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        IAS 40 Investment Property now allows a property held under an operating lease to be accounted for as an investment property subject to certain conditions.
　　IAS40 Investment Property was issued in April 2000 to regulate the accounting for investment property. An accounting treatment for investment properties different from that for other types of land and buildings is called for because the objective for holding investment properties make them more in the nature of investments than usual properties which are consumed in the operations of the business. This standard was revised in December 2003.
　　1.Investment property is defined as land or building held to earn rentals or for capital appreciation or both, rather than for use in an enterprise or for sale in the ordinary course of business. A field of land purchased for its investment potential, and a building acquired under a finance lease for its investment potential are both the examples of investment properties.
　　2. A property interest that is held by a lessee under an operating lease may be classified and accounted for as investment property if, and only if (1) the property would otherwise meet the definition of an investment property; (2) the operating lease is accounted for as if it were a finance lease; and (3) the lessee uses the fair value model for the asset recognized. If a property interest held under a lease is classified as investment property, the item accounted for at fair value is that interest and not the underlying property.
　　3. Recognition
　　IAS40 requires recognition of investment properties as assets when they meet the normal recognition criteria – future economic benefits will flow to the enterprise and the cost of the property can be measured reliably.
　　4. Initial Measurement
　　An investment property should initially be measured at cost, including transaction costs.
　　5. Measurement Subsequent to Initial Recognition
　　IAS40 gives an enterprise the choice of adopting a cost-based policy or a fair value based policy for its investment properties. The chosen policy must be applied to all the investment properties belonging to the enterprise.
　　6. Under the cost-based approach, investment properties are treated like other properties, using the cost model in IAS16 Property, Plant and Equipment – that is, cost less accumulated depreciation and any accumulated impairment losses. IAS40 requires disclosure of fair value when the cost-based approach is used.
　　7. The fair value policy requires the enterprise to r*ue its investment properties each year, any gain or loss being included in the net profit or loss for the period. Fair value will normally be obtainable by reference to current prices on an active market for similar properties in the same location and condition as the property under review. In the absence of such an active market, information from a variety of sources may have to be considered, including:
　　(1) Current prices on an active market for properties of a different nature, condition or location, adjusted to reflect those differences;
　　(2) Recent prices on less active market;
　　(3) Discounted cash flow projections based on estimates of future cash flows;
　　If it becomes impossible to measure fair value reliably, the cost-based policy should be adopted and retained until the property is disposed of.
　　8.Note the difference between the fair value model (permitted by IAS40) and the r*uation model (the allowed alternative treatment of IAS16). In the fair value model, all changes in fair value are recognized in the income statement for the period. In the r*uation model, increases in carrying amount are credited to a r*uation reserve. IASB believe that fair value model is appropriate for investment properties.