1 Ind AS 16 Property, Plant And Equipment Ind AS Workshop (Organised by YMEC of ICAI) Hotel Kempinski, Vishwas Nagar July 26, 2015
2 Applicable Guidance IGAAP AS 10: Accounting for Fixed Assets AS 6 : Depreciation Accounting Schedule II of the Companies Act, 2013 Ind AS Ind AS 16 : Property, Plant and Equipment Appendix A : Change in existing decommissioning, Restoration and Similar Liabilities Appendix B : Stripping cost in the production phase of a surface mine IFRS IAS 16 : Property, Plant and Equipment IFRIC 1: Change in existing decommissioning, Restoration and Similar Liabilities IFRIC 20 : Stripping cost in the production phase of a surface mine
3 Session Take Away Scope and Definition of PPE Recognition and Measurement Componentisation Inspection and Overhauls Deferred Payment Terms Decommissioning and Site restoration cost Revaluation Fair Value Determination of carrying amount Depreciation charges Impairment losses Ind AS Vs IGAAP Carve Outs
4 Objectives of Ind AS 16 Prescribe the accounting treatment for PPE Recognition of the assets Determination of carrying amount Depreciation charges Impairment losses
5 Basic Asset Life Cycle
6 Property, Plant Equipment
7 Ind AS 16 applicable to all kinds of PPE except Ind AS 105 PPE classified as held for sale Ind AS 41 biological assets related to agricultural activity Ind AS 106 the recognition and measurement of exploration and evaluation assets mineral rights and mineral reserves such as oil, natural gas and similar non-regenerative resources This Standard will be applicable to property, plant and equipment which are used to develop or maintain the above assets.
8 Definition of PPE Tangible items Held for use in production or supply of goods or services Expected to used during more than one period PPE AS 10 (IGAAP) Fixed asset is an asset held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in the normal course of business.
9 Recognition criteria Probable that future economic benefits will flow to entity Cost can be measured reliably Recognition of cost as an asset (PPE) AS 10 (IGAAP) - No Such specific recognition criteria. - Item which meet the definition of fixed asset will be recognised as a fixed asset
10 Spare parts or Servicing equipment Normally treated as inventory and expensed off as consumed Major spare parts and stand-by equipment expected to be used during more than one period are treated as PPE. (if they meet the definition of PPE as per Ind AS 16) Depreciated over the useful life of the main assets to which it relates. AS 10 (IGAAP) - Spare parts are capitalised, if they can be used only in connection with a fixed asset and whose use is expected to be irregular.
11 Component Accounting Separation of an asset into its significant components - Significant Cost of a part in proportion to total cost - May have different useful life. IGAAP Para 8.3 of AS 10 only touch upon on this issue and states that Accounting for FA may be improved if total cost thereof is allocated to its various parts.
12 Component Accounting The Companies Act, 2013 Mandatory as per Schedule II of the CA 2013 from April 1, (Voluntary for ) Bridges the gap under converged IFRS and Existing Scenario for this requirement. Imapct of moving to new regime of Ind AS??
13 SHIP: MV SANTA CLAUS Allocated cost Residual value Useful life Depreciation Keel 120,000,000 6,000, ,560,000 Bridge 70,000,000 10,500, ,380,000 Anchor windlass with chains 20,000,000 2,000, ,000 Bulkhead 90,000,000 9,900, ,005,000 Propulsion system 30,000,000 3,000, ,350,000 Decks 100,000,000 5,000, ,333,333 Boiler 10,000,000 1,000, ,000 Hydraulic crane 30,000,000 7,500, ,500,000 Turbine generator 20,000,000 1,000, ,266,667 Bow thruster 20,000,000 2,000, ,500,000 Refrigeration system 20,000,000 4,000, ,454,545 Fresh water generator 10,000,000 1,000, ,182 Life raft 10,000,000 1,000, ,000 Others 50,000,000 5,000, ,500, f 16 (revised): Plant Property & Equipment 600,000,000 58,900,000 31,887,727
14 Subsequent Costs Same criteria followed as of initial recognition. Probable that future economic benefits will flow and cost can be measured reliably. Day to day servicing cost which includes labour and consumables needs to be expensed off It can be in the form of followings: - Replacement Cost - Inspection Cost etc. AS 10 (IGAAP) Subsequent expenditures relating to an item of Fixed Assets should be added to its Book value only if they increase the future benefits from the existing asset beyond its previously assessed standard of performance.
