Cima f1 ias 16 property, plant and equipment initial. Ias 16 property, plant and equipment 2017 07 2 cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when. Sep 26, 2012 in order for an intangible asset to be recognised in the financial statements it must. Ias 38 prescribes the recognition, measurement and disclosures applicable to intangible assets which are not dealt with specifically in another standard. Nz ias 16 this version is effective for reporting periods beginning on or after. Pdf linguistic analysis on the names of nias ancestors. Determinants of compliance levels with disclosures mandated by ifrs 3, ias 38 and ias. How to account for intangible assets under ias 38 ifrsbox. Review of analytical approaches for the identification of nonintentionally added substances in paper and board food contact materials. Basic user guide for renmin ribao peoples daily 201116. Ifric customer loyalty programmes ifric 15 agreements for the construction of real estate sic31 revenue barter transactions involving advertising services effective date periods beginning on or after 1 january 1995 specific quantitative disclosure requirements. Download pdf, 399kb ias 38 intangible assets ifrs, ifrs summary notes, summary notes. Visit the ias customer portal, where new customers can obtain a free.
Does paragraph 3e of ifrs 16 only apply to the licensing arrangements. Ias 38 intangible assets adeel september 5, 2016 august 24, 2016 no comments on summary notes. Ias 16 and ias 38 clarification of acceptable methods of. The update is published on a regular basis, with news about adoptions, resources, and implementation guidance. Ias 38 intangible assets 2017 05 pkf international. Ias 38 prescribes accounting treatment for all intangible assets that are. The ifrs for smes update is a staff update about news relating to the international financial reporting standard for small and mediumsized entities ifrs for smes standard. Issued by the international accounting standards board. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. Regulatory and analytical affairs in munich, germany. Ias 18 revenue the primary issue in accounting for revenue is determining when to recognise revenue. Ifric customer loyalty programmes ifric 15 agreements for the construction of real estate sic31 revenue barter transactions involving advertising services.
Ias 38 addresses intangible assets acquired by way of a government grant. Ias 16 property, plant and equipment the board has not undertaken any specific implementation support activities relating to this standard. Renmin ribao peoples daily 201116 basic information fulltextdatabase with access to the renmin ribao or the peoples daily, the the main newspaper of the chinese communist party since 1946 continuation of renmin ribao from 2012 until end of 2016. International accounting standard 16 property, plant and equipment ias 16 is set out in paragraphs 183 and the appendix.
Ifrs in focus iasb amends ias 16 and ias 38 to clarify acceptable. Worldwide application of ifrs 3, ias 36 and ias 38, 3 related disclosures, and determinants of noncompliance contents executive summary 5 1. An item is identifiable if it is separable or arises from contractual or other legal rights. If youd like to be alerted whenever we produce a new. Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised. This standard shall be applied in accounting for revenue arising from the following transactions and events. E50 was modified and reexposed as exposure draft e59, intangible assets. Intangible assets ias 38 30 property, plant and equipment ias 16 31 investment property ias 40 32 impairment of assets ias 36 33 lease accounting ias 17, ifrs 16 34 inventories ias 2 35 provisions and contingencies ias 37 36 events after the reporting period and financial commitments ias 10 38. But, then i received so many emails from you, my dear readers, asking me to cover more.
The depreciable amount cost less residual value should be allocated on a systematic basis over the assets useful life ias 16. Bearer plants will fall under the scope of ias 16 while the produce grown on the plants will remain under ias 41. Ias 38 outlines the accounting requirements for intangible assets, which are. An asset is a resource that is controlled by the entity as a result of past events for example, purchase or selfcreation and from which future economic benefits inflows of cash or other assets are expected. Instead, an entity follows ias 16 property, plant and equipment or ias 40 investment property, depending on which standard is appropriate in the circumstances. This is a culturallinguistic analysis on the names of nias ancestors. International accounting standards board isab prescribes the international accounting standard 16 ias 16 that deals with accounting for property plants and equipment. Plant and equipment and ias 38 intangible assets dealing with acceptable. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Ias 16 should be read in the context of its objective and the basis for conclusions, the preface to international financial reporting standards and the.
