b'A N N U A L R E P O R T 2 0 1 7 - 2 0 1 8NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018(Expressed in Trinidad and Tobago Dollars)4.Summary of significant accounting policies (continued)g.Investment propertiesInvestment properties are properties held by NIBTT to earn rental income or for capital appreciation or both. Property held for a currently undetermined future use is regarded as investment properties as such property is regarded as held for capital appreciation. Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for use in the production or supply of goods or services or for administrative purposes. If these portions can be sold separately or leased out separately under a finance lease, the entity accounts for the portions separately as investment properties or property plant and equipment (Note 4 h.) respectively. If the portions cannot be sold separately, the property is investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes. Otherwise it is considered property plant and equipment (Note 4 h.)Investment properties are initially measured at cost. After initial recognition, investment properties are measured at fair value based on valuations conducted by an independent professional valuator. Gains and losses arising from the change in fair value are included in the statement of comprehensive income. The valuators have adopted standard valuation methods and assumed good title, vacant possession and no unduly restrictive covenants or onerous or unusual outgoings running with the land.h.Property, plant and equipmentProperty held for future use as owner-occupied property, property held for future development and subsequent use as owner-occupied property, property occupied by employees and owner-occupied property awaiting disposal are deemed to be property, plant and equipment.Property,plantandequipmentarestatedathistoricalcostlessaccumulateddepreciationand impairment losses except for artwork and freehold properties which are stated at valuations conducted by independent professional valuators every 3 years. Freehold properties were professionally valued in June 2016 using the investment method note 14. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to NIBTT and the cost of the item can be measured reliably.All other repairs and maintenance are charged to the statement of comprehensive income during the financial period in which they are incurred.If an assets carrying value is increased as a result of a revaluation, the increase is credited directly to reserves under the heading revaluation reserve. If an assets carrying value is decreased as a result of a revaluation, the decrease is debited directly to equity to the extent of any credit balance existing in the revaluation reserve in respect of that asset. Any decrease in excess of this amount is recognised in the statement of comprehensive income.Additionally,forthoseassetsthatarerevaluedasatthestatementoffinancialpositiondate,the accumulated depreciation for the revalued assets are credited to the revaluation reserve. The accumulated depreciation for revaluated assets is therefore brought to zero. Depreciation is provided on a straight-line basis at varying rates sufficient to write-off the cost/market value respectively of the assets over their estimated useful lives. The rates used are as follows:44'