UITF Abstract 23 Application of the transitional rules in FRS 15
Issued May 2000. Effective accounting periods ending on or after 23 March 2000.
UITF Abstract 23 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
A prior period adjustment where components of an asset are identified should be restricted to the effects of treating separately only those components in respect of which:
- Any provision for repairs and maintenance was itself eliminated by prior period adjustment on adoption of previous FRS 12.
- There has been a change from a previous policy off as incurred relevant repairs and maintenance expenditure to a policy where such expenditure is capitalised as it replaces a separately depreciated component.
Last updated 21 June 2015