This document provides guidance on accounting for property, plant, and equipment according to IPSAS 17. It defines PP&E as tangible items held for use in production or supply of goods/services or for administrative purposes that are expected to be used for more than one period. PP&E is initially measured at cost and subsequently measured using either the cost or revaluation model, less any accumulated depreciation. Depreciation is systematically allocated over the useful life of each asset, and PP&E is derecognized upon disposal or when no future benefits are expected.
PPE refers to tangible items held for use in production or supply of goods and services with an expected useful life of more than one year. The standard outlines the accounting treatment for PPE, including initial recognition at cost, subsequent measurement using either the cost or revaluation model, depreciation, and derecognition. It also provides disclosure requirements such as the measurement basis, depreciation methods used, carrying amounts, and details related to revalued assets.
If any of the above conditions is not satisfied, PPE cannot be recorded.
Above recognition, the principle is to be applied to the ‘Initial’ recognition of PPE and
‘Subsequent’ recognition.
This document summarizes IAS 16, which provides guidance on accounting for property, plant, and equipment. It defines property, plant, and equipment and outlines the requirements for initial recognition, measurement, depreciation, and impairment. Key aspects covered include determining the cost of self-constructed or exchanged assets, capitalizing major repairs/replacements, and allowing use of either the cost model or revaluation model for subsequent measurement.
The document discusses key concepts regarding property, plant, and equipment (PPE) accounting. It defines PPE as long-term tangible assets used in operations to generate revenue. The cost of PPE includes purchase price and expenditures to prepare the asset for use. Interest incurred during construction may be capitalized. PPE is depreciated over its useful life to allocate cost against profits. The document provides examples of costs included in PPE for land, buildings, and equipment.
This document discusses the key aspects of IND AS 16 regarding the accounting treatment of property, plant, and equipment. It covers the scope of IND AS 16, initial recognition and measurement of PPE at cost, subsequent measurement using either the cost or revaluation model, and depreciation of PPE over its useful life. PPE are tangible assets held for use in production, rental, or administration that are expected to be used for more than one period.
This document summarizes the key principles of IAS 16, which provides guidance on accounting for property, plant, and equipment. Some of the main points covered include: initially measuring property, plant, and equipment at cost; depreciating the asset over its useful life; testing for impairment if the carrying amount is not recoverable; and allowing the alternative treatment of revaluing assets to fair value. Extensive disclosure requirements are also outlined relating to classes of property, plant and equipment, depreciation methods, and revalued amounts.
Ind AS 16 prescribes the accounting treatment for property, plant and equipment. The standard aims to provide information about an entity's investment in property, plant and equipment and the changes in such investment. It covers the recognition and measurement of property, plant and equipment, depreciation, and impairment losses. The principal issues are recognition of assets, determination of carrying amounts, depreciation charges, and impairment losses.
PPE refers to tangible items held for use in production or supply of goods and services with an expected useful life of more than one year. The standard outlines the accounting treatment for PPE, including initial recognition at cost, subsequent measurement using either the cost or revaluation model, depreciation, and derecognition. It also provides disclosure requirements such as the measurement basis, depreciation methods used, carrying amounts, and details related to revalued assets.
If any of the above conditions is not satisfied, PPE cannot be recorded.
Above recognition, the principle is to be applied to the ‘Initial’ recognition of PPE and
‘Subsequent’ recognition.
This document summarizes IAS 16, which provides guidance on accounting for property, plant, and equipment. It defines property, plant, and equipment and outlines the requirements for initial recognition, measurement, depreciation, and impairment. Key aspects covered include determining the cost of self-constructed or exchanged assets, capitalizing major repairs/replacements, and allowing use of either the cost model or revaluation model for subsequent measurement.
The document discusses key concepts regarding property, plant, and equipment (PPE) accounting. It defines PPE as long-term tangible assets used in operations to generate revenue. The cost of PPE includes purchase price and expenditures to prepare the asset for use. Interest incurred during construction may be capitalized. PPE is depreciated over its useful life to allocate cost against profits. The document provides examples of costs included in PPE for land, buildings, and equipment.
This document discusses the key aspects of IND AS 16 regarding the accounting treatment of property, plant, and equipment. It covers the scope of IND AS 16, initial recognition and measurement of PPE at cost, subsequent measurement using either the cost or revaluation model, and depreciation of PPE over its useful life. PPE are tangible assets held for use in production, rental, or administration that are expected to be used for more than one period.
