IAS 16 and Primary financial statements: Difference between pages

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International Accounting Standard 16, dealing with property, plant and equipment (PPE).
''Financial reporting.''


Issued by the International Accounting Standards Board.  
Under International Accounting Standards (IAS) 'primary' financial statements are the main accounting statements that must be presented.  




IAS 16 requires an entity to recognise an item of property, plant or equipment as an asset if, and only if:
These are:


*It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and
* Statement of financial position (balance sheet).
*The cost of the asset can be measured reliably.
* Income statement (profit or loss account), which can be included in the statement of comprehensive income.
* Statement of comprehensive income.
* Statement of changes in equity.
* Statement of cash flows.




== See also ==
The primary financial statements are supported by Notes to the accounts, providing additional and more detailed financial information.
* [[Amortisation]]
* [[Bearer plant]]
* [[Capitalisation]]
* [[Capitalise]]
* [[Depreciation]]
* [[Fixed assets]]
* [[IAS 38]]
* [[Impairment]]
* [[International Financial Reporting Standards]]  (IFRS)
* [[Other comprehensive income]]  (OCI)
* [[Property, plant and equipment]]  (PPE)
* [[Recognition]]
* [[Reporting entity]]
* [[Revaluation]]




== External link ==
==See also==
[https://www.iasplus.com/en/standards/ias/ias16 IAS 16 - IAS Plus]
* [[Entity]]
* [[Financial reporting]]
* [[Income statement]]
* [[International Accounting Standards]]
* [[Notes]]
* [[Primary statements]]
* [[Statement of cash flows]]
* [[Statement of changes in equity]]
* [[Statement of comprehensive income]]
* [[Statement of financial position]]
* [[Statement of profit or loss and other comprehensive income]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:Corporate_finance]]
[[Category:Compliance_and_audit]]

Revision as of 11:01, 29 October 2020

Financial reporting.

Under International Accounting Standards (IAS) 'primary' financial statements are the main accounting statements that must be presented.


These are:

  • Statement of financial position (balance sheet).
  • Income statement (profit or loss account), which can be included in the statement of comprehensive income.
  • Statement of comprehensive income.
  • Statement of changes in equity.
  • Statement of cash flows.


The primary financial statements are supported by Notes to the accounts, providing additional and more detailed financial information.


See also

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