PPE summary

PPE summary

1. DEF: Tangible items: 1. held for use; & 2. expected to be used in more than 1 period

2. Recognition

   • COST: 1. Probable future economic benefits flow to entity; 2. Measured reliably.

3. Measurement

   • Initial Cost
     • Elements & E.g IAS16.16
   • After recognition
     • Cost model
       • Cost less accumulated depreciation & impairment losses
     • Revaluation model
       • Fair value less accumulated depreciation & impairment losses (Since last valuation)
       • Determine FV (IFRS 13)
         • Market / Cost / Income
         • Asset is revalued from CA to Net Replacement Cost ON Valuation date.
       • Treatment of Accum. deprec.
         • Proportionately restated
         • Eliminated
       • Realisation of Revalue surplus
         • Through use: Difference between Deprec. @ revalue amount and Deprec. @ Cost (ignore revalue). DR Revalue Surpl. (SCE) CR Ret. Earn. (SCE)
       • Timing
         • BEGIN/yr: Deprec. & CA at price levels at BEGIN/yr.
         • END/yr: At GRC calc NRC at BEGIN/yr to calc. revaluation surplus.

4. Disclosure simplistic

5. Deferred tax

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