Anthroponomastics on nias ancient proper names contains some worthy cultural accounts about the tribe. Ias 41 agriculture 2017 07 2 costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. Technical summary this extract has been prepared by iasc foundation staff and has not been approved by the iasb. International accounting standard 16 property, plant and equipment ias 16is set out in paragraphs 183 and the appendix. In order for an intangible asset to be recognised in the financial statements it must. In5 ias 41 does not establish any new principles for land related to agricultural activity. The reason why it was necessary to issue an adhoc standard had been determined by certain activities regarding the agricultural activity that were excluded from the scope of other international accounting standards e. Recognition and measurement the initial measurement of an intangible asset depends on whether it has been acquired separately, has been. An intangible asset is an identifiable non monetary asset without physical substance. For the requirements reference must be made to international financial reporting standards. The principle issues dealt by isab in this standard are that ofrecognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment. Ias 16 was reissued in december 2003 and applies to annual periods. Ias 16 revaluation model 2015 2 p a g e depreciation under the revaluation model depreciation under the revaluation model is treated in the same manner as the cost method.
The objective of ias 16 is to prescribe the accounting treatment for property, plant, and equipment. March 2017 this communication contains a general overview of the topic and is current as of march 31, 2017 the application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Ias 16 property, plant and equipment the objective of this standard is to prescribe the accounting treatment for property. Ias 38 intangible assets, and examines compliance levels with the. Revenue from nonexchange transactions taxes and transfers. September 1998 ias 38, intangible assets 1 july 1999 effective date of ias 38 p. Pdf identification of non volatile migrant compounds and nias in. The ifrs interpretations committee has previously considered a number of relevant issues that have been submitted by stakeholders. The international accreditation service mission is to provide the highest quality accreditation services for all concerned with public safety and sustainability through the principle of one test, one inspection, one certification worldwide.
Ias 41 was approved in december 2000 and entered into force for the financial year 2003. International accounting standard 16 property, plant and equipment ias 16 replaces ias 16 property, plant and equipment revised in 1998, and should be applied for annual periods beginning on or after 1 january 2005. The ifrs foundations logo and the ifrs for smes logo, the iasb logo, the hexagon device, eifrs, ias, iasb, ifric, ifrs, ifrs for smes, ifrs foundation, international accounting standards, international financial reporting standards, niif and sic are registered trade marks of the ifrs foundation, further details of which are available from the ifrs. Worldwide application of ifrs 3, ias 38 and ias 36, related. On march 2930, 2017 csi will be involved in the conference on nias and mineral oils in food contact materials. International accounting standard 38, dealing with intangible assets. The ifrs for smes update is a staff update about news relating to the international financial reporting standard for small and mediumsized entities ifrs for smes standard the update is published on a regular basis, with news about adoptions, resources, and implementation guidance if youd like to be alerted whenever we produce a new update or indeed whenever we produce any news about.
Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. Additional material is restricted to those with nzassigned ip addresses only. Worldwide application of ifrs 3, ias 38 and ias 36. All the paragraphs have equal authority but retain the iasc format of the standard when it was adopted by the iasb. Amortisation amendments to ias 16 and ias 38, effective for annual periods. Ias 38 requires, intangible assets which arises as a result of government grant are recognized either at fair value or nominal cost.
Ias 16 property, plant and equipment outlines the accounting treatment for most types of property, plant and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized in relation to them. A group of biological assets is an aggregation of similar living animals or plants. Pdf migration of non volatile compounds from twenty six pp films used as. The accounting standard ias 38 sets out accounting treatment and disclosures to be applied to the recognition and measurement of intangible assets. Adeel september 5, 2016 august 24, 2016 no comments on summary notes. Revenue should be measured at the fair value of the consideration received receivable. A intangible asset is defined as an intangible nonmonetary assegt without physical substance. Scope ias 38 applies to all intangible assets, except. More specifically, the iasb proposes to prohibit a depreciation or amortisation method that uses revenue generated.
Ias 38 revised and coordinated with ias 16 property, plant and equipment. This edition of ifrs in focus outlines the recent amendments to ias 16 property. Ias 38 sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. New zealand equivalent to international accounting. Pdf worldwide application of ifrs 3, ias 38 and ias 36, related. Revenue is recognised when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably. March 2017 recognition and initial measurement this communication contains a general overview of the topic and is current as of march 31, 2017. Ias 38 intangible assets 2017 05 2 an asset is identifiable if it is either. The standard ias 38 prescribes the rules for accounting for all intangible. Ias 38 outlines the accounting requirements for intangible assets, which are nonmonetary assets which are without physical substance and identifiable either being separable or arising from contractual or other legal rights. As part of the process of developing a core set of ipsass, the psc has recognized the need for an effective impairment test for all assets held by public sector entities. Ias 16 outlines the accounting treatment for most types of property, plant and equipment. First you need to understand what these things are.
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