If an item is revalued, the entire class of assets to which that asset belongs. Links to summaries, analysis, history and resources for international financial reporting standards ifrs and international accounting standards ias, ifric interpretations, sic interpretations and other pronouncements issued by the international accounting standards board iasb and its related bodies. Next ias upsc prelims test series 2020 test 16 pdf with solution january 29, 2020. Ias 16 definition property, plant and equipment ppe are tangible assets that. Upsc books pdf free download for ias,nda,cds,ifs, upsc prelims books 2020,upsc mains books 2020 and other important material for upsc 2020. Download free ebooks for ias exam, download book pdf for. Download free ebooks for ias exam, download book pdf for ias exams, best books for upsc exam, book list for ias exam, download pdf books for upsc. Rau ias upsc prelims test series 2020 test 32 pdf with solution january 29, 2020. Ias 16 property, plant and equipment acca financial. 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. You are permitted to access, download, copy, or print out. The accounting standard ias 16 sets out how entities should report their investment in. 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. The ifrs foundation provides free access through basic registration to the pdf files of the current years consolidated ifrs standards part a of the issued standardsthe red book, the conceptual framework for financial reporting and ifrs practice statements, as well as available translations of standards.
After recognition, an entity chooses either the cost model or the revaluation model as its accounting policy and applies that policy to an entire class of property. Pmr notes htk consulting property, plant and equipment. The decrease recognised in other comprehensive income reduces the amount accumulated in equity under the heading of revaluation surplus. Once the construction or development is complete, the property becomes investment property and the entity is required to. Ias 16 property, plant and equipment acca financial accounting fa lectures the complete list of free acca financial accounting fa lectures is available.