IAS 16 Property, Plant and Equipment sets out the requirements for the recognition of the assets, the determination of their carrying amounts, and the depreciation charges and impairment losses in relation to them. Revised December 2003. Effective 1 January 2008.
*UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
Financial Reporting Faculty members get full access. Login to get the version of the standard relevant to specific time periods via eIFRS.
ICAEW members and non-members can view a brief synopsis, amendments and details of current proposals.
'Which version of the standard?' is only available to members of the Financial Reporting Faculty. Please note that to access electronic versions of IFRS through the links in these standard trackers you need to have first logged into eIFRS.
Full access to details of all the amendments is only available to Financial Reporting Faculty members. Find out how to join the faculty.
*Not EU endorsed as at 23 April 2018. Read more on EU Endorsement.
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.
Where an entity applies FRS 101, it is preparing Companies Act accounts rather than IAS accounts. Therefore, in order to achieve compliance with the Companies Act and related Regulations, guidance in IAS 16 allowing the carrying amount of property, plant and equipment to be reduced by government grants is deleted.
FRS 101 paragraph 8(f) states that a qualifying entity is exempt from the requirement to disclose a reconciliation of the carrying amount of property, plant and equipment at the beginning and end of the comparative period.
IAS 16 paragraph for which exemption is available: 73(e) (comparative period only).
This page was last updated 23 April 2018