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IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
A fixed asset, also known as long-lived assets or property, plant and equipment (PP&E), is a term used in accounting for assets and property that may not easily be converted into cash. [1] Fixed assets are different from current assets, such as cash or bank accounts, because the latter are liquid assets. In most cases, only tangible assets are ...
Asset impairment was first addressed by the International Accounting Standards Board (IASB) in IAS 16, which became effective in 1983. [2] It was replaced by IAS 36, effective July 1999. [2] In United States GAAP, the Financial Accounting Standards Board (FASB) introduced the concept in 1995 with the release of SFAS 121. [3]
Property, Plant and Equipment - Major Inspection or Overhaul Costs 1999 July 15, 2000: January 1, 2005: IAS 16: SIC 24 Earnings Per Share - Financial instruments and other contracts that may be settled in shares 2000 December 1, 2000: January 1, 2005: IAS 33: SIC 25 Income Taxes-Changes in the Tax Status of an Entity or its Shareholders 1999 ...
The standard IAS 1 also requires an additional statement of financial position (also called a third balance sheet) when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements.
Welcome to bowl season! From the IS4S Salute to Veterans Bowl on Dec. 14 to the College Football Playoff National Championship Game on Jan. 20, 82 teams will play in at least one postseason game.
Under IFRS, IAS 16 allows entities to choose between a cost (IAS 16.30) and revaluation (IAS 16.31 to 42) model. If an entity applies the revaluation model, it will measure and report its property plant and equipment at fair value on its balance sheet.
WASHINGTON (Reuters) -A group of 16 states led by California and environmental groups dropped a lawsuit filed in 2022 that sought to block the U.S. Postal Service's plan to buy mostly gas-powered ...