Question: In the footnotes to its IFRS - based financial statements, European Aeronautical Defense and Space Company ( EADS ) , parent company for Airbus, includes

In the footnotes to its IFRS-based financial statements, European Aeronautical Defense and Space Company (EADS), parent company for Airbus, includes a description of a long-lived asset account called investment property, which is leased to a third party. The historical cost of the property is 211 million euros and accumulated depreciation is 142 million euros, leading to a balance sheet value of 69 million euros. The footnote also reports that an estimate of the fair market value of the property is 92 million euros.
Describe the differences between U.S. GAAP and IFRS regarding how this type of property is accounted for.
How has EADS chosen to account for the investment property?
What adjustment would EADS make to the financial statements if it chose to carry the investment property on its balance sheet at fair market value?

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