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Development Property 2014

Development Property 2014

This project has arisen out of the project to review the provisions of the IVSs relating to Investment Property. Following consideration of the responses to a Discussion Paper issued in 2012 the Board tentatively agreed that the current IVS 233 Investment Property under Construction should be replaced with more broadly based guidance. The reasons for this are that the status of IVS 233 as an “asset standard” is inconsistent with the other standards as it does not deal with a separate class of asset, most of the material is in the nature of guidance and that guidance is equally applicable to property other than that classified as investment property under IAS 41.

In January 2014 the Board issued an Exposure Draft of the proposed new guidance, with a comment period open until 30 April 2014. The comment letters may be viewed here. An analysis of the comments prepared for the Board is available on this page.

At the same time it issued an Exposure Draft of the proposed changes to IVS 230 Real Property Interests and IVS 300 Valuations for Financial Reporting with can be viewed under the Investment Property project here.

At its meeting in June 2014 the Board considered various comments received on the Exposure Draft. It agreed various changes in principle and referred these to the Working Group to consider the detailed amendments. The Board considered a revised paper recommended by the Working Group at its meeting in October 2014 and approved the paper for issue as part of the 2015 revisions to the IVSs.

Working group

Board members
Simon Landy – Chairman Standards Board Thailand
Tom Boyle Standards Board USA
David Faulkner Professional Board  Hong Kong
Nick French Professional Board United Kingdom
External experts
Nancy Anderson RealPac Canada
Apibarn Ariyakulkarn Jones Lang Lasalle Thailand
Richard Bowman Ernst & Young Australia
Alan Child Knight Frank Hong Kong
Mark Creamer CBRE UK/EMEA
Ian Cullen IPD Global
Olivier Elamine Alstria Office REIT Germany
Xavier Denis Cofinimmo Belgium
Andrew Saunders EPRA Europe
Michael Mayville Oxford Properties Group Canada
Jack Poe Jack Poe Corp USA
Andrew Renshaw Jones Lang Lasalle UK / EMEA
Gary Sherwin Land Securities United Kingdom
Matthew Sze Deloitte Hong Kong
Matt Williams Ernst & Young United Kingdom
George Yungmann NAREIT USA

Background

Documentation

Exposure draft development property

An Exposure Draft was issued on 31 January 2014.

Download

Analysis of comments on exposure draft

The comment period ended on 30 April 2014. The comment letters received may be viewed here:

Download
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