This document summarizes the key principles of IAS 16, which provides guidance on accounting for property, plant, and equipment. Some of the main points covered include: initially measuring property, plant, and equipment at cost; depreciating the asset over its useful life; testing for impairment if the carrying amount is not recoverable; and allowing the alternative treatment of revaluing assets to fair value. Extensive disclosure requirements are also outlined relating to classes of property, plant and equipment, depreciation methods, and revalued amounts.
Ind AS 16 prescribes the accounting treatment for property, plant and equipment. The standard aims to provide information about an entity's investment in property, plant and equipment and the changes in such investment. It covers the recognition and measurement of property, plant and equipment, depreciation, and impairment losses. The principal issues are recognition of assets, determination of carrying amounts, depreciation charges, and impairment losses.
PAS 16_Property, Plant and Equipment pptq8phzvrkm8
This document provides an overview of PAS 16 Property, Plant and Equipment. It discusses the recognition, measurement, and subsequent accounting for PPE. Key points include: PPE must be tangible, for long-term use, and used in operations. It is initially measured at cost and subsequently using either the cost or revaluation model. Depreciation is systematically allocated over the useful life, and the straight-line method is commonly used. PPE is derecognized upon disposal or when no future benefits are expected.
An overview of the tax treatment of expenditures related to tangible property in accordance with the new regulations, including capitalization of expenditures, unit of property, the deminimis rule and dispositions.
This document summarizes Accounting Standard 10 on Property, Plant and Equipment. It describes the objectives, scope, definitions and accounting treatment for PPE. Key points include: the standard establishes principles for recognition, measurement, presentation and disclosure of PPE; assets qualifying as PPE must be held for use in production or supply of goods/services and have a useful life of more than one year; PPE is initially measured at cost and subsequently using either the cost or revaluation model; depreciation is charged over the useful life of an asset using methods like straight line or diminishing balance; and gains or losses on disposal of PPE are included in profit or loss.
This document discusses depreciation, provisions, and reserves. It begins by defining depreciation as a fall in the value of an asset due to usage, the passage of time, obsolescence, or accidents. It then discusses the causes, need, and factors affecting depreciation. Finally, it explains the straight-line and written down value methods of charging depreciation, as well as related terms like depletion and amortization.
This document provides an overview of accounting standards for non-current assets, including IAS 16 on property, plant, and equipment. IAS 16 establishes guidelines for recognition, measurement, presentation, and disclosure of property and equipment. It requires assets to be carried at cost or fair value, and depreciated over their useful lives unless impaired. The standard also provides guidance on revaluations, component accounting, and disposal of assets. Overall, IAS 16 aims to prescribe the appropriate accounting treatment for property and equipment to ensure accurate reporting of non-current assets in financial statements.
This document provides an overview of accounting for property, plant and equipment (PPE) under Indian accounting standards. It discusses key aspects of PPE such as initial recognition at cost, components of cost, subsequent expenditure, depreciation methods, revaluation model, and derecognition. Cost of PPE includes purchase price, duties, transportation costs and initial estimate of site restoration costs. Subsequent expenditure is capitalized only if it increases the future benefits of the asset. Depreciation is calculated using methods like straight line method to allocate the cost of PPE over its useful life.
The document discusses key concepts related to accounting for property, plant and equipment (PPE) as per Indian Accounting Standard (IndAS) 16. It covers initial recognition of PPE at cost, components of cost, subsequent measurement using cost or revaluation model, depreciation methods, impairment and derecognition. It also includes examples on capitalization of borrowing costs, treatment of restoration costs, and practice questions related to accounting for PPE.
This document provides an overview of several Indian Accounting Standards (Ind AS) related to transactions, including:
- Ind AS 16 and 40 discuss the accounting for tangible non-current assets, investment property, and the choice between cost and fair value models.
- Ind AS 38 covers the recognition and measurement of intangible assets using cost or revaluation models, and limits recognition of internally-generated intangibles.
- Ind AS 36 establishes rules for impairment of assets, defining cash-generating units and requiring impairment losses be allocated first to goodwill and other assets.
- Ind AS 2 discusses the valuation of inventories at the lower of cost or net realizable value, including cost components and required
A presentation on Property, Plant & Equipment (PPE)-IAS 16, Prepared by a few students of Dept. of Accounting & Info. Systems, Jahangirnagar University, Savar, Dhaka
The document discusses Indian accounting standards, including the meaning and benefits of accounting standards. It provides details on several specific accounting standards such as AS1 on disclosure of accounting policies, AS6 on depreciation accounting, AS9 on revenue recognition, and AS10 on accounting for fixed assets. The standards cover topics such as selection and disclosure of accounting policies, methods of depreciation, timing of revenue recognition, calculation of costs of fixed assets, and revaluation of fixed assets. The overall objective of the accounting standards is to standardize different accounting policies and practices in India.
