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NON-CURRENT ASSET HELD FOR SALE
On 30 September2022 the directors of Vaccinate decidedto sell land that Vaccinate was no longergoing to develop or use. The sale is considered to be highly probable. The land is available for immediate sale in its current condition. The Chief Financial Officer has assessed the land for impairment in terms of IAS 36, Impairment of Assets andhas correctly concluded that no separate impairment is required.
The directors began to activelyseek a South African buyer for the land. The land was marketed at its fair value of R26 million and the sale is expected to occur within six months after the directors made their decision. Costs to sell were deemed to be negligible.
Schedule
Notes
Measurement basis
30 September 2022
R
Investment property - land
1
Fair value
26 750000
Notes to schedule
1. Investment property
The investment property consists of land that was purchased on 1 May 2002 for R8 500 000. The land was held for capital appreciation and was correctly accounted for at year end in terms of IAS 40 Investment Property, as per the schedule above. The fair value of the investment property was determined by a third-party property valuer, Mr Prop Guru.
List the substantive audit procedures that Pro Auditorsshould perform to address the fair value of Vaccinate's investment property
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