PPE summary

DEF: Tangible items: 1. held for use; & 2. expected to be used in more than 1 period
Recognition
1. COST: 1. Probable future economic benefits flow to entity; 2. Measured reliably.
Measurement
1. Initial Cost
  1. Elements & E.g IAS16.16
2. After recognition
  1. Cost model
    1. Cost less accumulated depreciation & impairment losses
  2. Revaluation model
    1. Fair value less accumulated depreciation & impairment losses (Since last valuation)
    2. Determine FV (IFRS 13)
      1. Market / Cost / Income
      2. Asset is revalued from CA to Net Replacement Cost ON Valuation date.
    3. Treatment of Accum. deprec.
      1. Proportionately restated
      2. Eliminated
    4. Realisation of Revalue surplus
      1. Through use: Difference between Deprec. @ revalue amount and Deprec. @ Cost (ignore revalue). DR Revalue Surpl. (SCE) CR Ret. Earn. (SCE)
    5. Timing
      1. BEGIN/yr: Deprec. & CA at price levels at BEGIN/yr.
      2. END/yr: At GRC calc NRC at BEGIN/yr to calc. revaluation surplus.
Disclosure simplistic
Deferred tax

Resource summary

	Created by meyer cohn about 9 years ago