Accounting Policy of Investment Property – The Case of Latvia

Inga Bûmane and Maiga Kasale

Economic Research-Ekonomska Istraživanja, 2012, vol. 25, issue S1, 27-46

Abstract: A separate section “Investment Property” was included into the long-term investment part of the balance sheet item scheme of Latvian enterprises relatively recently, namely, since the year of account of 2006. After the studies of requirements set in Latvia concerning the recognition and accounting of investment property it was established that it is permitted to carry out the evaluation and accounting of these assets, after their initial recognition, according to several methods. Thus in Latvia, as well as at the international level the problem is – which accounting policy should be chosen for the evaluation and accounting of investment property. The aim of the research is to perform the comparative analysis of accounting policy adopted in Latvia and internationally regarding the investment property and to develop suggestions for its improvement. The research methodology is based on the comparative analysis of the requirements set in the documents regulating accounting in Latvia, the European Union Directives regulating accounting and the International Accounting Standards. The paper covers also the analysis of authors’ conclusions, publications in the periodicals, the results of the survey of the members of the Accountants’ Association of the Republic of Latvia, and other bibliographic sources. The authors of the research draw a conclusion that there had been several requirements set in the documents regulating accounting in Latvia, which only partially comply with the regulations adopted internationally regarding the recognition, evaluation and accounting of investment property. At the end of research, the authors have developed suggestions for the improvement of investment property accounting policy in Latvia.

Date: 2012
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DOI: 10.1080/1331677X.2012.11517555

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