What is the scope of IAS 16?
Scope. IAS 16 applies to the accounting for property, plant and equipment, except where another standard requires or permits differing accounting treatments, for example: assets classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.
Why is IAS 16 important?
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.
How do I know if I have PAS 16?
Recognition of Property, Plant and Equipment IAS 16 states that the cost of an item of property, plant and equipment shall be recognized as an asset if, and only if: it is probable that future economic benefits associated with the item will flow to the entity; and. the cost of the item can be measured reliably.
How many IAS do we have?
The following is the list of IFRS and IAS issued by the International Accounting Standard Board (IASB) in 2019. In 2019, there are 16 IFRS and 29 IAS.
What is excluded from scope of IAS 16?
Mineral rights and exploration and evaluation assets are specifically excluded from the scope of PPE. However, productive assets held by entities in the extractive industries are subject to the same recognition and measurement rules as other PPE.
What is depreciation according to IAS 16?
IAS 16 defines depreciation as ‘the systematic allocation of the depreciable amount of an asset over its useful life’. The ‘depreciable amount’ is the cost of an asset or other amount substituted for cost (for example the fair value of an asset following a revaluation), less its residual value.
Which IAS is PPE?
IAS 16: Property, plant and equipment.
At which rank IAS is selected?
2017: The last Rank to get IAS, IPS, IFS, IRS etc
| Service | GENERAL | OBC |
|---|---|---|
| IAS | 105 | 517 |
| IFS | 152 | 602 |
| IPS | 245 | 632 |
| IRS(IT) | 329 | 706 |
What IAS 4?
Overview. IFRS 4 Insurance Contracts applies, with limited exceptions, to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds.
What is IND 115?
Ind AS 115 requires revenue to be recognised when an entity transfers the control of goods or services to a customer at an amount to which the entity expects to be entitled following a five-step model.