Shahreen sonia lecturer, advanced accounting department of business administration dba green university of bangladesh gub 2 3. Property, plant and equipment applicable for financial statement periods beginning on or after 1 july 2009. Go ahead and ias interview questions and answers as soon as possible. Due to popular demand, we now also provide clearias downloads section an allinone download destination, with further ease of navigation. It concerns accounting for property, plant and equipment known more generally as fixed assets, including recognition, determination of their carrying amounts, and the depreciation charges. Listing of international financial reporting standards. Ias 38 addresses intangible assets acquired by way of a government grant. 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. Taxation ias 12, ifric 23 27 earnings per share ias 33 28 balance sheet and related notes 29 intangible assets ias 38 30 property, plant and equipment ias 16 31 investment property ias 40 32 impairment of assets ias 36 33 lease accounting ias 17, ifrs 16 34 inventories. The ifrs interpretations committee has previously considered a number of relevant issues that have been submitted by stakeholders. A clientserver application designed to let the user monitor a directory tree on a remote machine by creating snapshots of current file status in order to later detect file modification, addition andor removal. Download materials,test series,optionals materials free for civil service upsc exam to crack ias,ethics,maths,medical science,psychology free downloads.
Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. The effective date of 1998 revisions to ias 16 was fixed as january 1, 1999. Upsc ias all in one app includes study material, syllabus, practice quizzes, video lectures, previous year papers, mock tests for 2017 examination, past year papers, previous year questions with solutions, test series shortcuts and tricks including all math tricks and all shortcut tricks for the preparation of ias, irs, ifs, ips. Unless it is tested on a standalone basis, an rou asset is tested in combination with other assets in a cash generating unit cgu.
Background ifrs 16 supersedes ias 17 leases and related interpretations and is effective from 1 january 2019. Property, plant and equipment the accounting standard ias 16 sets out how entities should report their investment in property, plant and equipment. The downloads section of clearias offers an allinone location for easy browsing on the website. Ias 16 outlines the accounting treatment for most types of property, plant and equipment. On december 18, 2003, the international accounting standards board iasb issued the revised version of ias 16.
Iasb proposes to amend ias 16 in relation to the accounting for. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of. It makes it easy for accountants to carry out the accounting process for the plant, equipment and property. Listing of international financial reporting standards international financial reporting standards are developed by the international accounting standards board. Ias 18 revenue the primary issue in accounting for revenue is determining when to recognise revenue. 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. This edition outlines the proposed amendments to ias 16 property, plant and equipment set out in the recent exposure. The effects of ifrs 16 on lessor accounting are discussed in section 9 of the document. 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. Ncert nios ignou material for upsc ias preparation. Ias 16 property, plant and equipment a closer look.
This international standard on auditing isa deals with the auditors responsibility to prepare audit documentation for an audit of financial statements. Apr 21, 2020 download ias latest interview questions free pdf online from this page in order to crack interview round, given upsc ias toppers interview questions and answers will help you well, so what are you waiting for. The specific documentation requirements of other isas do not limit the application of this isa. Cima f1 ias 16 property, plant and equipment initial recognition free resources for acca and cima students free acca and cima on line courses free acca, cima, fia notes, lectures, tests and forums. 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. What are negative international critiques on ias16. Ifrs 16 may impact both the cgus carrying amount and the way the recoverable amount of the cgu is measured. The accounting standard ias 12 sets out the accounting treatment for income taxes, including all domestic and foreign taxes which are based on taxable profits and those payable by a subsidiary, associate or joint venture on distributions to the reporting entity. The purpose of ifrs 16 is to close a major accounting loophole from ias 17. In 1998, ias 16 revised by ias 36, impairment of assets. This requires the finance, real estate, and it departments to get organized, to how comprehensive an approach will be taken with both the contract administration and transition itself. Clearias is a selfstudy package for ias exam preparation which has been creating study materials which are free, simple and easytolearn. Download ias latest interview questions free pdf online from this page in order to crack interview round, given upsc ias toppers interview questions and answers will help you well, so what are you waiting for. Ias 16 establishes principles for recognising property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation.
English entities shall apply the amendment to ias 16 in this appendix when they apply the related amendments to ias 40. Ifrs 16 specifies how an ifrs reporter will recognise, measure, present and disclose leases. The appendix lists other is as that contain specific documentation requirements and guidance. Consequently, sale and lease back transactions, which served to avoid accounting under the lease back method, in accordance with ias 17 operating lease, will also be omitted in future. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably.
