accounting for plant property and equipment

exploration and evaluation assets recognised in accordance with IFRS 6 Exploration for and Evaluation of Mineral Resources.

biological assets related to agricultural activity accounted for under IAS 41 Agriculture.

assets classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

IAS 16 applies to the accounting for property, plant and equipment, except where another standards requires or permits differing accounting treatments, for example: 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. The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. SIC-23 was superseded by and incorporated into IAS 16 (2003).Īmendments under consideration by the IASB

SIC-23 Property, Plant and Equipment - Major Inspection or Overhaul Costs.

SIC-14 was superseded by and incorporated into IAS 16 (2003).

SIC-14 Property, Plant and Equipment – Compensation for the Impairment or Loss of Items.

SIC-6 was superseded by and incorporated into IAS 16 (2003).

SIC-6 Costs of Modifying Existing Software.

IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine.

Operative for annual financial statements covering periods beginning on or after 1 July 1999Įffective for annual periods beginning on or after 1 January 2005Īmended by Improvements to IFRSs (routine sales of assets held for rental)Įffective for annual periods beginning on or after 1 January 2009Īmended by Annual Improvements 2009-2011 Cycle (classification of servicing equipment)Įffective for annual periods beginning on or after 1 January 2013Īmended by Annual Improvements to IFRSs 2010–2012 Cycle (proportionate restatement of accumulated depreciation under the revaluation method)Īll amendments are effective in the EU for annual periods beginning on or after 1 February 2015, however, earlier application is permitted so EU companies can adopt in accordance with the IASB effective date (1 July 2014).Īmended by Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38)Įffective for annual periods beginning on or after 1 January 2016Īmended by Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)Īmended by Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16)Įffective for annual periods beginning on or after 1 January 2022 Operative for financial statements covering periods beginning on or after 1 January 1995Īmended to be consistent with IAS 22, IAS 36 and IAS 37 (revised as part of the 'Comparability of Financial Statements' project) IAS 16 Property, Plant and Equipment issued Operative for financial statements covering periods beginning on or after 1 January 1983Įxposure Draft E43 Property, Plant and Equipment published IAS 16 Accounting for Property, Plant and Equipment issued History of IAS 16 DateĮxposure Draft E18 Accounting for Property, Plant and Equipment in the Context of the Historical Cost System published

IAS 16 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. 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.

IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of property, plant and equipment. IAS 39 - Financial Instruments: Recognition and Measurement.

IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.IAS 32 - Financial Instruments: Presentation.IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions.IAS 29 - Financial Reporting in Hyperinflationary Economies.IAS 28 - Investments in Associates and Joint Ventures (2011).IAS 28 - Investments in Associates (2003).

IAS 27 - Separate Financial Statements (2011).

IAS 27 - Consolidated and Separate Financial Statements (2008).

IAS 26 - Accounting and Reporting by Retirement Benefit Plans.

IAS 21 - The Effects of Changes in Foreign Exchange Rates.

IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance.

IAS 10 - Events After the Reporting Period.

IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.

IAS 1 - Presentation of Financial Statements.

Accounting for plant property and equipment