Sparks Production and Distribution Limited (SPDL) bought a 20 acres property for $10 million on January 1, 2021 for its investment potential. The land element is $4M and is expected to have a useful life of 50 years. The Latin America and Caribbean Property Indices suggest that the fair value of the property as at December 31, 2021 was $11 million.

A. Show how the property would be presented in the financial statements as at December 31, 2021 if Sparks Production and Distribution Limited adopt:

i. The Cost Model as per IAS 40

ii. The Fair Value Model as per IAS 40.

B. Amalgamated Boilers Limited (ABL) began to construct a shopping mall in Guyana on January 1, 2020 which had an estimated useful life of 40 years. ABL purchased the 10 acres site for $250 million. Building construction costs $90 million and the fixtures and fittings cost $60 million. The mall construction was completed on September 30, 2020 and it was brought into use on January 1, 2021. ABL borrowed $400 million on January 1, 2020 in order to finance this project. The loan carried interest at 10% per annum. It was repaid on June 30, 2021. Required: Calculate the total amount to be included at cost in property, plant, and equipment in respect of the shopping malls development on December 31, 2020 as per IAS 23.

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