Ias 38 intangible assets 2017 05 2 an asset is identifiable if it is either. Rightofuse rou assets are nonfinancial assets in the scope of ias 36. Under ifrs 16 lessors, unlike lessees, must continue to distinguish between finance and operating leases. Ifrs 16 changes the way that companies account for leases in their financial disclosures, especially their balance sheets and income statements. This article is designed to outline the key areas of ias 16. If you acquire a group of assets, then you apply different accounting method, e. The document discusses the effects of ifrs 16 mainly from a lessee perspective.
Dec 05, 2017 ifrs 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that. 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. 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. Early 19thcentury german ledger historical cost constant purchasing power management tax. The standardsetters opted not to create completely new rules for lessor accounting, but preferred to carry forward the rules set down in ias 17. Revenue from nonexchange transactions taxes and transfers. A lessee shall apply the depreciation requirements in ias 16 property, plant. About this supplement 1 about ifrs 16 3 the groups lease portfolio 6 part i modified retrospective approach 10. If applicable, disclosure in accordance with ias 16 separately from other. Lessors continue to classify leases as operating or finance, with ifrs 16 s approach to. Ias 16 property, plant and equipment cpa australia. Ifrs 16 requires lessees to recognise all leases in the balance sheet. Nov 07, 2018 short summary of ias 32 financial instruments. Systems, jahangirnagar university, savar, slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.
Ias 16 was reissued in december 2003 and applies to annual periods. Prelims 2020 pro more than just a prelims test series for 2020 aspirants. International accounting standard 16 property, plant and equipment ias 16is set out in paragraphs 183 and the appendix. Taxation ias 12, ifric 23 27 earnings per share ias 33 28 balance sheet and related notes 29 intangible assets ias 38 30 property, plant and equipment ias 16 31 investment property ias 40 32 impairment of assets ias 36 33 lease accounting ias 17, ifrs 16 34 inventories ias 2 35. You can almost guarantee that in every exam you will be required to account for property, plant and equipment at least once. Ifrs 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that.
The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Ias latest interview questions upsc toppers answers. Aim 2020 affordable and integrated marathon our popular low cost course for 2020 aspirants includes. Systems, jahangirnagar university, savar, slideshare uses cookies to improve functionality and performance, and to.
Ias videos online coaching for upsc cse softre support 20200508t. Ias 16 property, plant and equipment outlines the accounting treatment for most types of property, plant and equipment. Revenue earned before an asset is ready for its intended use ey. Lessors continue to classify leases as operating or finance, with ifrs 16s approach. It replaces an earlier international lease accounting standard ias 17.
The accounting for ias 16, property, plant and equipment is a particularly important area of the paper f7 syllabus. International accounting standard 16 property, plant and equipment or ias 16 is an. International financial reporting standard ifrs 16 leases is inserted as set out. Ifrs 16 is a new lease accounting standard published by the international accounting standards board iasb in january 2016. Comparison with ias 17, leases, sic 15, sic 27 and ifric 4 1 paragraph 18 of ias 17 dealing with measurement of the land and buildings elements when the lessees interest in both land and buildings is classified as an investment property in accordance with ind as 40, investment property, if the fair value model is adopted and paragraph 19 of. You can find the related article with further explanations here.
This is because the accounting for a lessor is largely unchanged. Download ias 17 lease file in pdf format caclubindia. Downloads iastodayonline ias coaching educational portal. Cima f1 ias 16 property, plant and equipment initial. Aib ias 16 in english with contextual examples mymemory. All the paragraphs have equal authority but retain the iasc format of the standard when it was adopted by the iasb. Effects analysis international financial reporting standard. It is a reliable, easy to follow method, and is used worldwide. Ias 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. Ias 16 fixed asset revalualtion powered by finatek. The new amendment of ifrs 3 changed only the appendix a with defined terms, the application guidance and the illustrative examples thus no changes in the standards. Ias 16 property, plant and equipment the board has not undertaken any specific implementation support activities relating to this standard. Disclose update ifrs 16 leases expands the balance sheet. The only change for lessors under ifrs 16 is the enhancement of disclosures.
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