The document provides an overview of Accounting Standard 6 (AS-6) on Depreciation Accounting and Accounting Standard 28 (AS-28) on Impairment of Assets. AS-6 deals with the disclosure of accounting policies for depreciation and defines depreciable assets. AS-28 introduces the concept of impairment of assets below their carrying amount and provides indicators and methods for calculating impairment losses. Key terms like carrying amount and recoverable amount are also defined related to impairment assessment of assets.
This document summarizes Accounting Standard 10 regarding fixed assets. It defines fixed assets as assets held for use in producing goods or services rather than for sale. It outlines the components that make up the cost of fixed assets, such as purchase price, duties, and costs to ready the asset for use. It also discusses accounting for asset exchanges, capitalization, asset revaluation, disposal and retirement of fixed assets. Certain assets like natural resources and real estate development are excluded. The standard provides guidance on topics like self-constructed assets, goodwill, patents, and disclosure requirements.
This document discusses long-lived non-monetary assets and their amortization. It defines long-lived assets as assets that provide benefits for several future years and explains that if benefits are expected in future periods, the costs are capitalized as assets. It provides examples of different types of long-lived assets like land, plant and equipment, and intangible assets. It also discusses various methods for allocating the costs of long-lived assets, like depreciation and amortization, over their expected useful lives.
The document summarizes key aspects of understanding financial statements for an audit. It discusses reviewing the director's report for key information, case studies on observations that may indicate tax issues, notes to financial statements that require examination, types of ratios to analyze, periods of review, balance sheet and trial balance items to focus on, and special items requiring attention in a service tax audit such as reverse charge mechanisms.
Training Module on Electricity Market Regulation - SESSION 4 - Revenue Requir...Leonardo ENERGY
The allowed revenue for provision of regulated services includes the operating cost, depreciation and return on regulated assets. The return, if calculated as the allowed rate of return (cost of capital) is charged on the regulatory asset base. This session explains how to the regulated revenue is set and the role of regulatory asset base (RAB).
· Revenue components : Depreciation / Return on assets (Regulatory asset base (RAB) - Rate of return on assets) / OPEX
· RAB : Existing assets / New investments / Capital contributions / Rolling forward
· Asset valuation : Historic cost / Replacement cost / Optimised replacement cost / Deprival value
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes to accounts, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, subsidiaries, and related party transactions. The presentation also outlines important information that can be obtained from the tax audit report to validate credit balances and expenses.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory valuation, treatment of damaged goods, capital expenditures, related party transactions, and credit availment. The presentation emphasizes reviewing ratios, prior period expenses, service tax payments, and information in the tax audit report to thoroughly evaluate the financials.
This document discusses accelerated cost recovery and depreciation. It covers topics such as capitalized costs versus operating expenses, depreciation legislation including MACRS, terminology, adjusted tax basis, repair regulations, depreciation methods, conventions for personal and real property, section 179 expensing, and bonus depreciation. Key points include how depreciation and amortization allow businesses to recover capitalized costs of assets over time for tax purposes.
This document provides an overview of energy audits and the Bureau of Energy Efficiency (BEE) certification process in India. It discusses the purpose and methodology of preliminary and detailed energy audits. It also outlines the role of State Designated Agencies (SDAs) in implementing energy conservation activities at the state level in accordance with the Energy Conservation Act. The certification provided by BEE regulates energy efficiency standards and guidelines for organizations.
This document provides an overview of activity-based costing (ABC) and lean accounting. It begins with definitions of cost accounting and traditional cost systems. It then describes ABC, including how it allocates overhead costs to activities and products using cost drivers. The benefits of ABC include more accurate product costs to aid decision making. Limitations include complexity. Lean accounting aims to simplify processes and convert indirect to direct costs.
This document discusses activity-based costing (ABC) as a refinement of traditional costing systems. ABC focuses on individual activities as basic cost objects and assigns costs to these activities rather than broad cost pools. It explains that ABC systems improve upon traditional systems by using more direct cost tracing, more homogeneous indirect cost pools, and cost allocation bases related to what causes the cost pools to change. The document also notes several benefits of ABC systems, such as more accurate product costing, improved management decision making, and increased efficiency.
