2 This Standard shall be applied in the recognition, measurement and disclosure of investment property.
4 This Standard does not apply to:
- biological assets related to agricultural activity (see IAS 41 Agriculture and IAS 16 Property, Plant and Equipment); and
- mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources.
5 The following terms are used in this Standard with the meanings specified:
Carrying amount is the amount at which an asset is recognised in the statement of financial position.