PPE Flashcards
1
Q
Definition of PPE:
A
Tangible items Held for: Production Providing goods or services Rental income Administrative and Use > 1 financial period
2
Q
What do you consider with PPE?
A
Timing and amount to be recognized
Carrying amounts to be disclosed
Depreciation
3
Q
Purchase of an asset includes;
A
Initial cost include
purchase price
ready for intended use (condition & location)
estimated cost to dismantle/remove/repair present value
Borrowing cost (FA288) (IAS 16 par 22)
