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Compiled AASB Standard  AASB 116

Property, Plant and Equipment

This compiled Standard applies to annual periods beginning on or after 1 January 2023.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 January 2023.  It incorporates relevant amendments made up to and including 15 December 2022.

Prepared on 6 February 2023 by the staff of the Australian Accounting Standards Board.

Compilation no. 6

Compilation date:  31 December 2022

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
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Collins Street West
Victoria   8007
AUSTRALIA
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

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E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2023
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Managing Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce IFRS Foundation copyright material for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 16
ACCOUNTING STANDARD
AASB 116 PROPERTY, PLANT AND EQUIPMENT

from paragraph
Objective 1
Scope 2
Definitions 6
Recognition 7
Initial costs 11
Subsequent costs 12
Measurement at recognition 15
Elements of cost 16
Measurement of cost 23
Measurement after recognition 29
Cost model 30
Revaluation model 31
Depreciation 43
Depreciable amount and depreciation period 50
Depreciation method 60
Impairment 63
Compensation for impairment 65
Derecognition 67
Disclosure 73
Transitional provisions 80A
Effective date 81
Withdrawal of other pronouncements
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus83.2
Appendices
A  Australian defined terms
B  Australian simplified disclosures for Tier 2 entities
Australian implementation guidance
COMPILATION DETAILS
Deleted IAS 16 text

AVailable on the AASB website
Basis for Conclusions on IAS 16

Australian Accounting Standard AASB 116 Property, Plant and Equipment (as amended) is set out in paragraphs 1 – Aus83.2 and Appendices A and B.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 116 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting