Counting house rendered unable to count its own costs Belgian insurer Fortis recognises an overall €27.4 billion loss on discontinued banking and insurance operations leading to a loss for the year but, contrary to IFRS, does not analyse this into result prior to disposal and gain or loss on disposal and gives the wrong valuation date for assets and liabilities disposed of.
Contrasting treatments of investment property elections
Belgian bank Fortis elects under IAS 40 "Investment property" to apply the cost model and recognises its investment property at €2.5 billion but discloses the fair value of €4.2 billion in a note. Under Belgian GAAP it had fair valued such property, taking the changes to equity.