PAS 16_Property, Plant and Equipment pptq8phzvrkm8
This document provides an overview of PAS 16 Property, Plant and Equipment. It discusses the recognition, measurement, and subsequent accounting for PPE. Key points include: PPE must be tangible, for long-term use, and used in operations. It is initially measured at cost and subsequently using either the cost or revaluation model. Depreciation is systematically allocated over the useful life, and the straight-line method is commonly used. PPE is derecognized upon disposal or when no future benefits are expected.
An overview of the tax treatment of expenditures related to tangible property in accordance with the new regulations, including capitalization of expenditures, unit of property, the deminimis rule and dispositions.
This document summarizes Accounting Standard 10 on Property, Plant and Equipment. It describes the objectives, scope, definitions and accounting treatment for PPE. Key points include: the standard establishes principles for recognition, measurement, presentation and disclosure of PPE; assets qualifying as PPE must be held for use in production or supply of goods/services and have a useful life of more than one year; PPE is initially measured at cost and subsequently using either the cost or revaluation model; depreciation is charged over the useful life of an asset using methods like straight line or diminishing balance; and gains or losses on disposal of PPE are included in profit or loss.
This document discusses depreciation, provisions, and reserves. It begins by defining depreciation as a fall in the value of an asset due to usage, the passage of time, obsolescence, or accidents. It then discusses the causes, need, and factors affecting depreciation. Finally, it explains the straight-line and written down value methods of charging depreciation, as well as related terms like depletion and amortization.
This document provides an overview of accounting standards for non-current assets, including IAS 16 on property, plant, and equipment. IAS 16 establishes guidelines for recognition, measurement, presentation, and disclosure of property and equipment. It requires assets to be carried at cost or fair value, and depreciated over their useful lives unless impaired. The standard also provides guidance on revaluations, component accounting, and disposal of assets. Overall, IAS 16 aims to prescribe the appropriate accounting treatment for property and equipment to ensure accurate reporting of non-current assets in financial statements.
This document provides an overview of accounting for property, plant and equipment (PPE) under Indian accounting standards. It discusses key aspects of PPE such as initial recognition at cost, components of cost, subsequent expenditure, depreciation methods, revaluation model, and derecognition. Cost of PPE includes purchase price, duties, transportation costs and initial estimate of site restoration costs. Subsequent expenditure is capitalized only if it increases the future benefits of the asset. Depreciation is calculated using methods like straight line method to allocate the cost of PPE over its useful life.
The document discusses key concepts related to accounting for property, plant and equipment (PPE) as per Indian Accounting Standard (IndAS) 16. It covers initial recognition of PPE at cost, components of cost, subsequent measurement using cost or revaluation model, depreciation methods, impairment and derecognition. It also includes examples on capitalization of borrowing costs, treatment of restoration costs, and practice questions related to accounting for PPE.
This document provides an overview of several Indian Accounting Standards (Ind AS) related to transactions, including:
- Ind AS 16 and 40 discuss the accounting for tangible non-current assets, investment property, and the choice between cost and fair value models.
- Ind AS 38 covers the recognition and measurement of intangible assets using cost or revaluation models, and limits recognition of internally-generated intangibles.
- Ind AS 36 establishes rules for impairment of assets, defining cash-generating units and requiring impairment losses be allocated first to goodwill and other assets.
- Ind AS 2 discusses the valuation of inventories at the lower of cost or net realizable value, including cost components and required
A presentation on Property, Plant & Equipment (PPE)-IAS 16, Prepared by a few students of Dept. of Accounting & Info. Systems, Jahangirnagar University, Savar, Dhaka
The document discusses Indian accounting standards, including the meaning and benefits of accounting standards. It provides details on several specific accounting standards such as AS1 on disclosure of accounting policies, AS6 on depreciation accounting, AS9 on revenue recognition, and AS10 on accounting for fixed assets. The standards cover topics such as selection and disclosure of accounting policies, methods of depreciation, timing of revenue recognition, calculation of costs of fixed assets, and revaluation of fixed assets. The overall objective of the accounting standards is to standardize different accounting policies and practices in India.
The document provides an overview of Accounting Standard 6 (AS-6) on Depreciation Accounting and Accounting Standard 28 (AS-28) on Impairment of Assets. AS-6 deals with the disclosure of accounting policies for depreciation and defines depreciable assets. AS-28 introduces the concept of impairment of assets below their carrying amount and provides indicators and methods for calculating impairment losses. Key terms like carrying amount and recoverable amount are also defined related to impairment assessment of assets.
