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IFRS 16: Lessor accounting for operating lease for Property: IAS16 or IAS 40 ?

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IFRS 16: Lessor accounting for operating lease for Property: IAS16 or IAS 40 ?

Hello,

I am IFRDIP student and I have below question:

Where the underlying asset under operating lease is property, should lessor account for this property under IAS16 or IAS40 ?
I assume IAS40 is the correct answer because the asset is held for rent (during lease contract).

Thanks

November 14th 2017 AN ACCA USER 120 Points

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