15 Subsequent costs - Major inspections or overhauls Overhaul costs may involve three elements; Inspection, Replacement of parts and Major Maintenance. Cost of major inspection is recognised as PPE if it meets the asset recognition criteria. Any remaining carrying amount relating to the previous inspection is derecognized irrespective of whether previous inspection was separately identified and depreciated.
16 Case Study Uddan Ltd buys an aircraft for 90 Lakhs. Under civil aviation rules, the aircraft requires a major inspection every three years at a cost of 5 lakh. Three year after purchase it undergoes its first major inspection. The cost in relation to this inspection amounting to 7 Lakhs. Explain how the same should be accounted for in accordance with the requirements of Ind AS 16?
17 Solution The original carrying value would have been allocated as follows:- Aircraft + Cost of Inspection = 85 Lakhs + 5 Lakhs = 90 Lakhs Para 14 of Ind AS 16 provides that in such case Original cost of inspection is derecognised and the new inspection cost will be recognised in the carrying amount. So, New inspection cost will be accounted for as an asset addition and the original cost as an asset disposal. Gross Block Aircraft = 85 Lakhs Inspection Component = Original Cost of Inspection (-)derecognition of original inspection+ New inspection Cost = +5 Lakhs - 5 Lakhs + 7 Lakhs = 7 Lakhs
18 Measurement at initial recognition At cost only Purchase price including Import duties and non refundable taxes Costs of dismantling and removing the item and restoring Directly attributable costs for bringing the asset
19 Examples of directly attributable costs Costs of testing whether the asset is working properly after deducting proceeds from sale of any product produced during the testing period Installation and assembly costs Costs of site preparation Initial delivery and handling costs Cost of employee benefits Professional fees
20 Examples of not directly attributable costs Costs of conducting business in a new location or with a new class of customer (including costs of staff training) Costs incurred in introducing a new product or service Costs of opening a new facility Administration and other general overhead costs
21 Deferred Payment credit (Paragraph 23 and 72 of Ind AS 16) Cost of an item of PPE is the cash price equivalent at the recognition date. In case payment is deferred beyond normal credit terms: Difference between the cash price equivalent and total payment is recognised as interest over the period of credit unless such interest is capitalised. IGAAP Existing AS 10 does not contain this requirement.
22 Decommissioning cost IGAAP Existing AS 10 does not contain this requirement. Cost towards dismantling and removing the asset and restoring the original site after use For example : building an additional internal wall with condition that property will be returned in original state at the end of lease Corresponding obligation recognised as a provision under Ind AS 37 Typically arise in oil and gas, mining and electricity industries
23 Measurement subsequent to Initial recognition Can choose either Cost model or Revaluation model as its accounting policy Accounting policy should be applied to the whole of a class of property, plant and equipment and not merely to individual assets within a class.
25 Revaluation Model After initial recognition, PPE to carried at revalued amount, being its fair value at the revaluation date. Revalued Amount on the date of revaluation Subsequent accumulated depreciation Subsequent accumulated impairment losses Carrying Amount If a single item of PPE is revalued, then the entire class of PPE to which that item belongs should be revalued. Class of assets : a grouping of assets of a similar nature and use in an entity s operations
26 At sufficient regularity such that the carrying amount does not differ materially from the fair value Valuations need not to be performed every year or every reporting period Where movement in fair values are volatile and significant-frequent revaluation Otherwise- every 3-5 years Imapct of moving to new regime of Ind AS?? Frequency of revaluations IGAAP (AS 10) - Systematic basis selection - No guidance on FV & frequency of revaluation
27 Revaluation gains and losses First Time Increase Decrease Debit the Asset Debit P&L account Credit the Revaluation reserve Credit the asset Subsequent Increase in value Decrease in value Increase in value Decrease in value Credit to Reserve and Surplus Debit to reserve and Surplus to the extent balance available and remaining to P&L Charged to P&L to the extent of earlier debit to P&L, Balance to Revaluation Reserve Charged to P&L account
28 Depreciation The depreciable amount of an asset should be allocated on a systematic basis over its useful life. Depreciation charges should be recognised as an expense unless they are included in the carrying amount of another asset.
