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International Accounting Standard (IAS) 16
Property, Plant and Equipment


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International Accounting Standard (IAS) 16
  
   IAS 16
   Property, Plant and Equipment
   IAS 16 first issued in March 1982
   Revised in December 2003
   Recent amendment: by IFRS 3 revised in January 2008
  
   Initial recognition
      --> Property, plant and equipment are initially recognized at cost.
  
   Measurement after recognition
      --> choose one of the following models:
      (1) cost model
      (2) revaluation model
  
   Cost model
      --> carrying amount
            = cost
            - accumulated depreciation
            - accumulated impairment losses
  
   Revaluation model
      --> carrying amount
            = revalued amount
  
   Revalued amount
            = fair value at the date of revaluation
            - subsequent accumulated depreciation
            - subsequent accumulated impairment losses
  
   If carrying amount is increased due to revaluation
      --> such increase is recognized in other comprehensive income
      --> such increase is accumulated in equity
      --> "revaluation surplus"
  
   If carrying amount is decreased due to revaluation
      --> such decrease reduces revaluation surplus (of that asset), first

   After revaluation surplus (of that asset) is reduced to zero
      --> such decrease is recognized in profit or loss
  
   When an asset is derecognised
      --> revaluation surplus (of that asset)
      --> is transferred to retained earnings
  
   IAS 16 Technical Notes
 






 

 


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