International accounting standard 16 property, plant and. Ifrs update of standards and interpretations in issue at 30. Readers can now download clearias notes as pdf for free. For the requirements reference must be made to international financial reporting standards. Unaccompanied version of ifrs 16 the international accounting standards board iasb provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. As a consequence, ias 16 is not prescriptive in requiring such things as nonspecialised properties to be valued at existing use value euv, at depreciated replacement cost and properties surplus to requirements to be valued at open market value. Ias 16 property, plant and equipment was issued by the international accounting standards committee in december 1993.
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. The previous version of ias 16 contained two recognition principles. Ifrs 16 leases 5 ifrs 17 insurance contracts 6 ifric interpretation 23 uncertainty over income tax treatments 7 definition of a business amendments to ifrs 3 8 prepayment features with negative compensation amendments to ifrs 9 9 definition of material amendments to ias 1 and ias 8 10. The ias prelims syllabus is an abridged version of the ias main exam except for the ethics syllabus. 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. Property, plant and equipment ias 16 international trends. Objective ias 1 presentation of financial statements prescribes the basis for presentation of general purpose financial statements, to ensure comparability both with the entitys financial statements of previous periods and with the financial statements. This chapter examines the property, plant, and equipment ias 16 standard that sets out requirements for the recognition and measurement of property, plant and equipment and also prescribes the financial statement disclosure requirements. It replaced ias 16 accounting for property, plant and equipment. Entityspecific value is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to. An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire class of property, plant and.
A group of biological assets is an aggregation of similar living animals or plants. International accounting standard 16, ias 16, prescribes rules regarding the recognition, measurement and disclosures relating to property, plant and equipment, which are often referred to as fixed assets that would enable users of financial statements to understand the extent of an entitys investment in such assets and the movements therein. 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. So the user of the statement is able to evaluate the impact of the entitys activities on the financial position ifrs for smes 7.
If an item of property, plant and equipment is revalued, the entire class of property. Ias 16 outlines the accounting treatment for most types of property, plant and equipment. Links to summaries, analysis, history and resources for international financial. Ifrs update of standards and interpretations in issue at 30 june 2017 4 table of mandatory application first time applied in annual periods ending on the last day of these months. Financial reporting faculty members get full access. Unaccompanied version of ias 16 the international accounting standards board iasb provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Ias 1 is applicable for annual reporting periods commencing on or after 1 january 2009. The accounting standard ias 16 sets out how entities should report their. This web article is also available in printfriendly format. Yes, online study materials published in were always free to download. Ias 16 does not use the value to the business model. The ifrs foundations logo and the ifrs for smes logo, the iasb logo, the hexagon device, eifrs, ias, iasb, ifric, ifrs, ifrs for smes, ifrs foundation, international accounting standards, international financial reporting standards, niif and sic are registered trade marks of the ifrs foundation, further details of which are available from the ifrs.
Ias 16 property, plant and equipment ifrs standards tracker icaew. The accounting standards that are relevant for ppe accounting are ias 16 property, plant and equipment for ifrs, asc 360 property, plant and equipment for us gaap. Its the most mobile, productive and collaborative pdf solution adobe offers, combining acrobat desktop software and the mobile scan app, the signature app and acrobat reader mobile app enhanced with premium mobile features and premium document cloud services. International accounting standard 16 property, plant and equipment objective 1. The objective of this standard is to prescribe the accounting treatment for property, plant and. Login to get the version of the standard relevant to specific time periods via eifrs. Technical summary this extract has been prepared by iasc foundation staff and has not been approved by the iasb. If youre unable to view the presentation online, you can download a pdf version pdf 191 kb. An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire. Ifrs 16 leases pdf 679 kb can help you assess the potential impact of the new standard on your business. Ias 16 property, plant and equipment the objective of this standard is to prescribe the accounting treatment for property. This unaccompanied version does not include additional content that accompanies the full.
Ias 16 property, plant and equipment is one of oldest standard and its history goes back to 1980. Ias 16 property, plant and equipment ifrs standards. The ias prelims exam is a multiplechoice questionbased exam where the candidates require marking the right answer from the options. Ias 16 outlines the accounting treatment for most types of property, plant and. If you are unable to access an ebook, please see our help and support. This paragraph refers to amendments that are not yet effective. In accordance with ias 36 impairment of assets, an entity is required to test an intangible asset with an indefinite useful life for impairment by comparing its recoverable amount with its carrying amount a annually, and b whenever there is an indication that the intangible asset may be impaired. Acrobat dc is the latest version of acrobat subscription software. It replaced ias 16 accounting for property, plant and equipment issued in. The following terms are used in this standard with the meanings specified. We have now compiled the must read notes to make it more user. We have added new download links in clearias website, right in the menu bar itself.
The objective of this paper is to describe the accounting treatment for property, plant and equipment, in according with the ias 16, including. Ias 16 was reissued in december 2003 and applies to annual periods. Ias 16 property, plant and equipment basis for conclusionscurrent document document type. Ias 16 property, plant and equipment ias 16 property, plant and equipment 2017 07 1 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 entitys investment in its property, plant and. International accounting standard 16 property, plant and equipment this version includes amendments resulting from ifrss issued up to 31 december 2009. 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. New leases standard introducing ifrs 16 kpmg global. 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. March 2017 this communication contains a general overview of the topic and is current as of march 31, 2017 the application of the principles addressed will depend upon the particular facts and circumstances of each individual case.
This is an essential aspect for both the readers of the financial statements of the small and mediumsized entities and the ones using the. On december 18, 2003, the international accounting standards board iasb issued the revised version of ias 16. Ias 41 agriculture 2017 07 2 costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. Ias syllabus 2020 download detailed upsc syllabus pdf for. After recognition, an entity chooses either the cost model or the revaluation model as its accounting policy and applies that policy to an entire class of property.
Its now easier for readers to download online study materials from clearias. Scope bc4 the board clarified that the requirements of ias 16 apply to items of property, plant and equipment that an entity uses to develop or maintain a. Property, plant, and equipment ias 16 ifrs practical. Main differences between full ifrs and ifrs for smes. Pdf ifrs manual of accounting 20 inventories ias 2. The previous version of ias 16 did not contain this provision. Ias 16 property, plant and equipment a closer look. Pwc objective to prescribe the basis for presentation of general purpose financial statements to ensure comparability both with. 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. Ifrs standards are set by the international accounting standards board board and are used primarily by publicly accountable companiesthose listed on a stock exchange and by financial institutions, such as banks. Any changes to ias 16 made subsequent to the iasbs improvements project have not been incorporated into ipsas 16.