29 Depreciation Depreciation of an asset begins when it is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management Depreciation is charged till point, residual value is greater than and equal to carrying amount. Depreciation ceases when an asset is derecognized or held for sale under Ind AS 105. Depreciation does not stop automatically when an asset is idle.
30 Method of depreciation The depreciation method adopted should reflect the pattern in which the asset s future economic benefits are expected to be consumed by the entity. If there is significant change in expected pattern of consumption,method of depreciation to be changed in lines with the future benefits. Method changes are accounted for as a change in an accounting estimate. (Ind AS 8) The method should result in a depreciation charge throughout the asset's useful life and not just towards the end of its useful life or when the asset is falling in value.
31 Change in estimate of useful life and residual value Useful life and residual value are to be reviewed at every year end. IGAAP (AS 6) - Useful life MAY be reviewed periodic - Change in depn method will be treated as change in accounting policy. If there is any change in Useful life/ RV, the same is treated as changes in estimates and accounting will be done prospectively. Future annual depreciation will be revised basis the new useful life. The method should result in a depreciation charge throughout the asset's useful life and not just towards the end of its useful life or when the asset is falling in value.
32 Carve Out in Ind AS 101 Use of carrying cost of Property, Plant and Equipment on the date of transition of First-time Adoption of Ind AS is permitted IFRS 1 : Items of Property, Plant and Equipment shall be determined by applying IAS 16 retrospectively or the same should be recorded at fair value on the date of transition. In case of old companies retrospective application of Ind AS 16 or fair values at the date of transition to determine deemed cost may not be possible for old assets. Accordingly, Ind AS 101, First-time Adoption of Ind AS, provides relief that an entity may use carrying values of all items of PPE on the date of transition in accordance with previous GAAP as an acceptable starting point under Ind AS.
33 Disclosures The measurement bases (for example cost or revaluation) The depreciation methods used (for example, straight-line method or declining balance method). The useful lives or the depreciation rates used. The gross carrying amount (cost or revalued amount) at both the beginning and end of the period. A reconciliation of the carrying amount at the beginning and end of the period separately disclosing: - Additions - Acquisitions through business combinations. - Revaluation increases or decreases. Existence and amounts of restrictions on title and property, plant and equipment pledged as security for liabilities.
34 Ind AS Vs IGAAP some key differences Property, Plant and Equipment Component Approach Cost of major inspections and overhauls. Asset dismantle, removal or restoration cost I GAAP Para 8.3 of AS 10 just touch upon that the accounting for an item of fixed asset may be improved if the total exp there on is allocated to its component parts Generally expensed when incurred No specific reference except AS 29 regarding the provision Ind AS Ind AS 16 mandates component accounting. Under this approach, each major part of an item of PPE with a cost that is significant, is depreciated separately. Capitalized only when it is probable that it will give rise to future economic benefits Present value of such cost, the obligation of which an entity incurs as a consequence of installing the item, is included as part of the cost of PPE.
35 Property,plant and equipment Revaluation Depreciation Method I GAAP Revaluation is permitted. No specific requirement on frequency of revaluation. Selection of asset for revaluation to be made on systematic basis (eg. a unit and not entire class) Earlier depreciation needs to be charged as per schedule XIV of CA, 1956 but as per Schedule II of CA 2013 depreciation is to be calculated as per useful life and the same has been specified in it. Ind AS Revaluation is required to be carried out at sufficient regularity. If revaluation model is adopted, the entire class of PPE has to be revalued. Depreciation to be calculated based on Useful life
36 Property,plant and equipment Change in depreciation method I GAAP Treated as change in accounting policy Ind AS Treated as change in accounting estimate Reassessment of depreciation method, useful life, and residual value Deferred payment terms No specific requirement No specific guidance under AS 10 for Assets acquired on deferred settlement terms. Generally financing element is not separated Reassessed at each balance sheet date. Difference between the purchase price under normal credit terms and the amount paid, is recognised as interest expense over the period of the financing.
