectively credited back to equity as a revaluation surplus.
14 IAS 16 Contabilización de revalorización Incrementos sobre el costo depreciado normalmente se registran en patrimonio como un excedente separado de la revalorización, yLas disminuciones debajo del costo depreciado normalmente se reconocen como un gasto, peroDisminuciones que revierten incrementos anteriores ( y viceversa) sobre el mismo activo se aplican primero para reversar la entrada previa, y la parte restante se trata en la forma descrita más arriba.The accounting treatment of revaluations appears to follow the broad principle that any revaluation surplus is not realised and does not form part of earnings, but that revaluation deficits should be regarded as losses to be included in earnings. But to give effect to this, it is necessary to keep track of each revalued asset’s value as computed under a cost basis as well as its revalued amount.The treatment of the revaluation surplus maintained as a separate component of equity may be governed by legal requirements of the relevant country, but in principle it should be gradually transferred to retained earnings (not through the income statement) as the asset to which it relates is depreciated or otherwise written down, and completely transferred if the asset is disposed of.When an asset is revalued, there are two possible treatments of the accumulated depreciation at that date. If the revaluation is by appraisal, any previous depreciation is usually eliminated (although not reversed through the income statement) so that the revised carrying amount of the asset is its appraised amount. However, if a depreciated replacement cost basis is used, which generally involves indexing the historical cost figures, the index is applied to both the gross amount and the accumulated depreciation.
15 IAS 16 Monto de depreciación El monto depreciable de cada componente de un ítem de activo fijo, se debe asignar sistemáticamente sobre su vida útil.El monto depreciable es el costo (o monto revalorizado) del activo, menos su valor residualEl valor residual es el monto neto estimado que una entidad obtendría de la venta del activo si el activo ya tuviera la edad y las condiciones esperadas al final de su vida útil.IAS 16 takes a component approach to depreciation, saying that each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item is to be depreciated separately. In practice, of course, this only makes any difference if these parts have different lives from each other, or are likely to be replaced individually during the asset’s life. For example, a building may be purchased in a single transaction but may have to be subdivided for depreciation purposes into components that have different lives; the land on which it stands may have an infinite life, the main structure of the building may have a long life, but some of the internal fabric, heating and ventilation systems, etc. may have shorter lives.The standard emphasises that depreciation should still be charged even if the fair value of the asset currently exceeds its carrying amount (so long as its residual value is below its carrying amount). The purpose is to allocate the cost of the asset to periods of use, not to value the asset. Also, buildings should still be depreciated even if the land on which they stand is maintaining the value of the whole site. Land and buildings should be accounted for separately, even if they were acquired together.If the asset is intended to be used for substantially all its life, the residual value may be immaterial and can be set at zero. Otherwise, however, an estimate should be made of what the asset could be sold for if it had already reached the end of its expected useful life; in other words, without anticipating any future inflation.Depreciation should start as soon as the asset is available for use and should continue until it is derecognised.The residual value should be reviewed at each year-end and adjusted if necessary. Any such changes in estimate are accounted for over the remaining life of the asset.Depreciation may sometimes be added to the cost of another asset rather than expensed straight away. For example, the depreciation of manufacturing plant may be included in the cost of inventory that the plant produces, as a production overhead.
16 IAS 16 Vida útil La vida útil de un activo es: El período durante el cual se espera que el activo esté disponible para ser utilizado por una entidad, oEl número de unidades de producción o similares que la entidad espera obtener de un activo.Consideraciones en la determinación de la vida útil:Uso esperado del activoDesgaste normal esperadoObsolescencia técnica o comercialLímites legales o similares sobre el uso del activoEstimating the useful life is a matter of judgement. IAS 16 suggests that the following factors may be considered:The expected usage of the asset, in terms of capacity or physical outputExpected physical wear and tear, which depends on other factors like the intensity with which it is used, the repairs and maintenance programme, etc.The risk of technical or commercial obsolescence, due to developments in production or changes in demand for the productLegal or other limits on the use of the asset, such as the expiry of leases or licencesThe company’s replacement policy for assets of that kindThe useful life should be reviewed at each year-end and adjusted if necessary. Any such changes in estimate are accounted for over the remaining life of the asset.The useful life may be shorter than its economic life.
17 IAS 16 Métodos de depreciación El método aplicado debe reflejar el patrón de consumo de los beneficios del activo, por ejemplo:Método linealBalance decrecienteUnidades de producciónEstos métodos deben ser revisados y/o modificados si ya no reflejen el patrón esperado de consumo de beneficios de los activos.Cualquier cambio en el método de depreciación debe ser contabilizado prospectivamenteVarious different profiles of depreciation may be used, based on time (such as straight-line or diminishing balance), or usage (such as units-of-production). The method should be used consistently, but reviewed annually and changed if circumstances make a new method more appropriate. Again, this is done prospectively for the remaining carrying amount of the asset, not by restatement.
