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Explain accounting treatment of transfer of owner-occupied

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Reference no: EM132931239

Daebak Bhd owns a property with a carrying value of RM19.2 million (at revaluation of RM35 million) as at 1 July 2013. The asset revaluation reserve account has a balance of RM500,000.

On 1 July 2013, the property has a remaining useful life of 8 years. On that date, the company decided to convert the property to an investment property as the company moved to a new location. The fair value of the property on 1 July 2013 was RM18 million. The company adopts fair value model for its investment property, and the fair value of the property on 30 June 2014 was RM18.5 million.

Problem 1: Explain the accounting treatment of the transfer of owner-occupied property to investment property on 1 July 2013.

Reference no: EM132931239

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