Topic 04 · IAS 16
Property, plant & equipment
What goes into the cost of a tangible fixed asset, whether it may be carried above cost, how it is depreciated and impaired, and which roll-forward and valuation disclosures the notes must carry.
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- 2020-05-14IFRSProhibits deducting from the cost of an item of PPE the proceeds from selling items produced while bringing the asset to its intended location and condition; the proceeds and the cost of those items are recognised in profit or loss (IAS 16.20A), with disclosure under IAS 16.74A. Effective for periods beginning on or after 1 January 2022. Effective 2022-01-01.
- 2014-06-30IFRSBrings bearer plants (such as grape vines and oil palms) into IAS 16 as property, plant and equipment measured under the cost or revaluation model, leaving the produce growing on them in IAS 41. Effective for periods beginning on or after 1 January 2016. Effective 2016-01-01.
- 2014-05-12IFRSAdds IAS 16.62A, prohibiting a depreciation method based on revenue generated by an activity that includes the use of the asset, because revenue reflects factors other than the consumption of the asset's economic benefits. Effective for periods beginning on or after 1 January 2016. Effective 2016-01-01.