Tangible Non-Current Assets Flashcards
1
Q
IAS 16
A
Property, Plant and Equipment
- To prescribe the accounting treatment for PPE
- Principal issues are the recognition of assets
- Determination of their carrying amounts
- And the depreciation charges and impairment losses to be recognised in relation to them
2
Q
Measurement Post Acquisition
A
- Cost Model
- Revaluation Model
3
Q
Cost Model
A
Asset is carried at cost less accumulated depreciation
4
Q
Revaluation Model
A
Asset is carried at fair value less any accumulated depreciation
5
Q
Depreciation
A
Systematic allocation of the depreciable amount of an asset over its useful life
