IAS 40 Investment Property requires disclosure of the criteria developed by the entity to distinguish investment property from owner-occupied property and from property held for sale in the ordinary course of business, when classification of the property is difficult.

One of the companies mentioned above, Linstow AS, owns and develops real estate in Norway as well as in the Baltic States, Portugal and Sweden.

Under one such exception the general rule should not apply to contracts relating to rights in rem in immovable property or tenancies of such property unless the contract relates to the right to use immovable property on a timeshare basis within the meaning of Directive 94/47/EC of the European Parliament and of the Council of 26 October 1994 on the protection of purchasers in respect of certain aspects of contracts relating to the purchase of the right to use immovable properties on a timeshare basis (10).

Under one such exception the general rule is not to apply to contracts relating to rights in rem in immovable property or tenancies of such property, unless the contract relates to the right to use immovable property on a timeshare basis within the meaning of Directive 94/47/EC of the European Parliament and of the Council of 26 October 1994 on the protection of purchases in respect of certain aspects of contracts relating to the purchase of the right to use immovable properties on a timeshare basis.

15. Recommends that it should be examined whether the legal nature of the timesharing contract can be defined as a consumer contract under Community law, so that the general rules of Community law for the protection of consumers apply and to prevent forum shopping, either by reference to the general place of jurisdiction for consumer law or the right of jurisdiction of the place in which the property is situated, calls on the Commission in this context to examine to what extent alternative conciliation mechanisms, such as those proposed by the Commission in its communication on widening consumer access to alternative dispute resolution (COM(2001) 161 final), can be established in order to assist the consumer in asserting his rights u ...[+++]nder this Directive;

15. Recommends that consideration be given to whether the legal nature of the contract for the use of immovable property on a timeshare basis can be set as a consumer contract under Community law, in order to apply general rules of Community law for the protection of consumers and, by reference to the general jurisdiction in consumer law or the jurisdiction of the place in which the property is situated, to prevent forum shopping; calls on the Commission in this context to examine to what extent alternative conciliation mechanisms, such as those proposed by the Commission in its communication on extending consumer access to alternative conciliation (COM(2001) 161 final), can be established in order to assist the consumer in ass ...[+++]erting his rights;