USA Investment in Real Estate Properties Valued at Fair Value

[PASSN]

Our company has some properties that it holds for investment purposes. Currently these are booked at market value. If these buildings were to revert to use by the company itself, would they be marked down to cost or would they continue to be booked at market value?

Also does anyone know the US GAAP guidance that allows properties to be booked at fair market value?

And what guidance will be applicable when there is an intended change in use for one of the properties.

Thanks in advance

 

[Fidget]

when you reclassify the properties, I think you'd have to slot them into the category that they fit into under existing properties held for normal operations, and then account for them on the same basis as the category of properties you've put them into.

I don't know US GAAP though - I'm more UK GAAP and IFRS, so this is just my thinking on it, but I expect it'll still be along those lines.