This document summarizes Accounting Standard 10 regarding fixed assets. It defines fixed assets as assets held for use in producing goods or services rather than for sale. It outlines the components that make up the cost of fixed assets, such as purchase price, duties, and costs to ready the asset for use. It also discusses accounting for asset exchanges, capitalization, asset revaluation, disposal and retirement of fixed assets. Certain assets like natural resources and real estate development are excluded. The standard provides guidance on topics like self-constructed assets, goodwill, patents, and disclosure requirements.
This document discusses long-lived non-monetary assets and their amortization. It defines long-lived assets as assets that provide benefits for several future years and explains that if benefits are expected in future periods, the costs are capitalized as assets. It provides examples of different types of long-lived assets like land, plant and equipment, and intangible assets. It also discusses various methods for allocating the costs of long-lived assets, like depreciation and amortization, over their expected useful lives.
The document summarizes key aspects of understanding financial statements for an audit. It discusses reviewing the director's report for key information, case studies on observations that may indicate tax issues, notes to financial statements that require examination, types of ratios to analyze, periods of review, balance sheet and trial balance items to focus on, and special items requiring attention in a service tax audit such as reverse charge mechanisms.
Training Module on Electricity Market Regulation - SESSION 4 - Revenue Requir...Leonardo ENERGY
The allowed revenue for provision of regulated services includes the operating cost, depreciation and return on regulated assets. The return, if calculated as the allowed rate of return (cost of capital) is charged on the regulatory asset base. This session explains how to the regulated revenue is set and the role of regulatory asset base (RAB).
· Revenue components : Depreciation / Return on assets (Regulatory asset base (RAB) - Rate of return on assets) / OPEX
· RAB : Existing assets / New investments / Capital contributions / Rolling forward
· Asset valuation : Historic cost / Replacement cost / Optimised replacement cost / Deprival value
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes to accounts, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory write-offs, capital expenditures, subsidiaries, and related party transactions. The presentation also outlines important information that can be obtained from the tax audit report to validate credit balances and expenses.
The document summarizes key aspects of financial statements that should be reviewed during an audit, including the director's report, notes, trial balance, and balance sheet. It provides examples of items to examine, such as details on inventory valuation, treatment of damaged goods, capital expenditures, related party transactions, and credit availment. The presentation emphasizes reviewing ratios, prior period expenses, service tax payments, and information in the tax audit report to thoroughly evaluate the financials.
This document discusses accelerated cost recovery and depreciation. It covers topics such as capitalized costs versus operating expenses, depreciation legislation including MACRS, terminology, adjusted tax basis, repair regulations, depreciation methods, conventions for personal and real property, section 179 expensing, and bonus depreciation. Key points include how depreciation and amortization allow businesses to recover capitalized costs of assets over time for tax purposes.
This document provides an overview of energy audits and the Bureau of Energy Efficiency (BEE) certification process in India. It discusses the purpose and methodology of preliminary and detailed energy audits. It also outlines the role of State Designated Agencies (SDAs) in implementing energy conservation activities at the state level in accordance with the Energy Conservation Act. The certification provided by BEE regulates energy efficiency standards and guidelines for organizations.
This document provides an overview of activity-based costing (ABC) and lean accounting. It begins with definitions of cost accounting and traditional cost systems. It then describes ABC, including how it allocates overhead costs to activities and products using cost drivers. The benefits of ABC include more accurate product costs to aid decision making. Limitations include complexity. Lean accounting aims to simplify processes and convert indirect to direct costs.
This document discusses activity-based costing (ABC) as a refinement of traditional costing systems. ABC focuses on individual activities as basic cost objects and assigns costs to these activities rather than broad cost pools. It explains that ABC systems improve upon traditional systems by using more direct cost tracing, more homogeneous indirect cost pools, and cost allocation bases related to what causes the cost pools to change. The document also notes several benefits of ABC systems, such as more accurate product costing, improved management decision making, and increased efficiency.
Research Methods in Accounting & Finance Chapter 5 (3).pptxEbsaAbdi1
This document discusses various methods for collecting primary and secondary data. It describes primary data as being collected directly by the researcher through methods like observation, interviews, questionnaires, focus groups, and key informants. Secondary data is previously collected data obtained through sources like published materials. Some advantages of primary data are accuracy and relevance, while disadvantages include time and cost. Secondary data is cheaper but can be outdated or unreliable. Both qualitative and quantitative data are discussed.
