FRS16.docx
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FRS16.docx
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FRS16
Financial
ReportingStandard
FRS16
Property,PlantandEquipment
FRS16Property,PlantandEquipmentwasissuedbytheCCDGinJanuary2003andwasoperativeforfinancialstatementscoveringperiodsbeginningonorafter1January1997.
ThisStandardwasrevisedinJuly2004andsupersedesFRS16Property,PlantandEquipmentissuedinJanuary2003.ConsequentialamendmentsweremadeinSeptember2004,August2005andJuly2007.
Contents
Paragraphs
INTRODUCTIONIN1-IN15
FinancialReportingStandard16
Property,PlantandEquipment
OBJECTIVE11
SCOPE2-5
DEFINITIONS6
RECOGNITION7-14
InitialCosts11
SubsequentCosts12-14
MEASUREMENTATRECOGNITION15-28
ElementsofCost16-22
MeasurementofCost23-28
MEASUREMENTAFTERRECOGNITION29-66
CostModel30
RevaluationModel31-42
Depreciation43-62
Depreciableamountanddepreciationperiod50-59
Depreciablemethod60-62
Impairment63-64
CompensationforImpairment65-66
DERECOGNITION67-72
DISCLOSURE73-79
TRANSITIONALPROVISIONS80
EFFECTIVEDATE81
WITHDRAWALOFOTHERPRONOUNCEMENTS82-83
APPENDIX:
AmendmentstoOtherPronouncements
TABLEOFCONCORDANCE
FinancialReportingStandard16Property,PlantandEquipment(FRS16)issetoutinparagraphs1-83andtheAppendix.Alltheparagraphshaveequalauthority.FRS16shouldbereadinthecontextofitsobjective,thePrefacetoFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.FRS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Introduction
IN1.FinancialReportingStandard16Property,PlantandEquipment(FRS16)replacesFRS16Property,PlantandEquipment(issuedin2003),andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.TheStandardalsoreplacesthefollowingInterpretations:
•INTFRS6CostsofModifyingExistingSoftware
•INTFRS14Property,PlantandEquipment—CompensationfortheImpairmentorLossofItems
•INTFRS23Property,PlantandEquipment—MajorInspectionorOverhaulCosts.
ReasonsforRevisingFRS16
IN2.TheCouncilonCorporateDisclosureandGovernanceissuedthisrevisedFRS16aspartoftheimprovementstoFinancialReportingStandards.Theobjectivesoftheimprovementsweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.
IN3.ForFRS16,themainobjectivewasalimitedrevisiontoprovideadditionalguidanceandclarificationonselectedmatters.Thefundamentalapproachtotheaccountingforproperty,plantandequipmentcontainedinFRS16wasnotconsidered.
TheMainChanges
IN4.ThemainchangesfromthepreviousversionofFRS16aredescribedbelow.
Scope
IN5.ThisStandardclarifiesthatanentityisrequiredtoapplytheprinciplesofthisStandardtoitemsofproperty,plantandequipmentusedtodevelopormaintain(a)biologicalassetsand(b)mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.
Recognition—SubsequentCosts
IN6.Anentityevaluatesunderthegeneralrecognitionprincipleallproperty,plantandequipmentcostsatthetimetheyareincurred.Thosecostsincludecostsincurredinitiallytoacquireorconstructanitemofproperty,plantandequipmentandcostsincurredsubsequentlytoaddto,replacepartof,orserviceanitem.ThepreviousversionofFRS16containedtworecognitionprinciples.Anentityappliedthesecondrecognitionprincipletosubsequentcosts.
MeasurementatRecognition—AssetDismantlement,RemovalandRestorationCosts
IN7.Thecostofanitemofproperty,plantandequipmentincludesthecostsofitsdismantlement,removalorrestoration,theobligationforwhichanentityincursasaconsequenceofinstallingtheitem.Itscostalsoincludesthecostsofitsdismantlement,removalorrestoration,theobligationforwhichanentityincursasaconsequenceofusingtheitemduringaparticularperiodforpurposesotherthantoproduceinventoriesduringthatperiod.ThepreviousversionofFRS16includedwithinitsscopeonlythecostsincurredasaconsequenceofinstallingtheitem.
MeasurementatRecognition—AssetExchangeTransactions
IN8.Anentityisrequiredtomeasureanitemofproperty,plantandequipmentacquiredinexchangeforanon-monetaryassetorassets,oracombinationofmonetaryandnon-monetaryassets,atfairvalueunlesstheexchangetransactionlackscommercialsubstance.UnderthepreviousversionofFRS16,anentitymeasuredsuchanacquiredassetatfairvalueunlesstheexchangedassetsweresimilar.
