IAS 16 PROPERTY

IAS 16 PROPERTY, PLANT AND EQUIPMENT
HISTORY OF IAS 16
August 1980
Exposure Draft E18 Accounting for Property, Plant and Equipment in the Context of the Historical Cost System
March 1982
IAS 16 Accounting for Property, Plant and Equipment
1 January 1983
Effective date of IAS 16 (1982)
May 1992
Exposure Draft E43 Property, Plant and Equipment
December 1993
IAS 16 Accounting for Property, Plant and Equipment (revised as part of the 'Comparability of Financial Statements' project)
1 January 1995
Effective date of IAS 16 (1993) Property, Plant and Equipment
1998
IAS 16 was revised by IAS 36 Impairment of Assets
1 July 1999
IAS 16 (1998) effective date of 1998 revisions to IAS 16
18 December 2003
Revised version of IAS 16 issued by the IASB
1 January 2005
Effective date of IAS 16 (Revised 2003)
22 May 2008
IAS 16 amended for 'Annual Improvements to IFRSs 2007 about routine sales of assets held for rental
1 January 2009
Effective date of May 2008 amendment to IAS 16
RELATED INTERPRETATIONS
SIC 6 Costs of Modifying Existing Software
SIC 6 was superseded by and incorporated into IAS 16 (2003).
SIC 14 Property, Plant and Equipment – Compensation for the Impairment or Loss of Items
SIC 14 was superseded by and incorporated into IAS 16 (2003).
SIC 23 Property, Plant and Equipment – Major Inspection or Overhaul Costs
SIC 23 was superseded by and incorporated into IAS 16 (2003).
Issues Relating to This Standard that IFRIC Did Not Add to Its Agenda
AMENDMENTS UNDER CONSIDERATION BY IASB
None

SUMMARY OF IAS 16
Objective of IAS 16
The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are the recognition of assets, the determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them.
Scope
IAS 16 does not apply to assets classified as held for sale in accordance with IFRS 5 exploration and evaluation assets (IFRS 6) biological assets