37 Case Study AG Engineering Ltd has purchased a new item of manufacturing machinery for their industrial printing operation. It is a RTX 3000 printing press, which has been imported from an overseas supplier and will be transported from the docks to the factory by a convoy of heavy vehicles due to its large size and weight. The asset will be installed in the existing factory following the dismantling and removal of the old press, which is now obsolete owing to advances in technology. Determine if the following costs can be added to the invoiced purchase price and included in the initial recognition of the cost of the asset
38 State whether following cost should be Included or Excluded in PPE :- 1 A trade discount received of 5 % of the purchase price of the asset 2 VAT paid on the purchase 3 Interest paid on a short term loan taken to provide the necessary cash for payment of the purchase price 4 Import duties paid 5 Shipping costs and cost of road transport 6 Insurance for the shipping 7 An economic development rebate from the state Include/ Exclude Include Exclude Exclude Include Include Include Include
39 State whether following cost should be Included or Excluded in PPE :- 8 Cost of laying a new concrete slab and installing special rubber mounted footings for the new press in order to reduce vibration during use 9 Hire of a crane to transfer the press from the vehicles into the factory 10 Costs associated with removing a section of the factory roof to allow the machine to be dropped into place and subsequently refitting the roof 11 Cost of installing soundproofing in the roof at the same time in order to provide protection for workers in other parts of the factory building 12 Professional fees charged by consulting engineer for overseeing the installation process 13 Electricians fees for connecting the press to the power supply 14 A portion of the operating costs (salaries, office expenses) of the purchasing department Include/ Exclude Include Include Include Exclude Include Include Exclude
40 State whether following cost should be Included or Excluded in PPE :- 15 Costs of materials (papers and inks) used in calibrating the machine and setting it up for operation 16 Costs of training the operators of the new machine 17 A portion of the inefficiencies in production for the first month of use while the operators became comfortable with using the machine Include/ Exclude Include Exclude Exclude
41 Thank You Presented by : Alok Kumar Garg CA, CS, CIFRS (ICAI), B.Com (Hons.) dial
Ashish Mistry / Jignesh Me IND AS -16 Property Plant and Equipments AS 10 : Accounting for fixed assets IND AS -16: Property Plant and Equipments AS 6 : Depreciation accounting Schedule II of CA2013 Scope
IAS 16 Property, Plant and Equipment By: Martin Kelly, BSc (Econ) Hons, DIP. Acc, FCA, MBA, MCMI. Teaching Fellow in Accounting Queens University Belfast Examiner: Professional 1 Corporate Reporting This
MPRA Munich Personal RePEc Archive IAS 16 Property, Plant and Equipment - A Closer Look K S Muthupandian The Institute of Cost and Works Accountants of India 20. March 2009 Online at https://mpra.ub.uni-muenchen.de/39902/
Sri Lanka Accounting Standard LKAS 16 Property, Plant and Equipment CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD LKAS 16 PROPERTY, PLANT AND EQUIPMENT OBJECTIVE 1 SCOPE 2 DEFINITIONS 6 RECOGNITION
International Accounting Standard 16 Property, Plant and Equipment This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 16 Property, Plant and Equipment was issued by
International Accounting Standard 16 Property, Plant and Equipment Objective 1 The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 16 Property, Plant and Equipment SB-FRS 16 Property, Plant and Equipment applies to Statutory Boards for annual periods beginning on or after 1 January
Property, Plant and Equipment IPSAS 17 Presented by CPA Peter Njuguna +254 722 608 618 Property, Plant and Equipment Tangible assets that are: Held for use in the production or supply of goods or services,
IND AS 16 PROPERTY PLANT & EQUIPMENT VS AS 10 ACCOUNTING FOR FIXED ASSETS CPE Seminar for Members at Visakhapatnam IND AS 16 VS AS 10 Definition of Fixed Asset AS 10 Definition of PPE Ind AS 16 Fixed asset
