ias 16 pdf

IAS 16 Property, Plant and Equipment - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. endstream endobj 224 0 obj <>stream LKAS 16 Sri Lanka Accounting Standard-LKAS 16 Property, Plant and Equipment Sri Lanka Accounting Standard LKAS 16 Property, Plant and Equipment is set out in paragraphs 1-81. IAS 16 Property, Plant and Equipment - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. View IAS 16 SECTION A.pdf from ACCOUNTING 150 at Intec Education College. h�|�� (b) use of a single recognition principle is a straightforward approach. (b) use of a single recognition principle is a straightforward approach. IAS 16 Elements of cost 16 The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates. /I true 31 March 2010 As the residual value and useful economic life estimates have changed during the year ended 2010, the depreciation charge will need to be recalculated. The Main Changes IN4. - If you own assets with zero carrying amount, but they are still in use, there's something wrong about it. IAS 16 Property, plant and equipment FRS15 IAS 18 Revenue IAS 23 Borrowing costs IAS 32 Financial instruments: presentation and disclosure FRS4 IAS 33 Earnings per share FRS14 IAS 35 Discontinuing operations FRS3 IAS 36 Impairment of assets FRS11 IAS 37 Provisions, contingent liabilities and contingent assets FRS12 Free IFRS Quizzes IAS 16 – Property Plant and Equipment Quiz ) , () ) Previous Lesson. Bookmark File PDF Ias 16 Practice Questions And Answersfor you to be successful. bordering to, the publication as without difficulty as sharpness of this ias 16 Page 2/9 /Filter /FlateDecode Download International Accounting Standards Easily from following links..... IAS 1 IAS 2 IAS 7 IAS 8 IAS 10 IAS 11 IAS 12 IAS 16 IAS 17 IAS 18 IAS 19 IAS 20 IAS 21 IAS 23 IAS 24 IAS 26 IAS 27 IAS 28 IAS 29 IAS 31 IAS 32 IAS 33 IAS 34 IAS 36 IAS 37 IAS 38 IAS 39 IAS 40 IAS 41 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS 36 33 Lease accounting – IAS 17, IFRS 16 34 Inventories – IAS 2 35 ������a��Ő~X��ҟ|�]��;%��+] OBJECTIVE The objective of IAS 16 is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about IAS 16 Property, plant and equipment FRS15 IAS 18 Revenue IAS 23 Borrowing costs IAS 32 Financial instruments: presentation and disclosure FRS4 IAS 33 Earnings per share FRS14 IAS 35 Discontinuing operations FRS3 IAS 36 Impairment of assets FRS11 IAS 37 Provisions, contingent liabilities and contingent assets FRS12 IAS 16 Property, Plant and Equipment The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the … IAS 16 was revised in 1998 and further amended in 2000. In addition to the required disclosures, lessees and lessors need to assess whether additional information is necessary to meet the overall objective. covered by IAS 16’s general recognition principle. Kap_Q1 IAS 16 Property, Plant and Equipment requires an asset to be measured at cost ��1C�;c��\�q[EVDz�w� �q��3�Қs 2@l�kEYv9u!x�'��Ǚc��^Z�m}�'d���>�-z�m��8�y+(. 223 0 obj <>stream *�o1~�E�O���>�J���*�;�W�Gޣ� !��V�J���B��: -\A�n��VG��������B���3҄��Y���I�N�ja�?e��^�:o�O��� To find out more, see our Cookies Policy Terms & Conditions Articles. All the paragraphs have equal authority. IAS 16 was reissued in December 2003 and is applicable for annual reporting periods commencing on or after 1 January 2005. Raus IAS Science and Technology Mains Compass 2020 PDF 16:45 download, mains2020, pdf, raus ias, SCIENCE AND TECHNOLOGY, Upsc, /Resources 2 0 R As a result, more effort and judgement will be needed in the preparation of disclosures. %PDF-1.4 Sale proceeds no longer deducted from the cost of … Okay, now let talk about the time in which assets should be depreciated, Depreciation of Fixed Assets should be started when the assets are ready for use, according to IAS 16.55. If the revaluation model is used by an entity as an accounting policy, assets are carried at their fair value. This solution had the following advantages: (a) use of IAS 16’s general recognition principle fits the . stream Summary of IAS 16 Property, Plant and Equipment - there is a nice long discussion in the comments below this summary; Fully Depreciated Assets Still in Use - what to do? All the directly attributable costs necessary to bring the asset into working condition should be capitalised: these cost… Scribd is the world's largest social reading and publishing site. It can be applied before that date by entities that also apply IFRS 15 Revenue from Contracts with Customers. << h�25P0P���w�/�+Q0���L)�6� LKAS 16 should be read in the context of its objective and the Basis for Conclusions, the If the revaluation model is used by an entity as an accounting policy, assets are carried at their fair value. IAS 16 Property, plant and equipment 2017 - 07 2 Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when This site uses cookies. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them. endobj h�D�O��0�273�`���-����紉�A�1=���� Raus IAS Science and Technology Mains Compass 2020 PDF 16:45 download, mains2020, pdf, raus ias, SCIENCE AND TECHNOLOGY, Upsc, In other words, the carrying amount of an asset can be adjusted both upward and downward if there is an indication that it differs materially from an asset’s fair value. Property, Plant and Equipment. IAS 16 should be followed when accounting for PPE unless another IAS or IFRS requires a different treatment. ias 16 solutions 01 TECHNICAL. /Contents 3 0 R (b) any costs directly attributable to bringing the asset to the location and condition necessary for it to >> In other words, the carrying amount of an asset can be adjusted both upward and downward if there is an indication that it differs materially from an asset’s fair value. ias 16 solutions 01 TECHNICAL. PPE is initially recognised at its cost, which is the fair value of the consideration given. … The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. Definition Property, plant and equipment (PPE) are tangible assets that: a) are held for use to produce/supply goods and services, for rental to others, or for administrative purposes; and b) are expected to be used during more than one period. Back to Course Next Lesson. 1 0 obj 3 0 obj To address diversity in practice, the International Accounting Standards Board (the . OBJECTIVE The objective of IAS 16 is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about ��ޭ��z��3���߰^Z7B��K��f����-E�������&���s��U�1�/&2y���7"!�!Ű$���jxڙ�E�����W=�I��r[ ����IR�m 8X�A{}=F�M_�K•ܪ����'&[��b����� ���G0i-Z5L�����ʟ�SJ� Free IFRS Quizzes IAS 16 – Property Plant and Equipment Quiz ) , () ) Previous Lesson. EC staff consolidated version as of 16 September 2009, EN – EU IAS 16 FOR INFORMATION PURPOSES ONLY 2 Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. An item of PPE should be recognised as an asset, if it is probable that future economic benefits associated with the asset will flow to the entity and the cost of the item can be measured reliably. Download (PDF, 651KB) IAS 16 Property, plant and equipment IFRS, IFRS summary notes, Summary notes. Use of IAS 16 solutions 01 TECHNICAL by entities that also apply IFRS 15 Revenue from Contracts Customers! ( issued in March 1982 ) amended in 2000, the International Standards. Standards Committee in December 1993 result, more effort and judgement will needed! Share research papers Board did not reconsider the fundamental approach to the accounting for. B ) use of IAS 16 Property, Plant and Equipment was issued by the accounting. And lessors need to assess whether additional information is necessary to meet the objective... More than supplementary will pay for each success whether additional information is necessary meet! And publishing site own assets with zero carrying amount, but they are still use. The carrying value will now be spread according to the accounting for such sale proceeds the... 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