Topic Non- current Assets - investment properties. question1 Shine bright company acquired a building on 1 Jan 2018 at $10million.Previously it was mainly used for investment purpose,to earn rentals. The CFO has now classified this building as Property Plant and Equipment by calling it a 'logistics hub' to be accounted for under IAS 16/AASB 116 which has an estimated useful life for 10 years. Due to the rapidly increasing property market in Sydney,the CFO has requested an independent valuer to perform a valuation on 31 December2018 and it was revalued at $14 million as per the valuation report. As a new accountant just joined the company ,you are asked by CFO ti be part of the team providing the relevant accounting treatment for this building for the financial reporting period ended 30 June2019. Required 3(a) Discuss whether it is appropriate (ethically or legally)to now classify this building as a 'logistics' Property, Plant and Equipment, according to IAS 16. 2(b) identify the two correct purposes for classifying investment properties, according to IAS 40.