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


Tom Boyle

Standards Board


David Faulkner

Professional Board

Hong Kong

Nick French

Professional Board

United Kingdom

External Experts



Nancy Anderson



Apibarn Ariyakulkarn

Jones Lang Lasalle


Richard Bowman

Ernst & Young


Alan Child

Knight Frank

Hong Kong

Mark Creamer



Ian Cullen



Olivier Elamine

Alstria Office REIT


Xavier Denis



Andrew Saunders



Michael Mayville

Oxford Properties Group


Jack Poe

Jack Poe Corp


Andrew Renshaw

Jones Lang Lasalle


Gary Sherwin

Land Securities

United Kingdom

Matthew Sze


Hong Kong

Matt Williams

Ernst & Young

United Kingdom

George Yungmann



Exposure Draft issued January 31 2014

Comment period ends 30 April 2014

Anticpated project completion: Q4 2014

An Exposure Draft was issued on 31 January 2014.

Exposure Draft Development Property

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

Analysis of Comments on Exposure Draft

12-06-2014 008 KPMG
12-06-2014 007 Ernst & Young
12-06-2014 006 Duff and Phelps
12-06-2014 005 Fédération Française des Experts en Evaluation- FFEE
12-06-2014 004 Australian Property Institute
12-06-2014 003 RICS
12-06-2014 002 MASB
12-06-2014 001 R Jefferies