Ifrs 1 rpg 3, reporting service performance information. Any changes to ias 16 made subsequent to the iasbs improvements project have not been incorporated into ipsas 16. 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. Ias 16 property, plant and equipment ifrs standards. A practical guide to accounting for property under the cost. Accounting for bearer plants before they mature paras. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. Contents table 1 ipsasrpg and equivalent ifrspssummary.
Government assistance the carrying amount of an item of property, plant and equipment may be reduced by government grants in accordance with ias 20 accounting for government grants and disclosure of government assistance. The board has not undertaken any specific implementation support activities relating to this standard. Before we look at the contents of the framework, let us continue to put the framework into context. 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. For ias 16 the boards main objective was a limited revision to provide additional guidance and clarification on selected matters. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them. For example ias 40, investment properties and ias 16, property, plant and equipment both allow the preparer the choice to formulate their. Yes, online study materials published in were always free to download. For example ias 40, investment properties and ias 16, property, plant and equipment both allow the preparer the choice to formulate their own accounting policy on measurement. The iasbs conceptual framework for financial reporting.
Ias 16 establishes principles for recognising property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation charges and impairment losses to be recognised in relation to them. Agenda contents ias 16 property, plant and equipment ias 38 intangible assets slide 2 pwcs academy july 2016. Aasb 116compiled 4 comparison comparison with ias 16 aasb 116 property, plant and equipment as amended incorporates ias 16 presentation of financial statements as issued and amended by the international accounting standards board iasb. 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.
Presentation and disclosure requirements of ifrs 16 leases. 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. The ias syllabus can be found at the upsc official website or scroll down to download the upsc syllabus pdf for both prelims and mains. We have now compiled the must read notes to make it more user. Iasb publishes amendments to ias 16 property, plant and equipment and ias 38 intangible assets project update released on 12 may 2014 announcing a clarification of acceptable methods of depreciation and amortisation. About this supplement 1 about ifrs 16 3 the groups lease portfolio 6 part i modified retrospective approach 10. Property, plant and equipment are tangible assets that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes and. Ias 16 was reissued in december 2003 and applies to annual periods. Property, plant and equipment is initially measured at its cost. March 16, 2020 for upsc ias weekly current affairs quiz 17 to 23 february 2020 for upsc, ias, bank exams and all govt jobs. Its now easier for readers to download online study materials from clearias. Listing of international financial reporting standards. We have added new download links in clearias website, right in the menu bar itself. Ias 16 bc basis for conclusions on ias 16 property, plant and equipment this basis for conclusions accompanies, but is not part of, ias16.
Accordingly, this guide should not be used as a substitute for referring to their requirements and other relevant interpretative guidance. Ias 7 statement of cash flows 55 ias 8 accounting policies, changes in accounting estimates and errors 57 ias 10 events after the reporting period 58 ias 11 construction contracts 59 ias 12 income taxes 60 ias 16 property, plant and equipment 62 ias 17 leases 65 ias 18 revenue 67 ias 19 2011 employee benefits 69 ias 20 accounting for. Harvest is the detachment of produce from a biological asset or the cessation of a biological assets life processes. The ifrs interpretations committee has previously considered a number of relevant issues that have been submitted by stakeholders. There is a common upsc syllabus pattern for services such as the indian administrative service, indian foreign service, indian police service, indian revenue service customs and central excise to name a few. Ias 16 property, plant and equipment ifrs standards tracker. Bc70bc72 accounting for produce growing on a bearer plant paras. A more transparent balance sheet 1 1s 16 at a glance ifr 2. The only exception will be real estate leases that qualify for the shortterm recognition. Ias 16 33, firsttime adoption of accrual basis ipsass. Ias syllabus 2020 download upsc syllabus pdf for prelims. Guide to annual financial statements illustrative disclosures. The board did not reconsider the fundamental approach to the accounting for property, plant and equipment contained in ias 16. Paragraphs 5a5b of ias 41 elaborate on this definition of.