IAS 16 Property, Plant and Equipment Prepared by: Paddingtonbear aka John Kevin Andrews For: Open Tuition Study Session February 2010 IT IS ESSENTIAL TO READ THESE ARTICLES!! FR F7 This is the official
Accounting and Depreciation Treatment of Fixed Assets with reference IAS/IFRS. 1 Table of Content:- Introduction Interpretation of IAS 16 IAS vs. IFRS Analysis Conclusion Bibliography 2 Introduction The
Fixed Assets Name: SudhirJain M. No.: 213157 Agenda AS- 10 Accounting for Fixed Assets Introduction & Scope Definitions and other relevant provisions Relevant provisions of other Accounting Standards applicable
Accounting and Reporting Policy FRS 102 Staff Education Note 5 Property, plant and equipment Disclaimer This Education Note has been prepared by FRC staff for the convenience of users of FRS 102 The Financial
Exposure Draft Accounting Standard (AS) 10 (Revised 20XX) (Corresponding to IAS 16) Property, Plant and Equipment (Last date for Comments: April 19, 2010) Issued by Accounting Standards Board The Institute
Exposure Draft Accounting Standard (AS) 10 (revised) Property Plant and Equipment (Last date for Comments: December 18, 2014) Issued by Accounting Standards Board The Institute of Chartered Accountants
Ind AS 16 AS 10 & AS 6 Component approach IAS 16 mandates component accounting. Each major part of an item of property plant and equipm Component approach is present but is more of recommendatory. Cost
AS 10, Fixed assets Scope, objective and definition AS 10 Fixed assets Tangible assets (for Intangibles refer to AS 26) Held for production or supply of goods or services and not for sale in the normal
HKAS 16 Revised JuneAugust 2014 Hong Kong Accounting Standard 16 Property, Plant and Equipment HKAS 16 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
DEPRECIATION UNDER COMPANIES ACT, 2013 & COMPLIANCE WITH ACCOUNTING STANDARDS HYDERABAD, SEPTEMBER 19, 2015 CA. T.S.VENKATESWARAN Contents Key Provisions of Schedule II Requirements of Accounting Standard
Accounting for Classification is Key! Article by Helen Fee, BSc, PgD, FCA, Examiner in Professional 2 Advanced Corporate Reporting Introduction Entities hold land and buildings for a variety of reasons
IAS 16 Property Plant and Equipment Prepared by: Salman Saeed Opentuition Study Sessions for December 2010 Syllabys Guide a) Define and compute the initial measurement of a non-current (including a self-constructed)
CA. Zubin F. Billimoria and CA. Harsha Rawal Income Computation and Disclosure Standard V Tangible Fixed Assets Introduction This Income Computation and Disclosure Standard (ICDS) deals with the treatment
ACCOUNTING FOR AND AUDIT OF PROPERTY, PLANT AND EQUIPMENT PRESENTED BY SOLOMON SIMEON MANAGER: PEAK PROFESSIONAL SERVICES IN HOUSE SEMINAR SERIES NO 2 PEAK PROFESSIONAL SERVICES (CHARTERED ACCOUNTANTS)
Accounting policies 1. Basis of preparation The financial statements have been prepared in accordance with the Standards of GRAP including any interpretations, guidelines and directives issued by the Accounting
4.1 PROPERTY, PLANT AND EQUIPMENT 4.1.1 Introduction 126.96.36.199 Authorities shall account for tangible fixed assets in accordance with IAS 16 Property, Plant and Equipment, except where interpretations or
AS 10 : Accounting for Fixed Assets IPCC Paper 1: Accounting Chapter 1 Unit 2 Fixed Assets - AS 10 Related ASI is 2 CA. Yagnesh Desai 1 Applicability This standards was introduced in 1985 It is applicable
ACCOUNTING POLICY GUIDELINES FOR CAPITALISATION OF EXPENDITURE ON PROPERTY, PLANT AND EQUIPMENT TPP 06-6 June 2006 PREFACE The Guidelines for Capitalisation of Expenditure discuss the Accounting Standard
POLICY Area covered ACCOUNTING POLICY This Policy is University-wide Approval date 5 May 2016 Policy Statement Intent Scope Effective date 5 May 2016 Next review date 5 May 2019 To establish decisions,
Compiled AASB Standard AASB 116 Property, Plant and Equipment This compiled Standard applies to annual reporting periods beginning on or after 1 July 2009. Early application is permitted. It incorporates