MeasurementafterRecognition—RevaluationModel
IN9.Iffairvaluecanbemeasuredreliably,anentitymaycarryallitemsofproperty,plantandequipmentofaclassatarevaluedamount,whichisthefairvalueoftheitemsatthedateoftherevaluationlessanysubsequentaccumulateddepreciationandaccumulatedimpairmentlosses.UnderthepreviousversionofFRS16,useofrevaluedamountsdidnotdependonwhetherfairvalueswerereliablymeasurable.
Depreciation—UnitofMeasure
IN10.Anentityisrequiredtodeterminethedepreciationchargeseparatelyforeachsignificantpartofanitemofproperty,plantandequipment.ThepreviousversionofFRS16didnotasclearlysetoutthisrequirement.
Depreciation—DepreciableAmount
IN11.Anentityisrequiredtomeasuretheresidualvalueofanitemofproperty,plantandequipmentastheamountitestimatesitwouldreceivecurrentlyfortheassetiftheassetwerealreadyoftheageandintheconditionexpectedattheendofitsusefullife.ThepreviousversionofFRS16didnotspecifywhethertheresidualvaluewastobethisamountortheamount,inclusiveoftheeffectsofinflation,thatanentityexpectedtoreceiveinthefutureontheasset’sactualretirementdate.
Depreciation—DepreciationPeriod
IN12.Anentityisrequiredtobegindepreciatinganitemofproperty,plantandequipmentwhenitisavailableforuseandtocontinuedepreciatingituntilitisderecognised,evenifduringthatperiodtheitemisidle.ThepreviousversionofFRS16didnotspecifywhendepreciationofanitembeganandspecifiedthatanentityshouldceasedepreciatinganitemthatithadretiredfromactiveuseandwasholdingfordisposal.
Derecognition—DerecognitionDate
IN13.Anentityisrequiredtoderecognisethecarryingamountofanitemofproperty,plantandequipmentthatitdisposesofonthedatethecriteriaforthesaleofgoodsinFRS18Revenuewouldbemet.ThepreviousversionofFRS16didnotrequireanentitytousethosecriteriatodeterminethedateonwhichitderecognisedthecarryingamountofadisposed-ofitemofproperty,plantandequipment.
IN14.Anentityisrequiredtoderecognisethecarryingamountofapartofanitemofproperty,plantandequipmentifthatparthasbeenreplacedandtheentityhasincludedthecostofthereplacementinthecarryingamountoftheitem.ThepreviousversionofFRS16didnotextenditsderecognitionprincipletosuchparts;rather,itsrecognitionprincipleforsubsequentexpenditureseffectivelyprecludedthecostofareplacementfrombeingincludedinthecarryingamountoftheitem.
Derecognition—GainClassification
IN15.Anentitycannotclassifyasrevenueagainitrealisesonthedisposalofanitemofproperty,plantandequipment.ThepreviousversionofFRS16didnotcontainthisprovision.
FINANCIALREPORTINGSTANDARDFRS16
Property,PlantandEquipment
Objective
1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforproperty,plantandequipmentsothatusersofthefinancialstatementscandiscerninformationaboutanentity’sinvestmentinitsproperty,plantandequipmentandthechangesinsuchinvestment.Theprincipalissuesinaccountingforproperty,plantandequipmentaretherecognitionoftheassets,thedeterminationoftheircarryingamountsandthedepreciationchargesandimpairmentlossestoberecognisedinrelationtothem.
Scope
2.ThisStandardshallbeappliedinaccountingforproperty,plantandequipmentexceptwhenanotherStandardrequiresorpermitsadifferentaccountingtreatment.
3.ThisStandarddoesnotapplyto:
(a)property,plantandequipmentclassifiedasheldforsaleinaccordancewithFRS105Non-currentAssetsHeldforSaleandDiscontinuedOperations;
(b)biologicalassetsrelatedtoagriculturalactivity(seeFRS41Agriculture);
(c)therecognitionandmeasurementofexplorationandevaluationassets(seeFRS106ExplorationforandEvaluationofMineralResources);or
(d)mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.
However,thisStandardappliestoproperty,plantandequipmentusedtodevelopormaintaintheassetsdescribedin(b)-(d).
4.OtherStandardsmayrequirerecognitionofanitemofproperty,plantandequipmentbasedonanapproachdifferentfromthatinthisStandard.Forexample,FRS17Leasesrequiresanentitytoevaluateitsrecognitionofanitemofleasedproperty,plantandequipmentonthebasisofthetransferofrisksandrewards.However,insuchcasesotheraspectsoftheaccountingtreatmentfortheseassets,includingdepreciation,areprescribedbythisStandard.
5.AnentityshallapplythisStandardtopropertythatisbeingconstructedordevelopedforfutureuseasinvestmentpropertybutdoesnotyetsatisfythedefinitionof‘investmentproperty’inFRS40InvestmentProperty.Oncetheconstructionordevelopmentiscomplete,thepropertybecomesinvestmentpropertyandtheenti
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