Propety Plant And Equiptment Flashcards
1
Q
Recording PPE
A
IAS 16 - measured at cost and depreciation with the depicted amount is allocated over the useful economic life
2
Q
Depreciation of PPE
A
UEL - period over which economic benefits are expected
Residual value - amount asset can be sold for at the end of its UEL
Straight line - depn same each year
Diminishing balances - CV x %
3
Q
Revaluation of PPE
A
Must revaluate all assets with in the category
Depreciate over their remaining estimate useful life
Dr PPE Cost
Dr PPE Depn
Cr revaluation surplus
Cannot be negative, goes to P&L if surplus negative
