Development property is investment property under construction and valued at fair value under the fair value option of IAS 40. Therefore no adjustment had to be made as per 31 December 2018.

Assets in this category are measured under IFRS at the lower of cost or net realisable value in the financial statements.

Property that is leased to tenants under a finance lease is initially measured on a net investment basis and subsequently re-measured based on an amortisation pattern reflecting a constant rate of return.

Properties intended for sale and accounted for under IAS 2 (Inventory) are measured at the lower of cost or net realisable value in the financial statements.

Under IAS16, other investments in real assets are normally accounted for at cost.

Indirect investments in real estate, such as investments in associations and joint ventures, have different accounting treatments and carrying values under IFRS. Such investments can be valued at cost, fair value or NAV.

Financial assets and liabilities such as debt obligations are generally measured at amortised cost, taking into account any impairment when applicable.

Under IAS11, construction contracts for third parties are normally accounted for based on the stage of completion.

Set-up costs (i.e. establishment expenses) are charged immediately to income after the initial closing date.

Under the Fair Value model, acquisition expenses of investments under the fair value assumptions according to IFRS may be partly charged to income or equity as fair value changes at the first subsequent measurement date after acquisition.