ias 16 pdf

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Accounting for proceeds before an asset’s intended use

− Sale proceeds no longer deducted from the cost of property plant and equipment (PPE) before its intended use − Testing the functioning of PPE means assessing its technical and physical performance − Additional disclosure requirements for sales proceeds and related production costs − Next steps – Transition and effective date In the process of ma

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International Accounting Standard 16 Property Plant and

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 changes in such investment

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IAS 16 Property plant and equipment 2017

IAS 16 Property plant and equipment Objective 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 changes in such investment

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IAS 16 Property Plant and Equipment

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Property Plant and Equipment IAS 16

In May 2020 the Board issued Property Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) which prohibit a company from deducting from the cost of property plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use

What is sic-23 & IAS 16 (2003)?
SIC-23 was superseded by and incorporated into IAS 16 (2003). The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them.
What is IAS 16 accounting?
IAS 16 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.

Highlights

− Sale proceeds no longer deducted from the cost of property, plant and equipment (PPE) before its intended use − Testing the functioning of PPE means assessing its technical and physical performance − Additional disclosure requirements for sales proceeds and related production costs − Next steps – Transition and effective date In the process of ma

The meaning of testing the functioning of PPE

The amendments also clarify that testing whether an item of PPE is functioning properly means assessing its technical and physical performance rather than assessing its financial performance – e.g. assessing whether the PPE has achieved a certain level of operating margin. assets.kpmg.com

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IAS 16 Property Plant and Equipment IFRS International Financial Reporting Standards

IAS 16 Property Plant and Equipment: Summary 2020

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