Do these qualify as investment properties for the purposes of FRS 102?
1. A client buys properties, renovates and sells. Usually there is a property in stocks and the sale occurs the following year.
2. A client built a warehouse, used it for business purposes and has recently sold it (in the year that he would have to prepare his first FRS accounts)
Thank you
Replies (1)
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Neither would be Investment Properties.
1. Should be classed as stock / wip at the year end.
2. This would be freehold property and subject to appropriate depreciation.