Depreciation and Equipment
MFRS 116
Malaysian Financial Reporting Standard 116
Property, Plant and Equipment
This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012.
Amendments with an effective date later than 1 January 2012 MFRS 116 has been amended by MFRS 13 Fair Value Measurement*. As those amendments have an effective date after 1 January 2012 they are not included in this edition.
*
effective date 1 January 2013
559
MFRS 116
CONTENTS paragraphs Preface INTRODUCTION IN1–IN15
MALAYSIAN FINANCIAL REPORTING STANDARD 116 PROPERTY, PLANT AND EQUIPMENT
OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial costs Subsequent costs MEASUREMENT AT RECOGNITION Elements of cost Measurement of cost MEASUREMENT AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Compensation for impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2–5 6 7–14 11 12–14 15–28 16–22 23–28 29–66 30 31–42 43–62 50–59 60–62 63 65–66 67–72 73–79 80 81–81E 82–83
560
©
IFRS Foundation
MFRS 116
Malaysian Financial Reporting Standard 116 Property, Plant and Equipment (MFRS 116) is set out in paragraphs 1–83. All the paragraphs have equal authority. MFRS 116 should be read in the context of its objective and the Basis for Conclusions, the Foreword to Financial Reporting Standards and the Conceptual Framework for Financial Reporting. MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
©
IFRS Foundation
561
MFRS 116
Preface
The Malaysian Accounting Standards Board (MASB) is implementing its policy of convergence through adopting International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) for application for annual
Malaysian Financial Reporting Standard 116
Property, Plant and Equipment
This version includes amendments resulting from MFRSs with effective dates no later than 1 January 2012.
Amendments with an effective date later than 1 January 2012 MFRS 116 has been amended by MFRS 13 Fair Value Measurement*. As those amendments have an effective date after 1 January 2012 they are not included in this edition.
*
effective date 1 January 2013
559
MFRS 116
CONTENTS paragraphs Preface INTRODUCTION IN1–IN15
MALAYSIAN FINANCIAL REPORTING STANDARD 116 PROPERTY, PLANT AND EQUIPMENT
OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial costs Subsequent costs MEASUREMENT AT RECOGNITION Elements of cost Measurement of cost MEASUREMENT AFTER RECOGNITION Cost model Revaluation model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Compensation for impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS EFFECTIVE DATE WITHDRAWAL OF OTHER PRONOUNCEMENTS 1 2–5 6 7–14 11 12–14 15–28 16–22 23–28 29–66 30 31–42 43–62 50–59 60–62 63 65–66 67–72 73–79 80 81–81E 82–83
560
©
IFRS Foundation
MFRS 116
Malaysian Financial Reporting Standard 116 Property, Plant and Equipment (MFRS 116) is set out in paragraphs 1–83. All the paragraphs have equal authority. MFRS 116 should be read in the context of its objective and the Basis for Conclusions, the Foreword to Financial Reporting Standards and the Conceptual Framework for Financial Reporting. MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
©
IFRS Foundation
561
MFRS 116
Preface
The Malaysian Accounting Standards Board (MASB) is implementing its policy of convergence through adopting International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB) for application for annual