IAS16_06 - IAS 16 International Accounting Standard 16...

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IAS 16 © IASCF 935 International Accounting Standard 16 Property, Plant and Equipment This version includes amendments from IFRS 6 Exploration for and Evaluation of Mineral Resources issued on 9 December 2004.
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IAS 16 936 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN15 INTERNATIONAL ACCOUNTING STANDARD 16 PROPERTY, PLANT AND EQUIPMENT OBJECTIVE 1 SCOPE 2–5 DEFINITIONS 6 RECOGNITION 7–14 Initial costs 11 Subsequent costs 12–14 MEASUREMENT AT RECOGNITION 15–28 Elements of cost 16–22 Measurement of cost 23–28 MEASUREMENT AFTER RECOGNITION 29–66 Cost model 30 Revaluation model 31–42 Depreciation 43–62 Depreciable amount and depreciation period 50–59 Depreciation method 60–62 Impairment 63 Compensation for impairment 65–66 DERECOGNITION 67–72 DISCLOSURE 73–79 TRANSITIONAL PROVISIONS 80 EFFECTIVE DATE 81–81A WITHDRAWAL OF OTHER PRONOUNCEMENTS 82–83 APPENDIX Amendments to other pronouncements APPROVAL OF IAS 16 BY THE BOARD BASIS FOR CONCLUSIONS
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IAS 16 © IASCF 937 International Accounting Standard 16 Property, Plant and Equipment (IAS 16) is set out in paragraphs 1–83 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 16 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 16 938 © IASCF Introduction IN1 International Accounting Standard 16 Property, Plant and Equipment (IAS 16) replaces IAS 16 Property, Plant and Equipment (revised in 1998), and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. The Standard also replaces the following Interpretations: •S I C - 6 Costs of Modifying Existing Software I C - 1 4 Property, Plant and Equipment—Compensation for the Impairment or Loss of Items I C - 2 3 Property, Plant and Equipment—Major Inspection or Overhaul Costs . Reasons for revising IAS 16 IN2 The International Accounting Standards Board developed this revised IAS 16 as part of its project on Improvements to International Accounting Standards. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, professional accountants and other interested parties. The objectives of the project were to reduce or eliminate alternatives, redundancies and conflicts within the Standards, to deal with some convergence issues and to make other improvements. IN3 For IAS 16 the Board’s main objective was a limited revision to provide additional guidance and clarification on selected matters. The Board did not reconsider the fundamental approach to the accounting for property, plant and equipment contained in IAS 16.
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS16_06 - IAS 16 International Accounting Standard 16...

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