Governmental and nonprofit organizations provide services to the public and are unique from private businesses in that they do not seek to earn a profit. There are two main types of governmental organizations - general purpose governments that provide many services and special purpose governments that provide only one or a few services. Financial reporting standards for governments and nonprofits differ from private businesses and aim to ensure accountability to citizens by demonstrating that resources are used effectively and future taxpayers will not be unduly burdened. Comprehensive annual financial reports contain financial statements and other information to meet the needs of diverse stakeholders in assessing a government's fiscal position.
This document discusses defining the research problem, which is the first step of the research process. It is important to carefully select and formulate the research problem. This involves understanding the nature of the problem through literature reviews and discussions, then rephrasing it into specific terms such as a statement of the problem, research purpose, objectives, and questions. A good research problem should be socially and scientifically important. The researcher then develops hypotheses to test, which are tentative predictions about relationships between variables. The hypotheses will be statistically tested against decision criteria to determine whether relationships are significant.
Chapter Three Interest rates in the Financial System.pptEbsaAbdi1
There are two main economic theories that explain interest rate determination: the loanable funds theory and the liquidity preference theory. The loanable funds theory states that interest rates are determined by the supply and demand of loanable funds in the credit market. The liquidity preference theory argues that interest rates are determined by individuals' preferences to hold money balances rather than invest or spend. There are also various theories about the term structure of interest rates and how they vary based on maturity and risk.
The document provides an overview of financial analysis and planning. It discusses key financial statements like the balance sheet, income statement, and cash flow statement as sources of financial information. It also covers various types of financial ratios used in analysis, including liquidity, activity, leverage, profitability, and market value ratios. Specific ratios discussed include the current ratio, quick ratio, inventory turnover, accounts receivable turnover, and average payment period. The document emphasizes the importance of financial analysis for decision making and evaluating a firm's financial health.
This chapter discusses financial accounting and accounting standards. It identifies the major financial statements and objectives of financial reporting. It explains how accounting assists with efficient allocation of resources and identifies challenges facing accounting. It also describes the standard setting bodies like FASB and GASB, the standard setting process, and major pronouncements. Additionally, it discusses international accounting standards and the expectations gap between public perception and the accounting profession.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
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A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
2. Property, Plant and Equipment
The Handbook of International Public Sector Accounting
Pronouncements is the primary authoritative source of international
generally accepted accounting principles for public sector entities.
All information in this presentation is proprietary and copyrighted.
3. Property, Plant and Equipment
Definition of PP&E
• PP&E are tangible items that:
– Are held for use in the production or supply of goods or services, for
rental to others, or for administrative purposes; and
– Are expected to be used during more than one reporting period.
• Weapons systems and infrastructure assets meet the definition
4. Property, Plant and Equipment
Scope Limitations
• Does not apply to:
– Biological assets related to agricultural activity (with the exception of
bearer plants, which are in the scope of IPSAS 17)
– Mineral reserves such as oil, natural gas and similar non-regenerative
resources
– Does not require, but does not preclude, the recognition of heritage
assets
5. Property, Plant and Equipment
Recognition Principle
• The cost of an item of property, plant, and equipment shall be
recognized as an asset if, and only if:
– It is probable that future service potential or economic benefits
associated with the item will flow to the entity; and
– The cost or fair value of the item can be measured reliably.
6. Property, Plant and Equipment
Recognition Issues Example
A municipality has spent CU 12 million to install equipment at its water
treatment facility to meet new provincial water quality regulations. The
equipment has had no effect on the quality and volume of the water
treated or the expected life of the treatment plant.
Should the expenditure be capitalized as PP&E? Explain
7. Property, Plant and Equipment
Other Recognition Issues
• Spare parts and servicing equipment
• Major parts, and standby equipment
• Aggregation of items
8. Property, Plant and Equipment
Recognition Examples
Scenario 1 - A hospital has installed two identical back- up generators
to provide electric power when there is a power disruption. The
second generator will be used in the unlikely event that the first
generator fails.
Scenario 2 - A local government maintains a supply of spare backup
electric motors in its water treatment plant. The motors are readily
available from suppliers in the market.
How should the costs be recognized under each scenario? Why?
9. Property, Plant and Equipment
Initial Measurement
• An item of PP&E that qualifies for recognition as an asset is
measured at its cost
• Elements of cost includes
– Purchase price (including import duties/taxes net of trade discounts
and rebates)
– Costs directly attributable
– Estimate of obligations associated with retirement, disposal or
abandonment
• Cost of an item acquired in a non-exchange transaction is its fair
value at acquisition date
10. Property, Plant and Equipment
Measurement Example
A municipality has acquired land and a building to be develop into a
parking structure. The building is to be demolished.
• How would the acquisition be accounted for? Explain
The property is used temporarily for surface parking pending
construction.
