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. For IAS 16 the Board's main objective was a limited revision to provide additional guidance and clarification on selected matters. It can be applied before that date by entities that also apply IFRS 15 Revenue from Contracts with Customers. IAS 16 Property, Plant and Equipment - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. %PDF-1.6 %���� IFRS 16 Leases was issued by the IASB in January 2016. [IAS 16.56] Depreciation should be charged to profit or loss, unless it is included in the carrying amount of another asset [IAS 16.48]. bordering to, the publication as without difficulty as sharpness of this ias 16 Page 2/9 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. �0�_%O`k������������#���K���/���2 �r5��Bnάt��\id&!�6:+Te�5�;>^�ϼ���@�=�Õ>a�u����/~����/Vi�Z��,:��bw:�3�+f}p�|:�m���8����[Y�(�� ��.�=�ڟ w�@F /Resources 2 0 R Free IFRS Quizzes IAS 16 – Property Plant and Equipment Quiz ) , () ) Previous Lesson. 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. %���� Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. All the directly attributable costs necessary to bring the asset into working condition should be capitalised: these cost… This solution had the following advantages: (a) use of IAS 16’s general recognition principle fits the . to provide guidance on the accounting for such sale proceeds and the related production costs. IN3. covered by IAS 16’s general recognition principle. To find out more, see our Cookies Policy Terms & Conditions Articles. The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. Bearer plants will fall under the scope of IAS 16 while the produce grown on the plants will remain under IAS 41. The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. 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? /Length 3114 Back to Course Next Lesson. To find out more, see our Cookies Policy Terms & Conditions Articles. )Bi#(m�M��)���H,J�p�C*R�B��vv "7! As a result, more effort and judgement will be needed in the preparation of disclosures. Property, Plant and Equipment. endobj Academia.edu is a platform for academics to share research papers. ias 16 solutions 01 TECHNICAL. To address diversity in practice, the International Accounting Standards Board (the . Back to Course Next Lesson. h�22U0P���w�/�+Q04���L)�65 �)���X��ʂT�����b;;� E� � h�|�� IFRS 1 First-time Adoption of International Financial Reporting Standards. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. ias 16 For an asset to be recorded in the financial statements should meet this definition laid by IASB Framework under IAS 16; “IAS 16 Asset is a resource which is controlled by the entity, as a result of past event and from which economic benefit are expected to flow to the entity” 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. 3 0 obj As understood, deed does not recommend that you have astounding points. ��1C�;c��\�q[EVDz�w� �q��3�Қs 2@l�kEYv9u!x�'��Ǚc��^Z�m}�'d���>�-z�m��8�y+(. The carrying value will now be spread according to the revised estimates. 1 0 obj stream �qK����_} �?�B�&����$o|���m�=|_e0q{�G�(�@���{�WcPv���e0�&�/,����w�? ias 16 solutions 01 TECHNICAL. 18 Une entité applique IAS 2 Stocks aux coûts liés aux obligations de démantèlement, d’enlèvement et de remise en état du site sur lequel un élément est situé, obligations que l’entité contracte pour une durée spécifique du fait de 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 different treatment and clarification on selected matters in March 1982 ) 651KB ) IAS 16 ’ s general principle... 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