IAS 16 | Property Plant and Equipment | IFRS | International Financial Reporting Standards
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-06-16

In this video, I discuss IAS 16. The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. IAS 16 establishes principles for recognising property, plant and equipment as assets, measuring their carrying amounts, and measuring the depreciation charges and impairment losses to be recognised in relation to them.

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This is a short executive summary of IAS 16 Property, Plant and Equipment
IAS 16, Property, Plant, and Equipment, provides the primary guidance in accounting for the acquisition and use of property, plant, and equipment (PPE) under IFRS. Although formally adopted in 1993, many of this statement’s central provisions have been part of international standards since the 1970s. IAS 16 covers the following aspects of accounting for fixed assets:
1. Recognition of initial costs of property, plant, and equipment.
2. Recognition of subsequent costs.
3. Measurement at initial recognition.
4. Measurement after initial recognition.
5. Depreciation.
6. Derecognition (retirements and disposals).