IAS 16: Difference between revisions
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imported>Doug Williamson (Expand definition - source - https://www.iasplus.com/en/standards/ias/ias16) |
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Issued by the International Accounting Standards Board. | Issued by the International Accounting Standards Board. | ||
IAS 16 requires an entity to recognise an item of property, plant or equipment as an asset if, and only if: | |||
*It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and | |||
*The cost of the asset can be measured reliably. | |||
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* [[Other comprehensive income]] | * [[Other comprehensive income]] | ||
* [[Property, plant and equipment]] | * [[Property, plant and equipment]] | ||
* [[Reporting entity]] | |||
Revision as of 20:45, 22 October 2022
International Accounting Standard 16, dealing with property, plant and equipment (PPE).
Issued by the International Accounting Standards Board.
IAS 16 requires an entity to recognise an item of property, plant or equipment as an asset if, and only if:
- It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and
- The cost of the asset can be measured reliably.
See also
- Fixed assets
- IAS 38
- International Financial Reporting Standards
- Other comprehensive income
- Property, plant and equipment
- Reporting entity