ACCT 265 Chapter 10 Review This chapter deals with the accounting for Property Plant & Equipment (PPE) or Capital Assets. When recording cost of PPE, the price of the asset is not the only cost recorded
IFRIC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine In October 2011 the International Accounting Standards Board issued IFRIC 20 Stripping Costs in the Production Phase of
2012 Technical Summary IAS 38 Intangible Assets as issued at 1 January 2012. Includes IFRSs with an effective date after 1 January 2012 but not the IFRSs they will replace. This extract has been prepared
APPLICATION GUIDANCE TO NAS16 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING STANDARDS BOARD (ASB) NEPAL PREFACE The Board has decided to release Application Guidance Series on various NAS & NFRS. The purpose
Depreciation Accounting Comparison of Indian Accounting Standard (AS-6) and US GAAP (ARB-43) By D.S. Rawat FCA In India the depreciation accounting is done as per the Accounting Standard-6, there is no
International Accounting Standard 16 (IAS 16), Property, Plant and Equipment By BRIAN FRIEDRICH, MEd, CGA, FCCA(UK), CertIFR and LAURA FRIEDRICH, MSc, CGA, FCCA(UK), CertIFR Updated By STEPHEN SPECTOR,
MPSAS 17 GOVERNMENT OF MALAYSIA MPSAS 17 Property, Plant, and Equipment March 2013 MPSAS 17 - PROPERTY, PLANT, AND EQUIPMENT Acknowledgment This Malaysian Public Sector Accounting Standard (MPSAS) 17 is
International Accounting Standard 40 Investment Property Objective 1 The objective of this Standard is to prescribe the accounting treatment for investment property and related disclosure requirements.
NEED TO KNOW Leases The 2013 Exposure Draft 2 LEASES - THE 2013 EXPOSURE DRAFT TABLE OF CONTENTS Introduction 3 Existing guidance and the rationale for change 4 The IASB/FASB project to date 5 The main
Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc
EUROPEAN UNION ACCOUNTING RULE 6 INTANGIBLE ASSETS Page 2 of 17 I N D E X 1. Objective... 3 2. Scope... 3 3. Definitions... 3 4. Definition of intangible assets... 4 5. Recognition and Measurement... 5
Impact of Ind AS adoption on Industry Applying it in simple way CA Rakesh Agarwal Alumni - Harvard Business School Vice President Finance, Compliance and Accounts Centers of Excellence (CoE) Reliance Industries
UNCONTROLLED IF PRINTED NAVY CANTEENS ACCOUNTING POLICY Applicability: This procedure is applicable to all RANCCB directors and Navy Canteens, managers and staff in all Navy Canteens business units. Legislation:
AS 12:Accounting for Government Grants CA Final Course Paper 1 Financial reporting Chapter 1 Unit 12 CA. K. Shanmuganathan, FCA,ACMA Learning Objectives The conditions for recognition of government grants
Sri Lanka Accounting Standard -LKAS 40 Investment Property -1088- 85-1089- 4 This Standard does not apply to: biological assets related to agricultural activity (seelkas 41 Agriculture); and mineral rights
Indian Accounting Standard (Ind AS) 2 Inventories (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold italic type indicate
These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General information PwC Holdings Ltd (the Company ) is listed on the Singapore Exchange
Sri Lanka Accounting Standard LKAS 17 Leases CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 17 LEASES paragraphs OBJECTIVE 1 SCOPE 2 3 DEFINITIONS 4 6 CLASSIFICATION OF LEASES 7 19 LEASES IN THE FINANCIAL
August 2010 Exposure Draft ED/2010/9 Leases Comments to be received by 15 December 2010 Exposure Draft Leases Comments to be received by 15 December 2010 ED/2010/9 This exposure draft Leases is published
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 17 Property, Plant and Equipment IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 17 Property,
Saudi Accounting Framework in comparison with Framework Muhammad Asif Iqbal Technical Advisor, SOCPA ICAP KSA Chapter, Khobar March 7, 2012 Agenda Status of Accounting Standards in Saudi Arabia SOCPA Convergence
Proposed Accounting Standards Update Issued: August 17, 2010 Comments Due: December 15, 2010 Leases (Topic 840) This Exposure Draft of a proposed Accounting Standards Update of Topic 840 is issued by the
Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.
