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Summary PPE IAS16 $2.92   Add to cart

Summary

Summary PPE IAS16

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PPE summary including depreciation and revaluation calculations

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  • February 9, 2018
  • 4
  • 2016/2017
  • Summary
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Definition

Tangible asset that is: Propert
 Held for production or supply of goods and



services, rental to others or admin purposes
Expected to be used for more than one y, Plant
reporting period

Recognition


and
Recognise when the asset definition is met and control transfers
 Specific assets require certain things to occur for control to transfer such as a
deed transfer for land and buildings or when a vehicle is registered in the
entity’s name

Measurement at initial recognition

 Measured at cost price less any refundable taxes and costs not included in
cost price as per IAS16
 Cost includes the following:
 Purchase price
 Import duties
 Brokerage fees
 Legal expenses
 Costs directly related to bring asset to location and state fit for use as
deemed by management
 *Any revenue from test products or test services reduces any testing
costs*
 PV of costs to dismantle and rehabilitate environment or site forms part
of cost

Subsequent Measurement

Depreciation

 Depreciation begins from the date the asset is ready for use and ceases when
the asset is
 Fully written off
 Derecognised
 Disposed
 Transferred to Non-Current Assets held for sale (IFRS 5)
 Depreciable amount = Cost – Residual Value
 *Revisions of residual value and useful life are applicable from the beginning
of the year even if taken at the end*
 Carrying Amt = Cost – Acc Dep – Acc Impairment
 Depreciation methods

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