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3821317
IAS 16 - Property, Plant & Equipment
Description
Mind Map on IAS 16 - Property, Plant & Equipment, created by Michelle Brennan on 19/10/2015.
Mind Map by
Michelle Brennan
, updated more than 1 year ago
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Created by
Michelle Brennan
almost 9 years ago
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Resource summary
IAS 16 - Property, Plant & Equipment
Definition:
Asset held for continued use in the business for a period of more than 12 months
Treatment
Initially Recorded at cost
Purchase price + Directly attributable costs + estimate to dismantle if contractually obligated
Subsequent expenditure
If improves economic benefit
Capitalise
If repairs
Revenue expense
Depreciation
DO NOT DEPRECIATE LAND
Reduce NCA on SOFP and P+L as expense
Changes in Depreciation Method, UEL or residual value
Treated as an accounting adjustment (IAS8)
Only change current years f/s
Methods: Straight line or reducing balance
Tech. has most benefit in early years ti would use reducing balance
Reviewed Regularly
Revaluations
Choice
Must continue regularly revaluing if start
Must revalue all assets in same class of asset
Disposal of Revalued asset
Balance in revaluation reserve transferred to retained earnings, gain measued as difference between carrying value and proceeds
Balance in SOCIE
Disclosure
Revalued amount
Basis of revaluation
Date of revaluation
Whether it was done by a professional revaluer
Treatment
Dr Asset in SOFP Cr Revaluation Reserve in equity statement on SOFP
IFRS 13 Revalue to fair value
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