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I. IAS 16 PROPERTY, PLANT AND EQUIPMENT

IAS 16 property, plant and equipment provide the rules relating to accounting for non-current assets, including depreciation.

Definition depreciation is measure of the cost of the economic benefits of the tangible non-current asset that have been consumed during the period.

This consumption may arise because of any of the following factors.

  • Use-i.e. Plant and machinery or motor vehicles are eventually used so much that they are worn out.
  • Passing of time –e.g. a ten-year lease of property expires when the ten years have passed.
  • Obsolescence through technology and market changes-e.g. plant machinery of a specialised nature can quickly become obsolete and will need to be replaced by more modern equivalents.
  • Depletion –e.g. the extraction of material form a quarry.

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Download:

Chapter 3 Non current asset

Chapter 3 Non Current Asset (answer in chapter 3)

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