232360
Description
Mind Map by Nafisa Zahra, updated more than 1 year ago
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Created by Nafisa Zahra
over 10 years ago
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Property, Plant and Equipment
- Impairment Loss- Where recoverable amount
is less than asset's carrying amount must be immediate recognition
- Cost model- as expense in
P&L for assets carried at
cost
Annotations:
- E.g A machine with useful life of 5 years and no residual value bought for $5000. Recoverable amount is 1200. Dr Impairment loss-machine 1800 Cr Acc. Imp. losses-machine 1800 Dr Deferred tax asset 540 Cr Income tax expense 540
- Revaluation model- in acordance
with revaluation accounting for
assets carried at revalued amount
- Cost model- as expense in
P&L for assets carried at
cost
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