Indian GAAP, IFRS and Ind AS A Comparison 26 February 2015 2 Contents The Roadmap for Implementation of Ind AS 4 Comparison of Indian GAAP, IFRS and Ind AS 5 Comparison 6 Updated for the Companies (Indian
IFRIC Interpretation 12 Service Concession Arrangements References Framework for the Preparation and Presentation of Financial Statements IFRS 1 First-time Adoption of International Financial Reporting
International Accounting Standard 36 Impairment of Assets Objective 1 The objective of this Standard is to prescribe the procedures that an entity applies to ensure that its assets are carried at no more
AS 6: Depreciation Accounting IPCC Paper 1: Accounting Chapter 1 Unit 2 Depreciation - AS 6 CA. Yagnesh Desai 1 Introduction This statement deals with depreciation accounting and applies to all depreciable
Long-lived Assets 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Acquisition of Long-Lived Assets... 3 3. Depreciation and Amortization of Long-Lived
International Accounting Standard 38 Intangible Assets This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 38 Intangible Assets was issued by the International Accounting
Module 9: Property, plant and equipment (PPE) and intangible assets Overview In this module, you learn about the valuation of property, plant and equipment (PPE) and intangible assets, and the cost components
CHAPTER 19 NON-CURRENT ASSETS HELD FOR SALE and DISCONTINUED OPERATIONS 1. BACKGROUND The objective of IFRS 5 Non-current assets held for sale and discontinued operations is to specify the accounting for
NEED TO KNOW Leases A Project Update 2 LEASES - A PROJECT UPDATE TABLE OF CONTENTS Introduction 3 Existing guidance and the rationale for change 4 The IASB/FASB project to date 5 The main proposals 6 Definition
Accounting policies Basis of preparation The accounts have been prepared in accordance with the Companies Act 2006 applicable to companies reporting under International Financial Reporting Standards (IFRS)
IPS IPSAS 13 - LEASES as adopted by the Maltese Government Issued DD/MM/YY This Standard was issued by the IPSAS Implementation Board pursuant to section X of the X Act 201X IPSAS 13 - LEASES as adopted
ICDS, Indian GAAP and Ind AS Comparison May 2015 Contents Introduction to Income Computation and Disclosure Standards Introduction to Indian Accounting Standards Comparison of ICDS, Indian GAAP and Ind
Depreciation under Companies Act -2013 Provisions and Case Studies April 23, 2015 Page 1 CA Santosh Aggarwal Agenda Overview of key developments Depreciation: Overview and key changes Method of depreciation
AASB 116 and IFRS for SMEs Section 17 1. Executive Summary Main differences in recognition, measurement or presentation requirements Measurement after initial recognition Whilst AASB 116 permits the cost
APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania (Revised version of Order No. VAS-8 of 20 November
ASA University Review, Vol. 4 No. 2, July December, 2010 Financial Reporting on Property, Plant and Equipment By the Listed Companies in Bangladesh Mst. Joynab Siddiqua * Md. Mahabubul Hasan ** Abstract
SECTION VI. ACCOUNTING FOR FIXED ASSETS A. IAS 16, 23, 36 IAS 16 concerns Property, Plant and Equipment. IAS 36 concerns impairments of assets. IAS 23 concerns borrowing costs for certain qualifying assets.
AASB Standard AASB 140 August 2015 Investment Property Obtaining a copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Australian Accounting Standards Board
Audit and Assurance NZ IFRS and NZ GAAP A comparison April 2005 Differences between NZ Equivalents to IFRS and current NZ GAAP Introduction The New Zealand Financial Reporting Standards Board (FRSB) recently