Fair value and cost model

267 The disclosures in paragraphs 268-271 apply in addition to those required for leases in paragraphs 115-127. The owner of an investment property provides lessors' disclosures about leases into which it has entered. A lessee that holds an investment property as a right-of-use asset provides lessees' disclosures and lessors' disclosures for any operating leases into which it has entered.

268 An entity shall disclose:

(a) whether it applies the fair value model or the cost model.

(b) the extent to which the fair value of investment property (as measured or disclosed in the financial statements) is based on a valuation by an independent valuer who holds a recognised and relevant professional qualification and has recent experience in the location and category of the investment property being valued. If there has been no such valuation, that fact shall be disclosed.

(c) the cumulative change in fair value recognised in profit or loss on a sale of investment property from a pool of assets in which the cost model is used into a pool in which the fair value model is used (see paragraph 32C of IAS 40).

(d) the existence and amounts of restrictions on the realisability of investment property or the remittance of income and proceeds of disposal.