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. Upon the adoption of ifrs 16, lessees must record a rightofuse asset and a lease liability for most lease arrangements in their statement of financial position. Readers can now download clearias notes as pdf for free. Bearer plants will fall under the scope of ias 16 while the produce grown on the plants will remain under ias 41. 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 34 requirements are illustrated in our guide to condensed interim financial statements illustrative disclosures. It will replace ias 17 leases for reporting periods beginning on or after 1 january 2019. Ifrs pocket guide 20 component of other comprehensive income classified by nature.
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. Executive summary ifrs 16 leases was issued by the iasb in january 2016. The objective of ias 16 is to prescribe the accounting treatment for property, plant, and equipment. A group of biological assets is an aggregation of similar living animals or plants. This content was uploaded by our users and we assume good faith they have the. Access to ifrs technical summaries and unaccompanied standards the core standards, excluding content such as basis for conclusions is available for free from the iasb website. Bc73bc79 application of the ias 16 requirements to bearer plants paras. You are permitted to access, download, copy, or print out content from ebooks for your own research or.
All the paragraphs have equal authority but retain the iasc format of the standard when it was adopted by the iasb. For the requirements reference must be made to international financial reporting standards. In addition, the standards and their interpretation change over time. References to the framework are to iascs framework for the preparation and presentation of financial statemadopted by the iasb inents. Amendments to ias 16 and ias 41 no current alignment project. When the committee rejects an issue, it publishes an agenda decision.
Scope of ias 16 ias 16 should be followed when accounting for property, plant and equipment unless another international accounting standard requires a different treatment. Today we are providing complete details of accounting standard 16 accounting for borrowing costs i. Ias 16 applies to property that is, buildings held for use in the production or supply of. Aug 12, 2014 scope of ias 16 ias 16 should be followed when accounting for property, plant and equipment unless another international accounting standard requires a different treatment. Ias 16 property, plant and equipment basis for conclusionscurrent. Objective the objective of ias 16 is to prescribe the accounting treatment for property, plant and equipment so that users. Aasb 116compiled 3 contents contents comparison with ias 16. The objective of ias 16 is to prescribe the accounting. Ias 16 property, plant and equipment the objective of this standard is to prescribe the accounting treatment for property.
International accounting standardsinternational financial. Listing of international financial reporting standards international financial reporting standards are developed by the international accounting standards board. Both the fasb and the iasb believe that the era of sweeping accounting change has come to an end, for now, and both are committed to helping companies. Property, plant and equipment the accounting standard ias 16 sets out how entities should report their investment in property, plant and equipment. Ias 16 property, plant and equipment replaced ias 16 accounting for property, plant and equipment issued in march 1982. Ias 16 was reissued in december 2003 and is applicable for annual. Comparison with ias 16 aasb 116 property, plant and equipment as amended incorporates ias 16 presentation of financial statements as issued and amended by the international accounting standards board iasb. Accordingly, this guide should not be used as a substitute for referring to their requirements and. Ias 16 outlines the accounting treatment for most types of property, plant and equipment. Visit daily our website and learn daily current affairs and static gk book pdf for upsc, ias, railway exams. For more information about the main changes in this 2016 ifrs blue book please click here. Summary of ias 16 property plant and equipments all about. Technical summary this extract has been prepared by iasc foundation staff and has not been approved by the iasb. Under the new standard, a tenant brings its real estate leases onbalance sheet, including those previously classified as operating leases under ias 17.
Contents accounting rules and principles 2 1 introduction 2 2 accounting principles and applicability of ifrs 2 3 firsttime adoption of ifrs ifrs 1 3 4 presentation of financial statements ias 1 5 5 accounting policies, accounting estimates and errors ias 8 9 6 financial instruments ias 32, ias 39, ifrs 7, ifrs 9, ifrs 10. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them. As an emerging edtech startup, clearias has been providing free ias online coaching, free online studymaterials and mock tests. As 16 accounting for borrowing costs summary pdf download. Find out more about the benefits of membership and joining details. International accounting standard 16 property, plant and equipment ias 16is set out in paragraphs 183 and the appendix. Property, plant and equipment are tangible items that.