Investment properties include properties treated as a source of revenue from lease and/or maintained due to a potential value increase.
Investment property is recognised in assets when and only when:
- obtaining economic benefits from this property is probable, and
- its cost of acquisition or development can be reliably measured.
Upon initial recognition, investment properties are measured at the acquisition price including transaction costs.
The Group adopted the principles of measuring investment properties at fair value as at subsequent balance sheet dates.
Gains resulting from changes in fair value of investment property are recognised in the statement of profit or loss as other operating income in the period in which the change has occurred, while losses are charged to other operating expenses in the period in which the change has occurred.
Real estate and land repossessed for debt are recognised as investment properties, unless they meet the criteria allowing their classification as fixed assets held for sale.