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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."
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]
This guide prescribes the modified cash basis of accounting to be used by all departments. Public entities and trading entities use Generally Recognized Accounting Practice (GRAP), developed by the South African Accounting Standards Board based on IPSAS. Public/ widely held companies use IFRS.
Selection of the most suitable method of revaluation is extremely important. The most used method is the appraisal method. Methods such as indexation and reference to current market prices are also used. However, when these methods are used they are crosschecked with the values arrived at by using the appraisal method.
compatibility of items of personal protective equipment where it is necessary to wear or use more than one item simultaneously. the making, review and changing of assessments in relation to the choice of personal protective equipment. the maintenance (including replacement and cleaning as appropriate) of personal protective equipment.
Recent research reveals that caffeine has health benefits for most moderate coffee drinkers. Here are the pros and cons of drinking certain coffees, with expert insights and advice.
The Financial Accounting Standards Advisory Council then voiced its concerns due to the increase of financial reporting guidance from the old U.S. GAAP standards, and the FASB responded by launching a new project to codify the standards. The project was approved in September 2004 by the Trustees of the Financial Accounting Foundation. [2]
Credit - Photograph by Platon for TIME. P resident-elect Donald Trump, TIME’s 2024 Person of the Year, sat down for a wide-ranging interview at his Mar-a-Lago Club in Palm Beach, Fla., on Nov ...