• Is the surface parking operation part of the cost of the new parking
structure? Explain
11. Property, Plant and Equipment
Measurement after Initial Recognition
• Cost model - property, plant, and equipment is carried at its cost,
less any accumulated depreciation and any accumulated
impairment losses.
• Revaluation model - property, plant, and equipment is carried at a
revalued amount, being its fair value less any subsequent
accumulated depreciation, and subsequent accumulated
impairment losses.
14. Property, Plant and Equipment
Depreciation
• All PP&E except land is subject to depreciation
• The depreciable amount of an asset is expensed on a systematic
basis over its useful life to surplus or deficit for each period unless
it is recognized in the carrying amount of another asset
• Depreciation begins when an asset is in operation
• Reviewed at each annual reporting date
• Each significant component is depreciated separately
15. Property, Plant and Equipment
Depreciation Example
A government has a water treatment facility with the following
components:
Assuming was in service Jan 1, 20x0, no residual value and straight
line depreciation, what is depreciation for year ended of Dec 31,
20x0? Explain
How should the treatment facility be recognized?
Component Cost (CU) Expected Life
Building Structure 2,000,000 40 Years
Roof 500,000 15 Years
Pumps 1,000,000 10 Years
HVAC System 500,000 15 Years
16. Property, Plant and Equipment
Derecognition
• The carrying amount of PP&E is derecognized:
– On disposal
– When no future service potential or economic benefits is expected from
its use or disposal
– Gain or loss on derecognition is included in surplus or deficit
– A replaced component is derecognized
17. Property, Plant and Equipment
PP&E Primary Disclosures
• For each class
– The measurement bases
– The depreciation methods
– The useful lives or the depreciation rates used
– Gross carrying amount and accumulated depreciations at beginning
and end
– Reconciliation of opening and closing balances
• Specific disclosures for the revaluation model
• Other disclosures e.g. restrictions on title, contractual commitments
etc.
18. Property, Plant and Equipment
Illustrative Continuity Schedule - Building Class
19. Property, Plant and Equipment
Borrowing Costs – IPSAS 5
• “Benchmark treatment” - borrowing costs expensed in the period
incurred
• “Allowed alternative treatment” - borrowing costs directly
attributable to acquisition of qualifying asset included in cost
• Qualifying asset is one that takes a substantial period of time to get
ready for its intended use (PP&E, some inventories, intangible
assets)
• Guidance provided on which costs are eligible
20. Property, Plant and Equipment
Impairment – IPSAS 21 and IPSAS 26
• A loss in future economic benefits or service potential in excess of
depreciation
• Assessed at each reporting date
• IPSAS 21, Impairment of Non-Cash Generating Assets or IPSAS
26, Impairment of Cash Generating Assets
– A cash -generating asset is held with the primary objective of
generating commercial return
– Non-cash-generating assets are all other assets
• Asset is written down to recoverable amount if impaired
22. Property, Plant and Equipment
Questions and Discussion
• Visit the IPSASB webpage
http://www.ipsasb.org
Editor's Notes
IPSAS 17 is based on IAS 16, Property, Plant and Equipment. Participants who are familiar with IAS 16 should be comfortable with IPSAS 17 as long as the key differences are noted.
If participants are not familiar with accrual accounting, an additional slide with examples of PP&E from their jurisdiction could be included here.
Similarly, for entities that are adopting accrual accounting for the first time, identifying PP&E is often one of the most significant tasks. Entities should consider what records could be used to identify those assets. This could be discussed (and a separate slide included if this would be useful) if participants are in the process of implementing accrual IPSAS for the first time.
Examples of records include:
Land registries or similar land ownership registers.
Utility bills (gas/electricity/oil/water/telecoms) can identify buildings where costs are being incurred.
Maintenance contracts can be used to identify assets
Asset registers
Rental income
Records may be incomplete or out of date, and as well as identifying assets to be recognized, might identify costs that are being incurred for assets that the entity no longer controls.
Note that IAS 16 does not include any specific provisions regarding heritage assets. If participants are familiar with IAS 16, the heritage provisions should be highlighted.
Note that fair value as currently defined in IPSAS is not the same as defined in IFRS 13, Fair Value Measurement. If participants are familiar with IFRS, this difference should be highlighted.
The definition of fair value in IPSAS is:
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
This includes entry as well as exit values.
Answer:
The expenditure does not strictly meet the recognition criteria. The equipment required to comply with water quality standards does not provide future economic benefits or service potential. However, it is appropriate to treat the upgrade as PP&E.
