ScopeScope

Scope

2 This Standard shall be applied in the recognition, measurement and disclosure of investment property.

3 Among other things, this Standard applies to the measurement in a lessee’s financial statements of investment property interests held under a lease accounted for as a finance lease and to the measurement in a lessor’s financial statements of investment property provided to a lessee under an operating lease. This Standard does not deal with matters covered in AASB 117 Leases, including:

(a) classification of leases as finance leases or operating leases;

(b) recognition of lease income from investment property (see also AASB 15 Revenue from Contracts with Customers);

(c) measurement in a lessee’s financial statements of property interests held under a lease accounted for as an operating lease;

(d) measurement in a lessor’s financial statements of its net investment in a finance lease;

(e) accounting for sale and leaseback transactions; and

(f) disclosure about finance leases and operating leases.

4 This Standard does not apply to:

(a) biological assets related to agricultural activity (see AASB 141 Agriculture and AASB 116 Property, Plant and Equipment); and

(b) mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources.