Freehold Reversion Under FRS 102

How should a Freehold Reversion be shown under FRS 102

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We are preparing the accounts for a service charge company and I'm wondering how the freehold reversion should be shown in the account. The company was set up by the residents of a block of flats in order to manage the property and the company purchased the freehold of the block when it was set up.

I have read through the FRS 102 sections for investment properties and PPE. I am of the opinion that the freehold should be shown as an investment property and revalued, however if it can't be revalued then it should be shown as PPE and depreciated over the useful life.

Some other opinions on this matter would be greatly received.

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