[Anonymous]

Thanks to the wisdom of someone posting on here, I bounced the AICPA CSO against my own outline to look for gaps. One of the items on the CSO that was not on my outline was investment property. It was mentioned in the company of AFS, HTM, TS, JV, and Equity Method investments. Those five I get. What exactly about investment property are they probing at here? Does anyone have any guidance as to what it is about investment property that I should know?

[MikeHoncho]

For starters be very familiar where realized and unrealized gains and losses are recorded (OCI and AOCI vs currently in earnings). Whether they are reported at cost or FMV. The adjustments to make when securities are reclassified (eg trading securities are changed to AFS securities).

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

For starters be very familiar where realized and unrealized gains and losses are recorded (OCI and AOCI vs currently in earnings). Whether they are reported at cost or FMV. The adjustments to make when securities are reclassified (eg trading securities are changed to AFS securities).

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[Anonymous]

Here are two links that provide some guidance.

https://mcgladrey.com/content/dam/mcgladrey/pdf/us-gaap-vs-ifrs-property-plant-equiment.pdf

https://www.iasplus.com/en-us/standards/international/ias/ias40

[Anonymous]

Here are two links that provide some guidance.

https://mcgladrey.com/content/dam/mcgladrey/pdf/us-gaap-vs-ifrs-property-plant-equiment.pdf

https://www.iasplus.com/en-us/standards/international/ias/ias40

[MikeHoncho]

I'm sorry, you said investment property. I was thinking investments. Honestly, I didn't go very deep into investment property. If you can take away a summary from those two links you posted I think that should suffice.

From what it sounds like, I think the main point to take away is simply investment property under GAAP is usually recorded in PP+E. GAAP requires PP+E to be reported at cost. Investment property is a separate account under IFRS and can be recorded at cost or fair value.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[MikeHoncho]

I'm sorry, you said investment property. I was thinking investments. Honestly, I didn't go very deep into investment property. If you can take away a summary from those two links you posted I think that should suffice.

From what it sounds like, I think the main point to take away is simply investment property under GAAP is usually recorded in PP+E. GAAP requires PP+E to be reported at cost. Investment property is a separate account under IFRS and can be recorded at cost or fair value.

Done: 5/22/14

"Always do sober what you said you'd do drunk. That will teach you to keep your mouth shut."
- Ernest Hemingway

[Author]

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