PQ Bhd has an investment property which is carried at fair value. The fair value as at 1 January 2014 was RM48 million and its remaining life on that date was 20 years. PQ Bhd decided to convert the investment property to owner-occupied property on 1 July 2014. The fair value on that date was RM50 million. PQ will adopt the revaluation model and the property ‘s fair value on December 2014 was RM57 million. The company’s year-end was at 31 December.
Required: Discuss the accounting treatment to the above scenario.