(a) Define the term "investment property". Explain why it is not generally appropriate to charge depreciation in relation to such a property.

(b) Give three examples of properties (land or buildings) that should be classified as investment properties.

(c) Explain the "fair value model" which is permitted by IAS40 for the measurement of investment property.

(d) A company's investment property at 31 December 2019 is shown in the statement of financial position at its fair value of 23m. Explain the accounting treatment which should be applied in the financial statements for the year to 31 December 2020 if the property has risen in value by 10% during the year. Also explain the accounting treatment if the property has fallen in value by 10% during the year