COMPARISON WITH IAS 40

AASB 140 and IAS 40

AASB 140 Investment Property as amended incorporates IAS 40 Investment Property as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IAS 40) are identified with the prefix “Aus” or “RDR”, followed by the number of the preceding IASB paragraph and decimal numbering. Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Compliance with IAS 40

For-profit entities that comply with AASB 140 as amended will simultaneously be in compliance with IAS 40 as amended.

Not-for-profit entities using the added Australian paragraph Aus20.1 will not simultaneously be in compliance with the requirements of IAS 40. Not-for-profit entities not using added Australian paragraph Aus20.1 will be able to claim compliance with IAS 40.

Entities preparing general purpose financial statements under Australian Accounting Standards – Reduced Disclosure Requirements will not be in compliance with IAS 40.