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Explain the accounting treatment for the transfer

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Question - AHS Bhd owns a building which is used for showroom and storage. On 1 January 2019, the building had a carrying amount of RM1,500,000 with remaining useful life of 25 years. The company adopts the revaluation model for its building. On 31 December 2019, the management decided to relocate the showroom and storage to a new building. On 1 January 2020 July 2018, the building was rented out to a tenant and was reclassified as an investment property.

AHS Bhd adopted the fair value model for subsequent measurement of its investment property. The fair value of the property was RM1,600,000 on 1 January 2020 and RM1,800,000 on 31 December 2020.

Required - Explain the accounting treatment for the transfer of owner-occupied property on 1 January 2020 and for the year ended 31 December 2020 in accordance with MFRS140 Investment property.

Reference no: EM133053590

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