18 IFRS 5 Clasificación “mantenido para la venta” Se clasifica un activo como mantenido para la venta si su valor libro puede ser recuperado principalmente a través de una transacción de venta, y no a través de uso continuo.Tiene que estar disponible para la venta inmediata, y la venta tiene que ser altamente probable, lo que requiere que:La administración esté comprometida con un plan para venderlo.Se haya comenzado un programa activo para cumplir con el plan.Tiene que ser comercializado en un precio razonable.Se debe esperar que la venta se concrete dentro de un año.These rules come from IFRS 5, which was issued on 31 March It applies to periods beginning on or after 1 January Earlier application is encouraged, but must be disclosed.As its title suggests, the standard deals with more than one issue, and only its requirements that relate to fixed assets and disposal groups are dealt with in this module. Its requirements for discontinued operations are covered in Module 2.As well as individual assets, these rules apply to ‘disposal groups’, i.e. groups of assets and related liabilities that will be sold in a single transaction.Note that these conditions must be met within the year in order to allow this classification to be used at the balance sheet date. However, various disclosures are required where the conditions are met after the year-end but before the financial statements are approved.Although sale within one year of classification is referred to above, it is not an absolute limit. Appendix B to the standard provides criteria for extending the period.
19 IFRS 5 Medición de activos mantenidos para la venta Los activos mantenidos para la venta se miden al menor de:Su valor libroSu valor justo, menos los costos de la ventaAdemásSe deja de depreciar los activos no corrientes que están en el grupo enajenable.‘Costs to sell’ are defined as the incremental costs directly attributable to the disposal of an asset or a disposal group, excluding finance costs and income tax expense.One controversial feature of these rules is that assets that are held for sale cease to be depreciated even if they are still in use.
20 IFRS 5 Provisiones de transición IFRS 5 se aplica prospectivamente a los activos que cumplen con los criterios para ser clasificados como disponible para la venta después de la fecha efectiva del IFRS.The basic rule is that the standard is to be applied prospectively, and if it is applied retrospectively, the measurements used must not depend on the use of hindsight.Effective date is applicable for annual periods beginning on or after 1 January 2005.
21 Requisitos de revelación de IAS 16 Para cada clase de activo fijo:Las bases de medición utilizadas para determinar el valor libro brutoEl método de depreciación aplicadoLa vida útil o tasa de depreciación aplicadaEl valor libro bruto y la depreciación acumulada (agregada con pérdidas acumuladas de deterioro) al comienzo y al final del periodo.IAS 16 has an extensive list of disclosure requirements. Further requirements are imposed by IAS 23 and IAS 40 which may also be relevant.The standard also notes that IAS 8 requires disclosure of the nature and effect of changes in an estimate where they have a material effect on the current or future periods. This may be relevant to any changes in depreciation method, useful lives, etc.(See pages 24 and of the illustrative financial statements of Good Group for an example of these disclosures.)
22 Requisitos de revelación de IAS 16 Una conciliación de movimientos en el período para cada clase de activos, incluyendo:AdicionesVentasAdquisiciones como resultado de combinaciones de negociosMovimientos de revalorizaciónDeterioros y sus reversosDepreciaciónDiferencias de cambioCualquier otro movimiento(See page 42 of the illustrative financial statements of Good Group for an example of this reconciliation)Comparative information is not needed for this reconciliation. The revised standard has eliminated this exception—this change is not reflected in the Good Group illustrative financial report at this stage.Revaluation movements may be either upwards or downwards, and impairment losses are capable of reversal. Depending on the circumstances, these charges and credits may be included either in equity or in the income statement. The disclosure should differentiate the amounts according to where they are recognised.The exchange differences referred to here are those that arise on translation of the financial statements of a foreign entity such as a subsidiary from its functional currency into the presentation currency used in the consolidated accounts. Otherwise, fixed assets do not give rise to exchange differences.
23 Requisitos de revelación de IAS 16 Cuando activos se incluyen en un revalorización:La fecha efectiva de la revalorizaciónSi se involucró un tasador independienteLos métodos y suposiciones significativas que se aplicaron en la determinación del valor justo de los ítemsEl punto hasta el cual el valor justo se basó en precios de mercado, transacciones de mercado recientes o las estimaciones obtenidas usando otras técnicas de valorización.Se debe revelar el valor libro de cada clase de activos revalorizados.El excedente de la revalorización, mostrando los movimientos durante el período y cualquier restricción sobre su distribuciónThese disclosures are for companies that use the revaluation basis.
