IAS 16 Property, Plant, and Equipment

IAS 16 Property, Plant, and Equipment - IAS 16 Property...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Click to edit Master subtitle style 3/20/11 IAS 16 Property, Plant, and Equipment
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3/20/11 Definition of PPE Tangible assets that are: Held for use in Production of goods Rendering of services Expected to be used for more than one year IAS 16 does not apply to: Noncurrent assets held for sale
Background image of page 2
3/20/11 Measurement of PPE Recognized as an asset when: o Probable that future benefits will flow to the entity o Cost can be measured reliably Measured initially at: o Cost § Purchase price (+ import duties and taxes) § Any cost attributed to … location and condition for its intended use
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
3/20/11 o If part of nonmonetary exchange, then use FV of: § Asset acquired (liability assumed) § If cannot determine FV of asset acquired, then use
Background image of page 4
Background image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/19/2011 for the course ACCT 440 taught by Professor Smith during the Spring '11 term at Saginaw Valley.

Page1 / 5

IAS 16 Property, Plant, and Equipment - IAS 16 Property...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online