Getting investment property right

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. Which of the following statements best describes investment property?

  2. What types of property must be accounted for under FRS 102?

  3. What happens when a property meets the definition of investment property?

  4. Under what circumstances is the property depreciated rather than remeasured to fair value?

  5. What does FRS 102 not recognise?

  6. How is deferred tax brought into account for investment properties?

  7. Why are fair value gains on investment property non-distributable?

  8. Why might a company choose to transfer a portion of its profit and loss reserves equal to the net cumulative fair value gain to a separate reserve?

  9. What is the rate of corporation tax as of 1 April 2020?

  10. Why should preparers of reports be especially aware of?