24 IFRS 1 Adopción por primera vez Una entidad puede utilizar uno de los siguientes montos como costo determinado:El valor justo a la fecha de la transición a IFRSUna revalorización bajo el GAAP anteriorAn entity may elect to use:Fair value (IFRS 1 does not restrict the use of fair value as deemed cost to entire classes of assets, as IAS 16 does under the revaluation model.)Previous GAAP revaluation (provided that the revaluation was, at the date of the revaluation, broadly comparable to fair value or cost or depreciated cost under IFRSs, adjusted to reflect changes in a general or specific price index)An event-driven fair value at the date of transition (the event may be a privatisation or an initial public offering)Subsequent depreciation is based on the deemed cost, and it starts from the date for which the entity established the fair value measurement or revaluation.
25 IAS 40: Medición posterior La empresa debe elegir una política que:Contabiliza todas sus inversiones en propiedades en base de costo (IAS 16), oContabiliza todas sus propiedades de inversión al valor justo, con todos los movimientos de valor registrados en el estado de resultados.Excepto cualquier inversión en propiedades que se identifica al principio como propiedad que no puede ser valorizada en forma confiable y en forma continuaAlthough this may seem similar to the choice available under IAS 16 between the cost and revaluation bases, there are some fundamental differences. Most significantly, when a revaluation basis is applied under IAS 40, no depreciation is charged and all movements in fair value are taken to income, not to equity. In addition, a fair value policy under IAS 40 requires valuations at each balance sheet date, rather than simply frequently enough to keep the value materially up to date. Under IAS 40, the policy must be applied to all investment property (with the minor exception on the slide), whereas IAS 16 allows some degree of choice as to which class of assets to apply a valuation policy to. And once a fair value policy is chosen under IAS 40, it is very hard to go back to cost, because the standard indicates that such a change would be very hard to justify as being ‘more appropriate’ (as required by IAS 8).The exception shown on the slide is meant to be a very narrow one. It allows only a one-time opportunity to exclude an individual property from the requirement to revalue: when it is acquired, or when it first becomes an investment property. Once a property has been included at fair value, it cannot be taken back to cost as long as it remains an investment property, even if it becomes harder to value reliably.Where the entity classifies a property interest held under a lease as an investment property, it must use fair value for accounting for all of its investment properties; in other words, it no longer has the choice described above. (See IAS 40.6.)There are some special rules inserted by IFRS 4 for insurance business (see IAS 40.32A-C).
26 IAS 40 Determinación de valor justo El valor debe:Representar el precio que es más probable que se podría obtener en el mercado entre partes informadas actuando a voluntad propia en una transacción de mercadoReflejar el estado y las circunstancias de mercado actuales a la fecha del balanceNo considerar cualquier factor específico de la compañía que reportaSer calculado sin deducciones por costos de transacción.IAS 40 describes in some detail the many considerations that go into the determination of value (see paras. 36 to 52 of the standard). These make it clear that, in principle, the objective is to see for what price the property could hypothetically have been sold in an orderly way at the balance sheet date.The standard encourages, but does not require, the valuation to be determined by using an independent valuer with a recognised and relevant professional qualification and recent experience in the location and category of the property in question.
27 IAS 40 Requisitos de revelación Donde se utiliza el modelo de costo:Los movimientos del período en inversiones en propiedad:Adiciones, compras distinguidoras, desembolsos posteriores y combinaciones de negociosActivos reclasificados como mantenidos para la venta.DepreciaciónPérdidas de deterioro y su reversoDiferencias de cambioTransferencias a y de inventarios y propiedades ocupadas por el propietario.Cualquier otro movimiento.These requirements only apply when the cost model is used.
28 IAS 40 Requisitos de revelación Donde se utiliza el modelo de costo:El método de depreciación.Vidas útiles o tasas de depreciaciónEl valor libro bruto y la depreciación acumulada (agregado con pérdidas acumuladas de deterioro) al comienzo y al final del periodo.El valor justo de la inversión en propiedad (o en más detalle donde no se puede determinar en forma confiable)Again, these requirements apply only when the cost model is used. Note that the fair value of investment property must be disclosed, whether or not the fair value model is used. The information to be disclosed where it cannot be reliably determined is the same as that given for the exceptional cases under the fair value model, apart from the information about disposals.
29 Gracias Fernando Dughman – Gerente Senior Ernst & Young Chile
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