Pas 16 property plant and equipment pdf

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pas 16 property plant and equipment pdf

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IAS 16: Property, plant and equipment

Stay up-to-date with the latest Coronavirus news: Sign up for daily news alerts. IAS 16 Property, Plant and Equipment sets out the requirements for the recognition of the assets, the determination of their carrying amounts, and the depreciation charges and impairment losses in relation to them. Revised December Effective 1 January Find out more on which entities qualify and the criteria to be met.

Stay up-to-date with the latest Coronavirus news: Sign up for daily news alerts. The accounting standard IAS 16 sets out how entities should report their investment in property, plant and equipment. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. Free registration is required. This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions. Property, plant and equipment including borrowing costs Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to relevant resources.

PROPERTY, PLANT AND EQUIPMENT: IAS 16

Costs of site preparation; services, for rental, or for administrative 3. Initial delivery and handling costs e. Installation and assembly costs; to be used from more than a year 5. Testing costs, net of disposal proceeds of samples generated during testing; and Examples of items of PPE 6. Professional fees. An item of PPE is initially measured at its cost.

IAS 16 Property, Plant and Equipment

The objective of IAS 16 property plant and equipment PPE is to prescribe the accounting treatment for property, plant and equipment. The principal issue is the timing of recognition of assets, the determination of their carrying amounts, and the depreciation charges to be recognized in relation to them. The following is the IAS 16 summary. Items of property, plant and equipment should be recognized as assets when:. Cost includes all costs necessary to bring the asset to working condition for its intended use.

IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of property, plant and equipment. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. IAS 16 was reissued in December and applies to annual periods beginning on or after 1 January

IAS 16 Property, Plant and Equipment

You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa See general information about how to correct material in RePEc.

It concerns accounting for property, plant and equipment known more generally as fixed assets , including recognition, determination of their carrying amounts , and the depreciation charges and impairment losses to be recognised in relation to them. It was reissued in December and has been amended multiple times, most recently in 30 June The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period.


For example, IAS 17 Leases requires an entity to evaluate its recognition of an item of leased property, plant and equipment on the basis of the transfer of risks and.


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You can almost guarantee that in every exam you will be required to account for property, plant and equipment at least once. There are essentially four key areas when accounting for property, plant and equipment that you must ensure that you are familiar with:. The basic principle of IAS 16 is that items of property, plant and equipment that qualify for recognition should initially be measured at cost. One of the easiest ways to remember this is that you should capitalise all costs to bring an asset to its present location and condition for its intended use. Yucca Co paid for the plant on 25 March 20X0. How should the above information be accounted for in the financial statements? See 'Related links' for the solution to Example 1.

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