Although equipment does not directly embody future economic benefits or service potential, it is necessary for a municipality to obtain future economic benefits or service potential from its water treatment plants.
Items of property, plant, and equipment may be required for safety or environmental reasons. The acquisition of such property, plant, and equipment, although not directly increasing the economic benefits or service potential of any particular existing item of property, plant, and equipment, may be necessary for an entity to obtain the economic benefits or service potential from its other assets. Such items of property, plant, and equipment qualify for recognition as assets.
For example, fire safety regulations may require a hospital to retrofit new sprinkler systems. These enhancements are recognized as an asset because, without them, the entity is unable to operate the hospital in accordance with the regulations.
However, the resulting carrying amount of such an asset and related assets is reviewed for impairment in accordance with IPSAS 21, Impairment of Non-Cash- Generating Assets.
Answers:
Scenario 1 - Both back-up generators are items of property, plant and equipment. Both are expected to be used, although irregularly, during more than one period. Major spare parts and stand-by equipment qualify as property, plant, and equipment when an entity expects to use them during more than one period.
Scenario 2 - It depends! Professional judgment would have to be exercised in determining the appropriate accounting treatment. Generally, spare parts and servicing equipment are carried as inventory and expensed in surplus or deficit as consumed except when the items meet the definition of PP&E and are significant or the items can only be used in connection with another item of property, plant and equipment. In this latter case, they are capitalized.
In this case, since the electric motors are commonly available in the market, they could be recognized as inventory and expensed in surplus or deficit as consumed. Alternatively, if it is determined that they satisfy the definition of PP&E, are significant or can only be used in connection with the water treatment plant, they could be capitalized.
Note that IAS 16 does not include any specific provisions regarding items acquired in non-exchange transactions. If participants are familiar with IAS 16, the non-exchange transaction provisions should be highlighted.
Note that fair value as currently defined in IPSAS is not the same as defined in IFRS 13, Fair Value Measurement. If participants are familiar with IFRS, this difference should be highlighted.
Answer:
An item of property, plant, and equipment that qualifies for recognition as an asset should be measured at its cost. The elements of cost of an item of property, plant, and equipment comprises its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The demolition of the building would be considered costs of bringing the land to condition for its intended use and included in the carrying amount of the land.
Some operations occur in connection with the construction or development of an item of property, plant, and equipment, but are not necessary to bring the item to the location and condition necessary for it to be capable of operating in the manner intended by management.
These incidental operations may occur before or during the construction or development activities. Because incidental operations are not necessary to bring an item to the location and condition necessary for it to be capable of operating in the manner intended by management, the revenue and related expenses of incidental operations are recognized in surplus or deficit, and included in their respective classifications of revenue and expense.
Note that fair value as currently defined in IPSAS is not the same as defined in IFRS 13, Fair Value Measurement. If participants are familiar with IFRS, this difference should be highlighted.
Revaluation gains and losses are taken to revaluation surplus (a component of net assets/equity). This is equivalent to taking changes to Other Comprehensive Income under IAS 16. If participants are familiar with IFRS, this difference should be highlighted.
Note that under IPSAS 17, revaluation surplus balances are maintained for each class of asset. Under IAS 16, balances are maintained for each asset. If participants are familiar with IFRS, this difference should be highlighted.
The answer to this discussion question is provided in the Assets module (pages 27 - 28).
IPSAS 5 is based on an earlier version of IAS 23, Borrowing Costs that permitted the benchmark and alternative treatments. IAS 23 now mndates the capitalization of borrowing costs. If participants are familiar with IAS 23, this difference should be highlighted.
IPSAS 5 provides guidance on which costs are eligible for capitalization under the allowed alternative treatment Revised guidance has been included in IPSAS 5 for those entities that have adopted IPSAS 41, Financial Instruments. IPSAS 41 has an effective date of January 1, 2022; however, early adoption is permitted. IPSAS 41 is discussed in the Financial Instruments module.
IPSAS 21 and IPSAS 26 are based on IAS 36, Impairments of Assets.
IPSAS 26 is closely based in IAS 36. IPSAS 21 adapts the principles in IAS 36 to assets where cashflows cannot be used to assess the recoverable amount of the asset. Instead, recoverable service amount is assessed – this is the cost of replacing the service potential of the non-cash-generating asset, and some impairment indicators are modified – see next slide.
If participants are familiar with IAS 36, these differences should be highlighted.
Impairment of goodwill is discussed as part of public sector combinations in the consolidation module.
See the Assets module for further details (page 34)